Vietnam's revised asset auction law aims to streamline procedures, boost decentralisation

The proposed amendments to Vietnam's Law on Asset Auction seek to institutionalise the Party's policy framework on decentralisation and delegation of power to lower levels of government and administrative bodies. The revision is part of broader efforts to modernise the country's regulatory environment and reduce friction in business operations.

Key objectives of the draft law include cutting unnecessary administrative procedures and simplifying existing processes related to asset auctions. Policymakers aim to eliminate redundant steps that currently bog down transactions, thereby reducing compliance costs for businesses and government agencies alike.

The legislation also prioritises accelerating the adoption of information technology and digital tools in asset auction activities. By promoting digital transformation, authorities expect to increase transparency, improve efficiency, and expand access to auction processes across the country.

The draft law is among 43 legislative items and resolutions scheduled for consideration during the National Assembly's second session. Senior leadership has emphasised that effective lawmaking should focus on facilitating trade and commerce while reducing operational costs for businesses throughout the economy.