Article 1.- Scope of regulation

This Decree provides for principles and procedures for property auction, property-auctioning persons, and State management over property action operations.

Article 2.- Interpretation of terms

In this Decree, the following terms are construed as follows:

1. Property auction means the form of public sale of property participated in by two or more persons in accordance with the principles and procedures provided for in this Decree.

2. Auctioned property may include movable or immovable property and property rights permitted by law to be traded.

3. Persons with the auctioned property mean property owners or persons authorized by property owners to sell property or individuals or organizations having the right to sell other persons' property according to law provisions.

4. Property auction participants mean individuals or organizations permitted to participate in an auction to buy the auctioned property in accordance with the provisions of this Decree and other relevant law provisions.

Property auction participants may authorize in writing other persons to participate on their behalf in property auctions.

5. Persons managing to buy auctioned property mean persons who offer the highest bids which are at least equal to the reserve price and are regarded to have agreed to enter into property purchase and sale contracts.

Article 3.- Property auction principles

Property auctions shall be conducted on the principles of publicity, continuity, honesty, equality, and protection of legitimate rights and interests of the involved parties.

Article 4.- Protection of legitimate rights and interests of persons managing to buy auctioned property

The legitimate rights and interests of persons managing to buy the auctioned property shall be protected by law. Competent state agencies shall, within the scope of their tasks and powers, have to secure the exercise of the legitimate rights and enjoyment of the legitimate interests by persons managing to buy the auctioned property.

In cases where third parties dispute over the right to own or use the property already sold by auction, this property shall still come under the ownership or use right of the persons managing to buy it, unless otherwise decided by the courts.

Article 5.- Types of auctioned property

1. Property for judgment execution in accordance with law provisions on judgment execution.

2. Property being exhibits or means used for commission of administrative violations and confiscated and expropriated into the state funds in accordance with law provisions on handling of administrative violations.

3. Security property in accordance with law provisions on security transactions.

4. Property under the ownership of individuals or organizations that need to sell their property by auction.

5. Goods stored by sea, air or land carriers in Vietnam.

6. State property which must be sold by auction in accordance with law provisions on state property management.

Article 6.- Selection of property-auctioning persons

Persons with the auctioned property shall be entitled to select property-auctioning persons prescribed in this Decree and authorize them to auction property, unless otherwise prescribed by law.

Article 7.- Property auction authorization contracts

1. Property auctions shall be conducted under property auction authorization contracts, unless otherwise prescribed by law.

2. Property auction authorization contracts must be made in writing, each containing the following principal contents:

a/ Full name and address of the person with the auctioned property; full name and address of the property-auctioning person;

b/ Auction time and venue;

c/ List and description of the auctioned property;

d/ Reserve price of the auctioned property;

e/ Time, venue and mode of hand-over of property for auction;

f/ Payment of proceeds from the property auction in case of successful auction;

g/ Actual and reasonable expenses for property auction;

h/ Rights and obligations of the involved parties;

i/ Liabilities for contract breaches;

j/ Other agreements.

Article 8.- Entry into property auction authorization contracts

1. Property auction authorization contracts shall be entered into between property-auctioning persons and persons with the auctioned property or the latter's representatives.

2. In case of auction of property of the following types, the parties to authorization property auction contracts shall be determined as follows:

a/ For property being land use rights, the property auction authorization contracts shall be entered into between persons having the land use rights or their representatives and the property-auctioning persons;

b/ For property under unified joint ownership, the property auction authorization contracts shall be entered into between co-owners or their representatives and property-auctioning persons, unless otherwise agreed upon by involved parties;

c/ For property under partial joint ownership, the property auction authorization contracts shall be entered into between owners of the property parts put up for auction or their representatives and property-auctioning persons;

d/ For property used as pledge, mortgage or guarantee, the property auction authorization contracts shall be entered into between persons having the right to handle property as agreed upon in the pledge, mortgage or guarantee contracts or as prescribed by law and property-auctioning persons;

e/ For state property, the property auction authorization contracts shall be entered into between competent state agencies as prescribed by law and property-auctioning persons;

f/ For property for judgment execution, the property auction authorization contracts shall be entered into between judgment-executing agencies and property-auctioning persons.

