Decree 99/2022/ND-CP registration of security interests

DECREE

On registration of security interests^[1]

Pursuant to the June 19, 2015 Law on Organization of the Government; and the November 22, 2019 Law Amending and Supplementing a Number of Articles of the Law on Organization of the Government and the Law on Organization of Local Administration;

Pursuant to the November 24, 2015 Civil Code;

Pursuant to the November 25, 2015 Maritime Code of Vietnam;

Pursuant to the June 29, 2006 Law on Civil Aviation of Vietnam; and the November 21, 2014 Law Amending and Supplementing a Number of Articles of the Law on Civil Aviation of Vietnam;

Pursuant to the November 29, 2013 Land Law;

Pursuant to the November 25, 2014 Housing Law; and the January 11, 2022 Law Amending and Supplementing a Number of Articles of the Law on Public Investment, the Law on Investment in the Form of Public-Private Partnership, the Law on Investment, the Housing Law, the Bidding Law, the Electricity Law, the Law on Enterprises, the Law on Excise Tax, and the Law on Enforcement of Civil Judgments;

Pursuant to the November 26, 2019 Law on Securities;

At the proposal of the Minister of Justice;

The Government promulgates the Decree on registration of security interests.

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

1. This Decree provides the registration of, and provision of information about, security interests in assets (below referred to as security interests); and state management of the registration of security interests.

2. The registration of, and provision of information about, security interests in securities centralizedly registered at the Vietnam Security Depository and Clearing Corporation must comply with the law on securities. Matters not regulated by the law on securities must comply with this Decree’s provisions on registration of security interests in movables other than aircraft or ships.

Article 2. Subjects of application

This Decree applies to agencies, organizations and individuals engaged or involved in the registration of, and provision of information about, security interests and the state management of registration of security interests.

Article 3. Interpretation of terms

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

1. Registration of security interests means that a registry records and updates in the Register of Security Interests or the Database on Security Interests the information stating the securing party’s use of assets to secure the performance of obligations of its own or of others or to concurrently secure the performance of obligations of its own and of others toward the secured party (below referred to as registration).

2. Provision of information about security interests means that a registry or another competent agency defined in this Decree provides information about registered security interests at the request of a related agency, organization or individual or that another competent agency or a competent person provides asset-related information to a registry.

2. Register means a book used by a registry to record and update registered contents. A register may take the form of paper register or electronic register or both paper register and electronic register, including:

a/ A cadastral book or a register of mortgage of future land-attached assets, for security interests in land use rights or land-attached assets;

b/ The Aircraft Register of Vietnam, for security interests in aircraft;

c/ The National Register of Ships of Vietnam, for security interests in ships;

d/ A book as defined under regulations on exploitation and use of marine resources, for security interests in the right to use marine areas assigned for aquaculture or assets attached to marine areas assigned for aquaculture (below referred to as the right to use marine areas or assets attached to marine areas).

4. Database on Security Interests means a collection of data on registered security interests which is arranged and organized to enable access, operation and management by electronic means (below referred to as the Database);

5. Valid registration dossier means a dossier comprising a valid application for registration and other papers as required under this Decree.

6. Valid application for registration means an application fully and properly filled in with the contents in the form provided in the Appendix to this Decree (below referred to as the Appendix).

7. Certificates include:

a/ Certificate of ownership of movables; certificate of registration of motor vehicles and special-use motorbikes; other papers certifying ownership of movables in accordance with law;

b/ Vietnamese ship registration certificate;

c/ Aircraft ownership registration certificate;

d/ Land use rights certificate or certificate of house ownership and residential land use rights or certificate of land use rights and ownership of houses and land-attached assets or certificate of house ownership or certificate of ownership of construction works, granted in accordance with the land law, housing law or construction law;

dd/ Papers certifying the right to use marine areas and ownership of assets attached to marine areas under regulations on exploitation and use of marine resources.

8.  Registration cancellation means that a registry records and updates in the Register or the Database the information stating its refusal to recognize registration results from the time a security interest is registered for the reason that it has a ground for registration cancellation.

