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The Ministry of Justice has convened the Policy Appraisal Council for the Asset Auction Law (amendment) on April 16. The draft proposal says that after nearly ten years of implementing the Asset Auction Law (as amended in 2024), the law has produced tangible results by helping refine and standardize the legal framework governing auction procedures. However, it also notes limitations and shortcomings that need to be addressed as the country continues to promote socio-economic development and service sectors under a market mechanism with a socialist orientation.
The draft law aims to continue addressing existing limitations while strengthening openness, transparency, and objectivity. It also seeks to accelerate information technology adoption and support digital transformation in asset auctions.
The draft focuses on several policy areas, including:
On online asset auctions, a representative from the Ministry of Public Security said the draft needs to clearly specify that online asset auctions are conducted through the Asset Auction Management System built, managed, and operated by the Ministry of Public Security. The draft outline, however, does not yet clarify the content of management and operation.
The draft also proposes that auction organizations’ online auction information pages meet technical connection standards set by the Ministry of Public Security and synchronize data results with the Asset Auction Management System.
For live auctions at bidding events, the Ministry of Public Security representative proposed adding a requirement to authenticate participants using a chip-embedded Citizen Identity Card or an ID card. The stated goal is to ensure accurate identification and help curb fraudulent behavior.
The Government Inspectorate representative agreed to broaden standards for auctioneers, including expanding bachelor majors. This is especially relevant in the context of promoting and encouraging voluntary asset auctions.
The proposal also includes maintaining auction organizations’ online auction pages alongside the Ministry of Public Security’s online asset auction system, on the basis that these organizations have invested in technology and meet legal requirements.
Based on council members’ opinions, Nguyen Quoc Hoan, head of the Legal Drafting Department of the Ministry of Justice, asked the lead agency to clarify the standards and conditions for auctioneers and organizing bodies. The clarification is intended to serve as a basis for detailed regulations and to enable assessment of effectiveness after the law is issued.
On digital transformation, the draft is expected to specify the relationship among systems, the responsibilities of each agency, and clarify the scope, subjects, and degree of decentralization between central and local authorities.
Statistics cited in the draft show that from July 2017 to December 31, 2025, asset auction organizations held 336,581 auctions. Auction service fees totaled over 4,000 billion dong, while contributions to the state budget exceeded 1,700 billion dong.
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