3. When entering into the property auction authorization contracts, the persons with the auctioned property shall have to supply the property-auctioning persons lawful certificates or other proofs evidencing their right to own or sell such property as prescribed by law and take responsibility for such evidences.

Property-auctioning persons shall be responsible for checking the information supplied by persons with the auctioned property to ensure lawful auction of such property.

Article 9.- Determination of the reserve price of auctioned property

1. The reserve price of the auctioned property shall be determined before the entry into property auction authorization contracts or the hand-over of property for auction, unless otherwise agreed upon by involved parties or prescribed by law.

2. The reserve price of the auctioned property shall be determined as follows:

a/ For auctioned state property, the reserve price shall be determined by the finance agency or the State Valuation Council under the guidance of the Finance Ministry;

b/ For auctioned non-state property, the reserve price shall be determined by persons with the auctioned property themselves or by property-auctioning persons or third parties authorized by the first-mentioned persons.

In cases where persons with the auctioned property authorize property-auctioning persons to determine the reserve price, the latter must notify the authorizers of the reserve price before publicly announcing the auctions.

Article 10.- Expertise of auctioned property

1. Auctioned property shall be expertised when so requested or prescribed by law.

2. In case of requested expertise, the expertise requesters must bear expertising expenses, unless otherwise agreed upon by involved parties.

In case of law-prescribed expertise, persons with the auctioned property shall have to bear expertising expenses, unless otherwise prescribed by law.

Article 11.- Unilateral cancellation of performance of property auction authorization contracts

Persons with the auctioned property or property-auctioning persons may unilaterally cancel the performance of the property auction authorization contracts in accordance with the Civil Code before the property-auctioning persons publicly announce the property auctions, unless otherwise prescribed by law.

Article 12.- Posting and public announcement of property auctions

1. Property-auctioning persons must post up the property auctions at the auction venues, the places where the property is on display, the head offices of the property-auctioning persons or the places where exists the immovable property auctioned at least seven days for moveable property, thirty days for immovable property before the date of opening of the auctions.

The time limit for posting of a property auction may be shortened as agreed upon by the involved parties when it is so requested by the person with auctioned property.

2. For auctioned property being movable property with the reserve price of VND 10 million or more and immovable property, concurrently with the posting up, property-auctioning persons must publicly announce the property auctions at least twice three days apart on the mass media, central or local. The time limit for public announcement shall comply with the provisions of Clause 1 of this Article.

The public announcement on the mass media shall also apply to the auctioned property being movable property with the reserve price of under VND 10 million if it is so requested by persons with the auctioned property.

3. The posting up and public announcement of auctions of property being land use rights for judgment execution shall comply with law provisions on judgment execution.

4. The posting up and public announcement of property auctions shall cover the following principal contents:

a/ Name and address of the property-auctioning person;

b/ Property auction time and venue;

c/ List of the auctioned property, their quantity and quality;

d/ Reserve price of the property;

e/ Venue and duration for display of the auctioned property;

f/ Place and duration for reference to dossiers of the auctioned property;

g/ Venue and duration for registration to buy the auctioned property;

h/ Other necessary information related to the auctioned property, including also information requested by persons with the auctioned property to be publicly announced.

Article 13.- Persons disallowed to participate in property auctions

1. Persons having no civil act capacity, persons having lost their civil act capacity or have their civil act capacity restricted as defined in the Civil Code or persons being unable to perceive or control their acts at the moment of an auction.

2. Persons working in the property auction service centers, property auction enterprises or property auction councils which conduct the auction of the property concerned, persons directly expertising or valuating the property; parents, spouses or children of these persons.

3. Persons with the auctioned property.

4. Persons not entitled by law to buy the auctioned property.

Article 14.- Registration to buy auctioned property

1. Persons wishing to participate in an auction of immovable or movable property with the reserve price of VND 10 million or more must register to buy within the time limit announced by the property-auctioning persons.