Article 4. Cases of registration

1. Cases of registration include:

a/ Registration of mortgage of assets, pledge of assets or retention of title in accordance with the Civil Code and relevant laws;

b/ Registration as agreed upon between the securing party and the secured party or at the request of the secured party, except lien on property;

c/ Registration of notice of realization of collateral, in case one asset is used to secure the performance of multiple obligations for multiple secured parties or in the case agreed upon by the securing party and the secured party;

d/ Registration of change in registered contents (below referred to as change registration); and deregistration of registered contents (below referred to as deregistration), in the cases specified at Points a, b and c of this Clause.

2. The registration shall be carried out at agencies competent for registration as defined in Article 10 of this Decree.

Article 5. Principles of registration and information provision

1. Applicants for registration shall make truthful declarations and take responsibility before law for the accuracy of declared information.

2. Registries shall properly exercise their competence and perform their tasks and comply with the law-specified grounds, procedures and time limit; may not set out procedures other than those specified in this Decree; may neither request additional submission of any papers nor request additional declaration of information other than those required for a registration dossier under this Decree; and may not request alteration of names of security agreements or agreed contents in security agreements. Registries shall take responsibility before law for their breach of the above principles.

Registries are not required to take responsibility for titles of, or agreed contents in, security agreements; for the registration, registration cancellation or restoration of cancelled registration under legally effective judgments or rulings of competent agencies or competent persons; and for registered contents of collateral being assets under dispute or assets for enforcement of civil judgments if, prior to or at the time of recording or updating registered contents to the Register or the Database, they receive no acceptance document or document proving that the agency competent to accept cases and matters, settles disputes or settles civil judgment enforcement.

3. The registration of land use rights and land-attached assets; and the right to use marine areas and assets attached to marine areas or the right to aircraft and seagoing ships must ensure that declared contents and papers included in a registration dossier are consistent with information in certificates and information stored at registries, except the assets specified in Clause 5 of this Article; Clauses 1 and 3, Article 36, and Article 37, of this Decree.

4. In case the registration aims to secure the performance of others’ obligations or to secure the performance of obligations of the securing party and of others, the securing party must be that having land use rights or the right to use marine areas or must be the owners of assets used for security, except the case of retention of title.

The security for obligation performance mentioned in this Clause falls within the responsibility of the securing party and the secured party as agreed upon in the security agreement or as provided by the civil law.

5. In case of registration of future assets; land-attached assets which, as provided by law, are not subject to ownership registration and for which ownership registration has not yet been made on demand; annual crops and makeshift works; and movables other than aircraft, seagoing ships or centralizedly registered securities; or in case of registration of the notice of realization of collateral, registries shall make the registration based on the information declared in applications for registration. Applicants for registration shall take responsibility before law for the lawfulness and accuracy of information declared in applications for registration.

6. Information about registered security interests shall be provided upon request or as provided by law.

Article 6. Validity of registration

1. The validity of registration shall be determined as follows:

a/ The time when a registration becomes valid is the time when a registry records and updates registered contents to the Cadastral Register, for land use rights and land-attached assets; the time when a registry records and updates registered contents to the Register for mortgage of future land-attached assets, for the land-attached assets mentioned at Points a and b, Clause 2, Article 25 of this Decree; the time when a registry records and updates registered contents to the Aircraft Register of Vietnam, for aircraft; the time when a registry records and updates registered contents to the National Register of Ships of Vietnam, for seagoing ships; or the time when the registered contents are updated to the Database, for movables other than aircraft, seagoing ships or centralizedly registered securities, or in the case specified at Point dd, Clause 1, Article 44 of this Decree.

The time when a registration becomes valid, for the right to use marine areas and assets attached to marine areas, is the time when a registry records and updates registered contents to the Register or the Database in accordance with regulations on exploitation and use of marine resources;

b/ The validity period of a registration shall be counted from the time when the registration becomes valid to the time of deregistration.

The validity period of a registration serves as a basis for determining the period of effect of a security interest for a third party as provided by the Civil Code, except the cases in which the effect does not terminate as specified in Clause 2 of this Article and the case of registration of the notice of realization of collateral specified in Clause 4 of this Article;

c/ The change registration does neither alter the time when the registration becomes valid nor terminate the validity of the registration, except the case of addition of collateral or addition of secured obligations or change in information or correction of errors made due to the fault of applicants for registration regarding chassis numbers of road motor vehicles or other information items specified in Clauses 3, 4, 7 and 8, Article 45 of this Decree in which the time of validity for the changed contents is the time when a registry records and updates the changed contents to the Register or the Database.

