Financial regime in asset auction activities

The Ministry of Finance has issued Circular No. 03/2025/TT-BTC providing guidance on financial regimes in asset auction activities.

The property auction council is guaranteed funding by the property owner to organize the property auction.

The Circular clearly stipulates the financial regime in asset auction activities of asset auction organizations and organizations buying, selling and handling bad debts.

Accordingly, the management and use of the amount collected from the price of asset auction services, asset auction costs, money from selling auction invitation documents and other revenues (if any) are regulated as follows:

Comply with the provisions of law on financial autonomy mechanism of public service units and relevant laws in case the organization practicing asset auction is an Asset Auction Service Center.

Comply with the provisions of law on enterprises in case the organization practicing asset auction is an asset auction enterprise.

Comply with the provisions of the law on enterprises and the law on credit institutions in the case where the organization buying, selling, and handling bad debts auctions assets itself according to the provisions of Clause 2, Article 64 of the Law on Asset Auction.

Financial regime in asset auction activities of the Asset Auction Council

The property auction council is guaranteed funding by the property owner to organize the property auction.

Based on the expenditure content and expenditure levels prescribed below, the Asset Auction Council is responsible for reporting to the owner of the auctioned asset on the cost of organizing the asset auction to synthesize it into the estimate of the asset handling cost of the owner of the auctioned asset. On that basis, the owner of the auctioned asset shall approve according to his/her authority or submit to the competent authority for approval the estimate of the cost of organizing the asset auction in the estimate of the asset handling cost according to the provisions of law.

Expenses include: a) Costs of listing and public announcement of the asset auction; b) Costs of organizing auction participants to view the asset; c) Costs of organizing the auction (including costs of renting a location to organize the asset auction in case an auction location cannot be arranged, costs of renting machinery and equipment, costs of hiring security for the auction; costs of renting the National Asset Auction Portal or online auction information page to organize the auction in the form of online auction...); d) Costs of preparing and organizing the sale of auction invitation documents; e) Other expenses directly related to organizing the implementation of the asset auction.

Expenditure level: For expenditure items that have standards, norms, and regimes prescribed by competent agencies or individuals, implementation shall comply with the standards, norms, and regimes prescribed by competent agencies or individuals.

For outsourcing expenses, it is carried out according to the contract signed between the person with the property to be auctioned and the organization or individual providing the service. The selection of the organization or individual providing the service is carried out according to the provisions of relevant laws.

For expenditures outside the scope of the above regulations, the Asset Auction Council shall report to the owner of the auctioned asset to decide on the expenditure level, ensuring compliance with the current financial management regime as prescribed by law and shall be responsible for its decisions.

Financial regime in the auction of assets of the person whose assets are to be auctioned

According to the Circular, the source of funding for asset auctions includes: State budget estimates allocated to the owner of the auctioned asset in cases where all proceeds from the auction must be paid into the state budget. The preparation of estimates, use and settlement of funding for asset auctions shall be carried out in accordance with the provisions of the law on the state budget.

Proceeds from asset auctions in the temporary account (including proceeds from the sale of auction invitation documents in the case of establishing an asset auction council, and deposits of auction participants that are not refundable according to the provisions of Clause 6, Article 39 of the Law on Asset Auction) in the case of having to deposit all proceeds from asset auctions into a temporary account at the State Treasury owned by the agency that established the asset auction council or the temporary account of the agency or unit assigned by the competent agency or person to be the owner of the temporary account and deducted for asset handling costs before depositing into the state budget...

The person with the auctioned assets is responsible for managing and using the above-mentioned funding sources or requesting the agency or unit assigned by the competent authority or person to be the temporary account holder to pay for expenses for the asset auction organization or the Asset Auction Council according to regulations or expenses for the organization buying and selling, handling bad debt according to the law on handling bad debt of credit institutions according to regulations.

Source: https://thoibaonganhang.vn/che-do-tai-chinh-trong-hoat-dong-dau-gia-tai-san-160293.html