2. Persons having registered to buy the auctioned property must pay a deposit agreed upon by the property-auctioning persons and the persons with the auctioned property, which, however, must not exceed 5% of the reserve price.

3. In cases where the persons who have paid deposits manage to buy the auctioned property, such deposits shall be counted into the buying price; if they are unable to buy, such deposits shall be returned to them as soon as the property auctions end, unless otherwise prescribed by law.

4. In cases where the persons having registered to buy the auctioned property and paid deposits do not participate in the auctions without plausible reasons, such deposits shall belong to the property-auctioning persons, unless otherwise agreed upon by the involved parties.

Article 15.- Display and examination of auctioned property

1. For auctioned property being immovable property, persons participating in the property auctions may personally examine the property from the time of posting and public announcement till the day two days before the date of opening of the auctions.

2. For auctioned property being movable property, at least two days before the day of opening of the auctions, the property-auctioning persons must create conditions for the property auction participants to examine the auctioned property. On the property or property samples, the names of the persons with the auctioned property and information on such property must be shown.

Article 16.- Property auction venues

Property auctions may be held at the head offices of property-auctioning persons, at the places where exists the property or other places as agreed upon between the property-auctioning persons and the persons with the auctioned property.

Article 17.- Conduct of property auctions

1. Property-auctioning persons may select one of the following auctioning forms to conduct a property auction:

a/ Direct auction by verbal bids;

b/ Auction by casting bids;

c/ Auction via the Internet;

d/ Other forms agreed upon by the persons with the auctioned property and the property-auctioning persons.

2. A property auction shall proceed in the following order:

a/ To start a property auction, the property auction conductor shall introduce himself/herself and assistants; announce the property auction rules, the list of persons having registered to buy the auctioned property and roll-call those who are present; introduce each property put up for auction, recall the reserve prices; set the level of difference between two bids offered; reply questions put by property auction participants;

b/ The property auction conductor shall request the property auction participants to offer bids. After a bid is offered, the property auction conductor shall publicly announce it to the property auction participants;

c/ The property auction conductor shall announce the person who manages to buy the auctioned property. In cases where the announced highest bid is lower than the reserve price, the property auction shall be regarded to be unsuccessful.

3. The proceedings of a property auction must be recorded in a minutes, which must be signed by the property auction conductor, the minutes writer and representatives of the property auction participants.

4. The results of a property auction shall be recorded in the property auction register. In case of successful property auctions, the property auction conductors shall make property auction documents.

5. On the basis of the provisions of this Decree and the characteristics of each auctioning form, the Justice Ministry shall coordinate with the concerned ministries in guiding in detail the procedures applicable to each property-auctioning form.

Article 18.- Property auction documents

1. Property auction documents shall be valid for certification of the property purchase and sale, serving as a legal basis for the transfer of the right to own or use the auctioned property.

2. A property auction document shall contain the following principal contents:

a/ Name and address of the property-auctioning person;

b/ Full name of the property auction conductor;

c/ Full name and address of the person with the auctioned property;

d/ Full name and address of the person managing to buy the auctioned property;

e/ Property auction time and venue;

f/ The auctioned property;

g/ The reserve price of the auctioned property;

h/ The selling price of the property;

i/ The deadline, mode and place of payment of money for buying the auctioned property;

j/ The deadline and place of hand-over of the auctioned property to the person managing to buy it;

k/ The involved parties' liabilities for breaches of their obligations.

3. Property auction documents must be signed by the auctioneers responsible for the property auctions and the persons managing to buy the auctioned property. Immovable property-auction documents must be notarized by the notary public agencies of the places where the immovable property exists.

4. Property auction documents shall each be kept by the property-auctioning persons and each sent to the persons managing to buy the auctioned property, the persons with auctioned property and the state agencies competent to register the right to own or use the property concerned. In case of immovable property put up for auction, property auction documents shall be also sent to the tax offices.

Article 19.- Sale of auctioned property in special cases

1. In cases where the time limit for registration for participation in the property auction has expired but there is only one person registering to buy the auctioned property and offering a bid at least equal to the reserve price, the property shall be sold to such person if it is so agreed by the person with the auctioned property.