In case of registration of change of the securing party or the secured party as a result of assignment of part of the right to debt claim or assignment of part of obligations as specified in Clause 3, Article 18 of this Decree, such will neither change or terminate the validity of the registration with regard to the registered contents as part of the right to debt claim or part of the obligations for which the parties have no agreement on the assignment;

d/ In case of deregistration, the validity of the registration shall be terminated from the time when a registry records and updates deregistered contents to the Register or the Database;

dd/ In case one asset is used to secure the performance of multiple obligations, the registration for the subsequent obligation will neither change nor terminate the validity of the registration for the previously registered obligation;

e/ In case of registration cancellation, the registration will become null and void. In case part of registered contents is cancelled, such part will neither change nor terminate the validity of the registration for other registered contents.

In case a registered content has been cancelled but then restored under Clause 3, Article 21 of this Decree, the time when the registration becomes valid and the validity period of the registration before the cancellation will neither change nor terminate.

2. The effect of the security interest already registered at the initial agency competent for registration for a third party will not be terminated in the following cases:

a/ For the security interest in securities not yet centralizedly registered which has been registered at a competent agency specified in Clause 5, Article 10 of this Decree, then such securities become centralizedly registered securities in accordance with the law on securities, it may continue to be used to secure the performance of obligations for the same secured party(ies) and shall be registered at a competent agency specified in Clause 4, Article 10 of this Decree;

b/ For the security interest in centralizedly registered securities which has been registered at a competent agency specified in Clause 4, Article 10 of this Decree, then such securities become securities not centralizedly registered in accordance with the law on securities, it may continue to be used to secure the performance of obligations for the same secured party(ies) and shall be registered at a competent agency specified in Clause 5, Article 10 of this Decree;

c/ For the security interest in goods moved in the production and business process or in components or supplies which has been registered at a competent agency specified in Clause 5, Article 10 of this Decree, then such goods, components or supplies are assembled, manufactured, outsourced or otherwise processed into new assets and such assets are used to secure obligation performance, it shall be registered at a competent agency specified in Clause 1, 2, 3 or 6, Article 10 of this Decree provided the value of the goods moved in the production and business process or the value of components and supplies continues to be used to secure the performance of obligations of the initial secured party(ies);

d/ Mortgage of property rights arising from a house purchase and sale contract or from another purchase and sale contract or assignment contract regarding ownership of land-attached assets (below referred to as contract on purchase and sale of other land-attached assets) which has been registered at a competent agency specified in Clause 5, Article 10 of this Decree, then it is shifted to registration of the mortgage of houses or mortgage of other land-attached assets under Point b, Clause 1; Point b, Clause 2; or Clause 5, Article 26 of this Decree.

3. In case of duplicate registrations mentioned in Article 49 of this Decree, the validity of the registrations shall be determined based on the earliest registration.

4. The registration of the notice of realization of the collateral becomes valid from the time when a registry records and updates notified contents to the Register or the Database; and shall be terminated from the time when a registry records and updates deregistered contents to the Register or the Database or from the time when the security interest is deregistered.

The validity of the registration mentioned in this Clause serves as a basis for notifying and publicizing the realization of the collateral to the securing party, the secured parties or other organizations and individuals but not for determining the effect of the security interest for a third party.

Article 7. Languages used in registration and information provision

1. Forms, documents and declarations in the registration and information provision shall be made in Vietnamese or in both Vietnamese and a foreign language as provided by law.

In case a registration dossier contains foreign-language documents, such foreign-language documents shall be accompanied by Vietnamese translations which are notarized or bear authentication of translators’ signatures, except the cases specified in Clauses 2 and 3 of this Article.

In case documents in a registration dossier or in an application form for information provision are made in Vietnamese and a foreign language, the Vietnamese versions shall be used for registration or information provision.

In case it is provided by relevant laws that languages used in registration or information provision include both Vietnamese and a foreign language while documents in a registration dossier or in an application form for information provision are made in these two languages, the Vietnamese and foreign-language versions are equally valid; if there is any inconsistency between these versions, the Vietnamese one shall prevail.

