After the land auction in Thu Thiem, it is proposed to ban participation in the auction for 5 years if you voluntarily remove the deposit

DNHN - MONRE proposed that if auction participants voluntarily forfeit their deposit and decline to participate in the auction, they must compensate the state an additional amount equal to the deposit's value. They will also be barred from participating in future land use rights auctions for five years.

In the draft amending and supplementing some articles of Decree 43/2014/ND-CP dated May 15, 2014, implementing some articles of the 2013 Land Law, MONRE proposed that participants in the land use right price be provided with sufficient information about the auctioned land parcel and have the right to withdraw from the auction and receive a refund of the deposit if the starting price, location, area, or other characteristics of the auctioned land parcel change.

Land use right auction plan: To get back the security property if you don't win or if the auction goes well and you pay in full.

If an organization or person wins a land-use rights auction but does not pay the required amount or does not pay according to the land use rights auction plan, the land use rights auction winner will get the value of the secured property, guaranteed after the required penalties have been deducted.

After winning the auction, the project must be done by the plan for the land use right auction. If the winner doesn't use the land for 12 consecutive months or falls 24 months behind the plan for the project, the State will take the land without paying the winner any money, according to the land law.

The Ministry of Natural Resources and Environment noted in the draft that auction participants are not entitled to a refund if they paid the deposit but did not participate in the auction, or if they attended the price announcement meeting but did not find themselves in an untenable position.

If an auction participant voluntarily cancels the auction winning result without a good cause, the auction participant must additionally pay a sum equal to 50% of the value of the winning land use right in addition to the deposit.

If auction participants give up their deposit and don't show up for the auction, they must pay the state an extra sum equal to the deposit's value. They also can't take part in future land use rights auctions for five years.

Luu Huy