2. When selling property under the provisions of Clause 1 of this Article, the auctioneer responsible for the property auction must also make a minutes thereon, write the result in the property auction register and make a property auction document.

Article 20.- Withdrawal of offered bids

1. At a property auction, if the person offering the highest bid withdraws his/her offered bid before the property auction conductor announces the person managing to buy the property, the property auction shall continue, starting from the immediate lower bid already offered.

2. The person withdrawing his/her offered bid shall be deprived of his/her right to offer further bids and shall not be returned the paid deposit, which shall belong to the person with the auctioned property.

Article 21.- Refusal to buy auctioned property

1. In cases where the property auction conductor has announced the person managing to buy the auctioned property but then this person refuses to buy, such property shall be sold to the person offering the immediate lower bid, which must be at least equal to the reserve price. The paid deposit of the person refusing to buy the property shall belong to the person with the auctioned property.

2. In cases where the person offering the immediate lower bid disagrees to buy the property or the immediate lower bid offered is lower than the reserve price, the property auction shall be regarded unsuccessful. The paid deposit of the person refusing to buy the property prescribed in Clause 1 of this Article shall belong to the person with the auctioned property.

Article 22.- Return of auctioned property in case of unsuccessful property auctions

In case of unsuccessful property auctions, the property-auctioning persons shall return the property they are assigned to preserve or manage to the persons with the auctioned property within three days after the date of the unsuccessful auction, unless otherwise agreed upon by the involved parties or prescribed by law.

Article 23.- Payment of money for buying property in case of successful property auctions

The payment of money for buying property in case of successful property auctions shall be agreed upon by the property-auctioning persons and the persons with the auctioned property in the property auction authorization contracts, unless otherwise prescribed by law.

Article 24.- Time limit, mode and place of payment of money for buying property, hand-over of auctioned property

1. The time limit, mode and place of payment of money for buying the auctioned property shall be agreed upon by the property-auctioning persons and the persons managing to buy the auctioned property in the property auction documents.

2. The time limit and place of hand-over of the auctioned property shall be agreed upon by the property-auctioning persons and the persons managing to buy the auctioned property in the property auction documents.

The hand-over of the auctioned property being property for judgment execution, to the persons managing to buy the auctioned property shall comply with law provisions on execution of civil judgments.

Article 25.- Redemption of property already sold by auction

1. Persons with the auctioned property may redeem the property already sold by auction only if it is so agreed by the persons managing to buy such property.

2. The redemption of property already sold by auction shall comply with the provisions of the Civil Code on property purchase and sale contracts.

Article 26.- Property auction expenses

1. In case of successful property auctions, the persons with the auctioned property shall pay the property-auctioning persons the following property auction expenses:

a/ Auction charge in accordance with law provisions on charges and fees;

b/ Actual and reasonable expenses for the property auction as agreed upon by the person with the auctioned property and the property-auctioning person.

2. In case of unsuccessful property auctions, the persons with the auctioned property shall pay the property-auctioning persons the expenses stated at Point b, Clause 1 of this Article, unless otherwise agreed upon by the involved parties or prescribed by law.

Article 27.- Charges for services of completion of procedures for transfer of the right to own or use, determination of the reserve price of, auctioned property (hereinafter collectively referred to as service charges)

1. Organizations and individuals that request and are rendered by the property- auctioning persons the services of completion of procedures for transfer of the right to own or use, and/or determination of the reserve price of, auctioned property, must pay service charges to the property-auctioning persons.

2. The service charge rates shall be agreed upon by the parties on the basis of necessary and reasonable expenses and the local market prices.

Article 28.- Management and use of property auction expenses, service charges and other revenues

1. The management and use of property auction expenses, service charges and other revenues of the property auction service centers or property auction enterprises shall comply with law provisions on charges and fees and the financial regimes applicable to revenue-earning non-business units or to enterprises.