2. In case an applicant for registration or an applicant for information provision is a foreigner or a foreign-nationality organization or established under a foreign law while his/her/its information is not written in English or another Latin language, the declaration shall be made based on the foreigner’s full name written in his/her passport or substitute paper or based on the organization’s name written in the decision issued by a foreign authority.

3. In case a collateral bears a proper name not in Vietnamese but compliant with a relevant law of the Socialist Republic of Vietnam or compliant with a legally effective decision of a competent agency of the Socialist Republic of Vietnam, the declaration shall be made based on such proper name.

4. The papers and documents mentioned in this Article are not required to be consularly legalized.

Article 8. Applicants for registration and applicants for information provision

1. An applicant for registration may be the secured party or the securing party; an asset administrator; or an asset management and liquidation enterprise in case an insolvent enterprise or cooperative provides loans in assets to others without making the registration (below referred to as the asset management and liquidation enterprise).

2. An applicant for registration in case of change registration may be one of the entities specified in Clause 1 of this Article; the new secured party in case of change of the secured party; the successor in case the securing party or the secured party is a reorganized legal person; or the new securing party in case of change of the securing party as accepted by the secured party, unless the new securing party is the heir as provided by the Civil Code or another person with rights established in accordance with a law.

3. An applicant for registration in case of deregistration may be one of the entities specified in Clauses 1 and 2 of this Article; the lawful transferee of collateral being land use rights or the right to use marine areas or the lawful assignee of the ownership of other collateral (below referred to as the lawful transferee of collateral) without becoming a new securing party; or a civil judgment enforcement agency, enforcer, another competent agency, or another competent person in accordance with law.

In case the lawful transferee of collateral or competent agency or competent person specified in this Clause only requests withdrawal of one or several of collateral items for deregistration of such item(s), it/he/she may be treated as the applicant for registration in case of change registration.

4. In case of registration for property pledge, deposit, security collateral or escrow account as provided under regulations on security for obligation performance or as agreed upon in the security agreement, the applicant for registration is the secured party, unless otherwise agreed upon by the securing party and the secured party.

5. An applicant for registration for the notice of realization of the collateral is the secured party.

6. Applicants for information provision include the applicants for registration specified in this Article and other agencies, organizations and individuals that need information about security interests.

7. Applicants for registration or applicants for information provision specified in this Article may request the registration or request information provision by themselves or through their lawful representatives.

In case of requesting the registration through representatives, a registration dossier or an information provision dossier must comprise a document on such representation (1 original or 1 certified copy or 1 copy accompanied by the original for collation), except the case in which the registration is made via the representative’s online registration account under Clause 2, Article 24 of this Decree.

8. In case a branch of a legal person or a branch or transaction bureau of a legal person being a credit institution (below referred to as branch of a legal person) is assigned by the legal person to perform the latter’s function regarding application for registration or application for information provision according to the operation charter or regulation or as authorized or designated by the lawful representative of the legal person, such branch shall be undersigned as the applicant for registration or applicant for information provision in the application form for registration or application form for information provision. In this case, a registration dossier or a dossier for information provision must include a document stating the legal person assigning the branch to perform the former’s function regarding registration application or application for information provision (1 original or 1 certified copy or 1 copy accompanied by the original for collation).

9. In case of obligation performance security in assets of a sole proprietorship in which the applicant for registration is the securing party, the owner of the sole proprietorship or the sole proprietorship itself may be undersigned as the applicant for registration.

Article 9. Rights and obligations of applicants for registration and applicants for information provision

1. Rights of applicants for registration and applicants for information provision:

a/ To receive registration results and information provision results; to check and collate registered and provided information; to request a registry specified in Clause 2, 3 or 5, Article 10 of this Decree to issue copies of registration certificates, for cases of registration falling within the registry’s competence;

b/ To request registries to give a written reply on refusal of registration, refusal of registration cancellation, refusal of restoration of cancelled registrations or refusal of information provision under Article 15, 18, 20, 21 or 51 of this Decree;

c/ To request registries to correct errors in registered contents, in case the errors are made by the registries, or request registration of change in erroneous information, in case the errors are made by applicants for registration;

d/ To use registration results or information provision results in exercising their lawful rights and performing their lawful obligations at competent agencies and organizations and in order to establish and conduct civil transactions;

dd/ To be entitled to exemption from payment of charges and service prices and from other payment obligations in case such exemption is provided in the law on charges and fees, law on price or other relevant laws;

e/ To file complaints and denunciations, initiate lawsuits or request compensation for damage in accordance with relevant laws in case registries refuse registration, refuse registration cancellation, refuse restoration of cancelled registration or refuse to provide information under Point b of this Clause or refuse to grant exemption from payment of charges and service prices and from other payment obligations under Point dd of this Clause; to register changes, make deregistration, cancel registration, or restore groundlessly cancelled registrations in accordance with this Decree.

