Vietnam parliament chief seeks stronger safeguards against auction rigging
Draft changes would raise deposits for residential land-use rights auctions, while proposed penalties include bans lasting six months to five years.
Vietnam’s National Assembly President Tran Thanh Man urged stronger measures against auction manipulation during lawmakers’ discussions in Hanoi on October 19. Reviewing proposed amendments to the Law on Property Auction, he called for safeguards targeting collusion, sham participation and withdrawals of bids at the last minute.
Under the draft, individuals seeking residential land-use rights would face a higher deposit requirement of 20–50% of the starting price. The requirement would also cover other categories of assets vulnerable to manipulation. Proposed prohibitions include disclosing bidder identities and application documents prematurely, and improperly influencing the choice of auction firms or auctioneers.
Man said winning bidders who surrender their deposits or engage in collusion should be excluded from auctions for between six months and five years. He also proposed publishing their names on the National Property Auction Portal.
Another draft provision would treat applicants who lodge valid documents and deposits as having accepted a purchase at the starting price. The measure is intended to discourage intermediaries from manipulating auction outcomes.
Man favoured conducting auctions online for most asset categories, with specified exemptions. He proposed compulsory use of a state-run National Property Auction Portal, supported by stringent electronic identity checks and authentication. He also sought prohibitions on interference with systems and technology-enabled fraud, alongside stronger accountability for auctioneers and auction businesses.