2. The Finance Ministry shall guide the financial revenue and expenditure regime of the Property Auction Council.

Article 29.- Dossiers of grant of certificates of the right to own or use property sold by auction

Dossiers of grant of certificates of the right to own or use property sold by auction shall each consist of the property auction document and the following papers, depending on each type of property:

1. For property owned by individuals or organizations: certificate of the right to own or use the property or other valid papers as prescribed by law.

2. For property owned by the state: In addition to the certificates of the right to own or use the property, if the sale of such property is subject to the approval or permission of a competent state agency, the written approval or permission of such agency is required.

3. For property for judgment execution: Copies of the court's judgment or decision, the judgement-executing body's judgment execution decision or property distraint decision and certificate of the right to own or use the property, if any.

4. For property confiscated and expropriated into the state funds: Competent state agency's decision on the confiscation of the property.

5. For property over which the state ownership has been established: Competent People's Committee's or competent state agency's decision or document.

6. For security property, apart from the certificate of the right to own or use the property or other valid papers as prescribed by law, the security contract, credit contract, the property-handling minutes or the property seizure minutes must be also enclosed.

Article 30.- Grant of certificates of the right to own or use property sold by auction

1. For property already sold by auction, competent State agencies shall be responsible for granting certificates of the right to own or use such property to the persons managing to buy such property.

2. The time limit for grant of certificates of the right to own or use property already sold by auction is thirty days as from the date of receipt of complete dossiers prescribed in Article 29 of this Decree, unless otherwise prescribed by law.

Article 31.- Responsibility for the value and quality of property already sold by auction

Property-auctioning persons shall not be responsible for the value and quality of the property already sold by auction, unless where they fail to notify fully and accurately to the property auction participants of necessary information on the value and quality of such property.

Article 32.- Cancellation of property auction results

1. Property auction results shall be cancelled in the following cases:

a/ Where it is so agreed by the persons with the auctioned property, the persons managing to buy the auctioned property and the property-auctioning persons, unless otherwise prescribed by law;

b/ Where the property auction authorization contract or property auction document is declared invalid by the court or is cancelled in accordance with the provisions of the Civil Code;

c/ Where a competent state agency issues a decision modifying part or canceling the whole of, decisions related to the auctioned property for reason of law violations.

2. Where the property auction results are cancelled, the involved parties shall restore the original state and return to one another the received property; if such property cannot be returned in kind, it must be returned in cash. If causing damage, the parties at fault must pay compensation therefor.

3. The Justice Ministry shall guide in detail the property auction result cancellation prescribed in Clause 1 of this Article.

Article 33.- Re-holding of auctions

In case of unsuccessful auctions, the re-holding of auctions shall comply with law provisions or the agreements reached between the persons with the auctioned property and the property-auctioning persons.

The re-holding of auctions shall be carried out according to the procedures for first-time property auction.

Article 34.- Auctioning persons

1. Property auction enterprises.

2. Property auction service centers.

3. Property auction councils.

Article 35.- Property auction enterprises

Enterprises may commercially provide property auction services when fully meeting the following conditions:

1. Having made business registration for the property auction service;

2. Having at least one auctioneer;

3. Having material facilities to ensure the conduct of property auctions.

Article 36.- Property auction service centers

1. Property auctions shall be mainly conducted through enterprises. In case of necessity, the provinces or centrally-run cities may each set up a property auction service center (hereinafter called the center for short).

A center shall be established by decision of the president of the provincial/municipal People's Committee and assigned to a professional provincial/municipal Service with the function of State management over property auction for direct management.

2. The centers shall be revenue-earning non-business units, have working offices, legal person status, their own seals and accounts. Each shall have a director, an accountant, a cashier, a treasurer and at least one auctioneer. A center's director must be an auctioneer.

3. The centers shall be tasked to auction property for judgment execution, property being exhibits and means used for commission of violations, which are confiscated and expropriated into the state funds according to law provisions.

Apart from the task of auctioning property defined in this Clause, the centers may sign contracts with organizations or individuals on the auction of other types of property at the latter's request.

Article 37.- Property auction councils

1. The property auction councils shall be established by decisions of the heads of competent State management agencies to organize auctions of state property valued at under VND 10 million.