2. Obligations of applicants for registration and applicants for information provision:

a/ To declare and provide truthful, adequate and accurate information in applications for registration and applications for information provision and take responsibility for such information; to take responsibility for the title of a security agreement, agreed contents in the security agreement and other papers and documents in the registration dossier;

b/ To pay charges and service prices and perform other payment obligations in accordance with the law on charges and fees, law on price and other relevant laws; to pay bank transfer charges and other cashless payment service charges (if any) in case of cashless payment of charges, service prices and other obligations; to pay postal service charges in case of using postal services for registration dossiers, papers, documents, registration results, copies of registration certificates and information provision results; to pay in case registration results, copies of registration certificates and information provision results are notified by other means as agreed upon between registries and applicants for registration or applicants for information provision under Clause 1 and Point c, Clause 2, Article 17, and Clause 2, Article 51, of this Decree; to provide papers and documents proving the applicants’ eligibility for exemption from payment of charges and service prices or from other payment obligations under Point dd, Clause 1, and Clause 3, of this Article;

c/ To take responsibility for their acts of forging documents, signatures or seals in registration dossiers;

d/ To compensate for damage in accordance with the Civil Code and relevant laws in the case specified at Point c of this Clause or in case of failure to make the registration though having grounds specified in this Decree, which causes damage to registries or other organizations and individuals.

3. In the case specified at Point dd, Clause 1 of this Article, an applicant for registration may choose to include one of the following papers and documents in the registration dossier: security agreement or credit contract or another document containing information about the applicant’s eligibility for exemption from payment of registration charges or service prices or from other payment obligations (1 original or 1 certified copy or 1 copy accompanied by the original for collation). The paper or document mentioned in this Clause shall be submitted only once for registration of the same security interest.

4. Organizations and individuals that wish to search for information under Point b, Clause 2, Article 50 of this Decree may use their granted codes for database use to search for information; and are obliged to pay charges for grant of codes for database use in accordance with the law on charges and fees.

Article 10. Registries and information providers

1. Land registries under provincial-level Departments of Natural Resources and Environment and branches of land registries (below collectively referred to as land registries) shall register and provide information about security interests in land use rights and land-attached assets under Article 25 of this Decree.

2. The Civil Aviation Authority of Vietnam under the Ministry of Transport shall register and provide information about security interests in aircraft under Article 38 of this Decree.

3. The Vietnam Maritime Administration under the Ministry of Transport or the Vietnam Maritime Administration’s Branches or Maritime Administrations as decentralized by the Vietnam Maritime Administration (below collectively referred to as Vietnam Ship Registries) shall register and provide information about security interests in seagoing ships and other assets under Article 41 of this Decree.

4. The Vietnam Securities Depositary and Clearing Corporation shall register and provide information about security interests in centralizedly registered securities  in accordance with the law on securities.

5. The Transaction and Asset Registration Center of the National Registration Agency for Secured Transactions under the Ministry of Justice (below referred to as the Transaction and Asset Registration Center) shall register and provide information about security interests in movables other than aircraft, seagoing ships or centralizedly registered securities (below collectively referred to as movables) and other cases specified in Article 44 of this Decree.

6. The identification of an agency competent to register and provide information about security interests in the right to use marine areas or assets attached to marine areas must comply with regulations on exploitation and use of marine resources.

7. The identification of agencies competent to provide information in case organizations and individuals themselves search for information by using their codes for database use and in information provision activities between competent agencies or competent persons and registries must comply with Clause 2, Article 50, and Article 52, of this Decree.

Article 11. Tasks and powers of registries and information providers

1. To make the registration in the cases and according to the competence specified in Articles 4 and 10 of this Decree; to issue copies of registration certificates in the case specified at Point a, Clause 1, Article 9 of this Decree; to correct errors in registered contents.

2. To provide information about security interests.

3. To refuse the registration or refuse to provide information only when having the grounds specified in Articles 15 and 51 of this Decree.

4. To forward relevant documents to competent agencies for processing in accordance with law if detecting that the documents, signatures or seals in dossiers for registration are forged.

5. To cancel the registration and restore cancelled registrations under Article 21 of this Decree.

6. To update and store information in files and the Database.

7. To collect, remit, manage and use service charges and prices and perform other payment obligations upon registration or information provision in accordance with the law on charges and fees, law on price and other relevant laws.

8. To settle complaints and denunciations in accordance with law.

Chapter II

PROCEDURES FOR REGISTRATION OF SECURITY INTERESTS

Section 1

GENERAL PROCEDURES

Article 12. Signatures and seals in registration

1. An application form for registration must bear the signature of a competent person (below referred to as signature), and seals (if any) of the securing party and the secured party, except the following cases:

a/ For security agreements or documents modifying and supplementing security agreements that are notarized or authenticated, only the signature and seal (if any) of the securing party or the secured party are required;

b/ For security agreements or documents modifying and supplementing security agreements that specifically designate an applicant for registration, only the signature and seal (if any) of the designated party are required;

c/ In case of registration of property pledge, deposit, security collateral or escrow account as provided by regulations on security for obligation performance or as agreed upon in security agreements, only the signature and seal (if any) of the secured party are required, unless otherwise agreed upon in security agreements;

d/ For applicants for registration that are asset administrators or asset management and liquidation enterprises, only their signatures and seals (if any) are required;

dd/ In case of registration of change of information about the secured party or partial withdrawal of collateral, only the signature and seal (if any) of the secured party are required; in case of registration of change of the secured party, only the signature and seal (if any) of the new secured party or of the secured party being the heir in accordance with the Civil Code or of the successor in case the secured party is a reorganized legal person are required;

e/ In case of deregistration at the request of the secured party, only the signature and seal (if any) of the secured party are required;

g/ In the cases of deregistration specified at Points k and l, Clause 1, Article 20 of this Decree, only the signature and seal (if any) of the securing party are required;

h/ In case of change registration for partial withdrawal of collateral or in case of deregistration at the request of the securing party, which is accompanied by a document showing that the secured party agrees to the deregistration or certifying that the security agreement has been terminated or liquidated or certifying the mortgage lien release, or by another document showing the secured party’s will to agree to the partial withdrawal of collateral or agree to the deregistration, only the signature and seal (if any) of the securing party are required;

i/ In case of change registration for partial withdrawal of collateral or deregistration at the request of the civil judgment enforcement agency, competent enforcer, another competent agency or another competent person in accordance with a law, only the signature of a competent person of the civil judgment enforcement agency or another competent agency or of the enforcer or another competent person and the seal of such agency are required;

k/ In case of change registration for partial withdrawal of collateral or deregistration at the request of the lawful transferee of collateral under a legally effective contract on purchase and sale of assets put for auction or otherwise assignment of collateral ownership or under a written confirmation of judgment enforcement results issued by the competent civil judgment enforcement agency (below referred to as confirmation of judgment enforcement results), only the signature and seal (if any) of the lawful transferee of collateral are required;

l/ In case of shift of mortgage registration mentioned at Point b, Clause 1, or Point b, Clause 2, or in Clause 5, Article 26 of this Decree in which the contract on mortgage of property rights arising from the house purchase and sale contract or from the contract on purchase and sale of land-attached assets already has a content on shift of mortgage registration specified in Clause 3 or 4, Article 26 of this Decree and has been notarized or authenticated in cases specified by law, only the signature and seal (if any) of the secured party are required;

m/ In case of registration of notice of the realization of collateral, only the signature and seal (if any) of the secured party are required.

2. In case a legal person’s branch is undersigned as an applicant for registration as specified in Clause 8, Article 8 of this Decree, the signature and seal (if any) of the legal person may be replaced with the signature and seal (if any) of the branch. In case the legal person changes information about its branch or changes it branch, the signature and seal (if any) of the branch with the changed information or of the new branch may be used in replacement of the signature and seal (if any) of the old branch.