2. In case of antiques, property of cultural and historical value, property of particularly big value which must be sold by auction via a property auction council or a foreign auction organization, the establishment of a property auction council or the hire of a foreign auction organization shall comply with decisions of the Prime Minister.

Article 38.- Obligations of property-auctioning persons

1. To hold property auctions in accordance with the principles and procedures prescribed in this Decree.

2. To publicly, fully and accurately post up and announce necessary information related to the auctioned property.

3. To preserve the auctioned property when they are assigned by persons with the auctioned property for preservation or management.

4. To display the auctioned property for examination and avail dossiers of the auctioned property for reference.

5. To hand over the auctioned property which is assigned to them for preservation or management to the persons managing to buy such property; to request the persons with the auctioned property to hand over the property to the persons managing to buy such property in cases where the persons with the auctioned property are directly managing such property.

6. To fully supply documents related to auctioned property to persons managing to buy such property.

7. To pay to persons with the auctioned property the proceeds from the property auctions after subtracting the auction expenses specified in Article 26 of this Decree.

8. To comply with the accounting and financial regimes prescribed by law.

9. To pay compensation for damage caused by their obligation breaches.

10. Annually, property auction centers and enterprises shall report to the People's Committees of the provinces or centrally-run cities where they are headquartered and to the Justice Ministry on their organization and operation.

Article 39.- Rights of property-auctioning persons

1. To request the persons with the auctioned property to fully and accurately supply information and papers related to such property.

2. To request the persons managing the auctioned property to pay the money for buying the auctioned property.

3. To request the persons with the auctioned property to pay property auction expenses specified in Article 26 of this Decree.

Article 40.- Property auction conductors

1. To conduct property auctions are auctioneers.

2. In case of auctions of property of specific character, the property-auctioning persons may appoint or hire persons who are not auctioneers but are knowledgeable about such property to conduct the auctions.

Article 41.- Auctioneers

1. Auctioneers are those who fully satisfy the conditions set in Clause 2 of this Article, are granted auctioneer's cards to conduct property auctions according to the provisions of this Decree.

2. Vietnamese citizens permanently residing in Vietnam and fully satisfying the following conditions shall be granted auctioneer's cards:

a/ Having the university graduation diploma and having worked in their trained disciplines for two or more years;

b/ Possessing good ethical qualities;

c/ Being other than those who have lost their civil act capacity or have their civil act capacity restricted, persons who are being examined for penal liability or who had been convicted and have not yet had their criminal records remitted, or those who are being subjected to administrative probation.

Article 42.- Procedures for grant of auctioneer's cards

1. Those who wish to be granted auctioneer's cards must compile dossiers of application therefor. Such a dossier shall consist of:

a/ The application for an auctioneer's card;

b/ The resumes;

c/ The judicial record card;

d/ A copy of the university graduation diploma;

e/ The written certification of the working time as prescribed at Point a, Clause 2, Article 41 of this Decree.

2. Dossiers of application for auctioneer's cards shall be sent by the property auction enterprises or centers to the Justice Ministry. Within fifteen days as from the date of receipt of valid dossiers, the Justice Ministry shall have to grant the auctioneer's cards to the applicants. In case of refusal, it must notify the reasons therefor in writing to the dossier-submitting centers or enterprises.

Article 43.- Rights, obligations of auctioneers

1. To personally organize property auctions and take responsibility therefor.

2. To conduct property auctions or supervise property auction conductors who are not auctioneers as prescribed in Clause 2, Article 40 of this Decree.

3. To sign and seal property auction documents.

Article 44.- Tasks and powers of the Justice Ministry

The Justice Ministry is an agency assisting the Government in performing the unified state management over the organization of property auctions as well as property auction operations nationwide, having the following tasks and powers:

1. To draft and submit to competent state agencies for promulgation or to promulgate according to its competence legal documents on organization of property auctions and property auction operations; guide the implementation of such legal documents.

2. To promulgate, manage, and guide according to its competence the use of, document and paper forms in the property auction domain, and of property auction registers.