3. In case of security for obligation performance in assets of a sole proprietorship, the signature in the application form for registration is the signature of the owner of such sole proprietorship, and the seal (if any) of the sole proprietorship shall be used if the sole proprietorship is undersigned as an applicant for registration.

4. In case the securing party or the secured party consists of multiple individuals or organizations, all signatures and seals (if any) of these entities are required, unless there is a document showing that one or several of securing party(ies) or secured party(ies) has(have) the right to represent the others.

5. In case of security for performance of others’ obligations or security for performance of obligations of both the securing party and others, the application form for registration is not required to bear the signature and seal (if any) of the person with secured obligations.

6. In case the Vietnam Asset Management Company or another entity that has become the new secured party and is not subject to registration of change of the secured party under Point a, Clause 1, Article 18 of this Decree is the applicant for registration, the signature and seal (if any) of the secured party in the application form for registration is the signature and seal (if any) of such Company or entity. In this case, the document containing a ground or content on identification of the new secured party (1 original or 1 certified copy or 1 copy accompanied by the original for collation) is required in the registration dossier.

7. In case the applicant for registration is an individual who is illiterate or who is a person with disabilities and cannot sign, he/she may give fingerprints instead of signing in the application form for registration.

8. In case an organization or individual mentioned in Clause 1, 2, 3, 4, 5, 6 or 7 of this Article makes the registration through its/his/her representative, the representative’s signature and seal (if any) in the application form for registration shall be used in replacement of the signature and seal (if any) or fingerprints of the represented person. In case the representative is changed after the registration has been made, the new representative shall sign and append a seal (if any) in the application form for registration.

9. In case a registration dossier is submitted via the online registration system, the signature and seal mentioned in Clause 1, 2, 3, 4, 5, 6 or 8 of this Article may be replaced with an electronic signature and seal.

Electronic signatures and seals are as valid as signatures and seals used in paper documents.

Article 13. Methods of submission of registration dossiers

1. Registration dossiers shall be submitted by one of the following methods:

a/ Via the online registration system;

b/ By hand-delivery or by post, for paper documents;

c/ By email.

2. The methods of submission of registration dossiers specified at Points a and c, Clause 1 of this Article for land use rights, land-attached assets, and the right to use marine areas or assets attached to marine areas, or for aircraft and seagoing ships must comply with the land law, regulations on exploitation and use of marine resources, aviation law, or maritime law.

3. The method of submission of registration dossiers specified at Points c, Clause 1 of this Article for the case of registration mentioned in Article 44 of this Decree shall apply to those already granted online registration accounts.

Article 14. Receipt of registration dossiers

1. In case a registration dossier in the written form is valid, the dossier recipient shall make entries in the Dossier Receipt Register, issue a dossier receipt, and designate a date for notifying dossier processing results.

2. In case a registration dossier is submitted via the online registration system, the registry shall receive the application form for registration, and check the dossier via the online interface. If the registration dossier is valid, an automatic reply will be issued to confirm that the applicant for registration has successfully sent the dossier and the time of dossier receipt will be notified, or such reply or notice will be made in another method referred to in Clause 2, Article 17 of this Decree.

Article 15. Refusal of registration

1. The registry may refuse to register a security interest on one of the following grounds:

a/ The security interest falls beyond the registry’s competence;

b/ The registration dossier is invalid under Clause 5, Article 3 of this Decree;

c/ The asset is ineligible for use as security for obligation performance in accordance with the Land Law, the Housing Law and other relevant laws. In case the asset is under dispute, the registry may only refuse the registration when receiving a document accepting or a document proving the acceptance for resolution of the dispute issued by the court or another competent agency;

d/ Information in the registration dossier is inconsistent with information stored at the registry, except the case specified in Clause 8, Article 25; Clauses 1 and 3, Article 36; and Article 37, of this Decree;

dd/ Information described in the application form for registration for the assets specified in Clause 3, Article 5 of this Decree is inconsistent with information in the Certificate, except where information described in the application form for registration is consistent with information stored at the registry due to the drawing of a new cadastral map in replacement of measurement documents and data used for grant of the Certificate but the land user or the owner of land-attached assets has not yet had the Certificate renewed according to the new cadastral map;