3. To supervise and inspect the organization of property auctions and property auction operations according to its competence.

4. To sum up and annually report to the Prime Minister on the organization of property auctions and property auction operations.

5. To undertake international cooperation in the property auction domain.

6. To perform other tasks and powers assigned by the Government.

Article 45.- Tasks and powers of the Finance Ministry

1. To guide the financial regime applicable to property auction operations.

2. To guide and examine the hand-over of state property for auction.

3. To guide the determination of the reserve prices of auctioned state property.

4. To provide general guidance on the rates, management and use of auction charges constituting a state budget revenue according to law provisions on charges and fees.

Article 46.- Tasks and powers of provincial/municipal People's Committees

The provincial/municipal People's Committees shall manage property auction operations in their respective localities, having the following tasks and powers:

1. To decide on the setting of the centers; appoint or dismiss the centers' directors.

2. To ensure payrolls, material foundations and working facilities for the centers.

3. To set specific rates of auction charges for application in their localities on the basis of decisions of the provincial/municipal People's Councils.

4. To supervise and inspect the organization of property auctions and property auction operations in the localities according to their competence.

Article 47.- Commendation

Individuals and organizations that record outstanding achievements in the property auction domain shall be commended and/or rewarded according to law provisions.

Article 48.- Handling of violations committed by property auction participants

1. Property auction participants who commit acts of disturbing or obstructing property auctions or align or collude with one another to suppress the prices of the auctioned property shall have their right to participate in property auctions deprived of and be refunded the prepaid deposits.

2. Property auction conductors shall have the right to deprive the persons committing acts specified in Clause 1 of this Article of the right to participate in property auctions. The prepaid deposits of the persons deprived of the right to participate in auctions shall belong to the property-auctioning persons.

The deprivation of the right to participate in property auctions must be recorded in the property auction minutes.

Article 49.- Handling of violations committed by property-auctioning persons, property auction conductors

1. Property-auctioning persons that violate the provisions of this Decree and other relevant law provisions shall, depending on the nature and seriousness of their violations, be administratively sanctioned or handled in other forms prescribed by law; if causing damage, they must pay compensation therefor according to law provisions.

2. Property auction conductors who violate the provisions of this Decree shall, depending on the nature and seriousness of their violations, be administratively sanctioned, have their auctioneer's cards withdrawn; if causing damage, they must pay compensation therefor according to law provisions.

Article 50.- Complaints, denunciations

1. Individuals or organizations may complain about administrative decisions or administrative acts of state administrative agencies or competent persons therein when they have grounds to believe that such decisions or acts violate the provisions of this Decree and infringe upon their legitimate rights and interests.

The complaint settlement shall comply with law provisions on complaints and denunciations.

2. Individuals may denounce to competent state agencies acts that violate the provisions of this Decree.

The denunciation settlement shall comply with law provisions on complaints and denunciations.

Article 51.- Dispute resolution

The resolution of disputes arising from the performance of property auction authorization contracts and the execution of property auction documents shall comply with the provisions on civil procedure legislation.

Article 52.- Transitional provisions

1. Property auction service centers and property auction enterprises set up under the provisions of the Property Auction Regulation promulgated together with the Government's Decree No. 86/CP of December 19, 1996 may continue operating in accordance with the provisions of this Decree.

2. Within sixty days as from the date this Decree takes effect, each property auction service center or property auction enterprise currently operating under the provisions of the Property Auction Regulation promulgated together with the Government's Decree No. 86/CP of December 19, 1996 must have at least one auctioneer as prescribed in this Decree.

Article 53.- Implementation effect

This Decree takes effect 15 days after its publication in the Official Gazette and replaces the Government's Decree No. 86/CP of December 19, 1996 promulgating the Property Auction Regulation.

Article 54.- Implementation responsibility

1. The Justice Ministry shall coordinate with the Finance Ministry and concerned ministries in guiding the implementation of this Decree.

2. The ministers, the heads of the ministerial-level agencies, the heads of the Government-attached agencies, and the presidents of the People's Committees of the provinces and centrally-run cities shall have to implement this Decree./.