e/ Information of the securing party or the secured party in case of registration via the online registration system or information of the representative in the case of registration specified in Clause 2, Article 24 of this Decree is inconsistent with information of the used account for online registration;

g/ The application for change registration or deregistration for information on the security interest or notice of collateral realization is not stored at the registry;

h/ The registry detects by itself that a document, signature or seal in the registration dossier is forged or receives information enclosed with certification by a competent agency that such document, signature or seal is forged;

i/ Before the time of recording or updating registered contents to the Register or the Database, the registry receives from the civil judgment enforcement agency or enforcer a notice of distraint of the judgment enforcement asset being the collateral or an application for suspension or termination of the registration of the asset for which the securing party is the judgment debtor in accordance with the law on enforcement of civil judgments; or receives an application of the agency or person competent to conduct proceedings or another competent agency or person for non-registration in accordance with a law.  

The provision of this Point does not apply to cases in which the National Assembly’s resolutions on handling of non-performing loans of credit institutions or relevant laws otherwise provide;

k/ The applicant for registration fails to pay the registration charge, unless otherwise provided by the law on charges and fees and other relevant laws.

2. The registry may refuse to register a security interest when there is a ground specified in Clause 1 of this Article and shall take responsibility in accordance with relevant regulations in case of groundless refusal of registration.

In case there is a ground for refusal of registration, the registry shall make the refusal within the working day when it receives the registration dossier or within the working day when it receives a document from a competent agency or person specified at Point c, h or i, Clause 1 of this Article. If receiving the dossier or document after 15:00 hours of a day, the registry may make the refusal on the next working day. 

The refusal must be made in writing, clearly stating the ground for refusal of registration. In case the refusal is made based on a ground specified at Point b, d or dd, Clause 1 of this Article, the notice of refusal must provide guidance on contents that need to be completed or supplemented.

3. In case the registry receives a document from a competent agency or person specified at Point i, Clause 1 of this Article after the registration is completed, it shall notify in writing the latter of the completion of the registration.

4. In case the applicant for registration files a complaint about a document or decision of a competent agency other than the registry or of a competent person other than the competent person of the registry specified at Point c, h or i, Clause 1 of this Article, it/he/she shall comply with the civil procedure law, the law on execution of civil judgments, and other relevant laws.

Article 16. Time limit for processing registration dossiers

1. The registry shall process a registration dossier within the working day on which it receives a valid dossier. If receiving the dossier after 15:00 hours of a day, the registry may complete the registration on the next working day. In case the registry has a plausible reason for prolonging the period of processing the registration dossier, the time limit for dossier processing is 3 working days from the date of receipt of a valid dossier. In this case, the registry shall send a written notice or an electronic notice thereof to the applicant for registration or notify such in another form convenient for the applicant for registration and suitable to its conditions as soon as it has a plausible reason, clearly stating such reason.

2. In case a dossier for registration of land use rights or land-attached assets is submitted via the section for receipt of dossiers and notice of administrative procedure settlement results of the provincial-level public administration service center (below referred to as the single-window section) or the People’s Committee of the commune, ward or township (below referred to as the commune-level People’s Committee), the time limit for dossier processing shall be counted from the time when the land registry receives a valid registration dossier.

3. Periods not to be counted into the time limit specified in Clause 1 of this Article include:

a/ The period of occurrence of the disaster, epidemic, fire, incident to the online registration system, failure of the power grid or the Internet, or another force majeure event as stated in the document or decision of the competent agency which renders the registry unable to carry out the registration according to the procedures and within the time limit specified in this Decree. In this case, the registry shall notify such immediately within the working day when the event occurs or within the working day when it receives the competent agency’s document or decision by posting the notice at its head office and on the website of the state management agency and its website (if any) or in another form convenient for the applicant for registration and suitable to its own conditions;

b/ The period during which the registry carries out the procedures specified in Clause 2, Article 35 of this Decree.

Article 17. Notice of registration results

1. In case of registration at the Transaction and Asset Registration Center, registration results shall be notified in electronic form or paper form at the request of the applicant for registration. The issuance of copies of registration results must comply with Article 22 of this Decree.

The notice of registration results and issuance of copies of registration results in paper form under this Clause and Article 22 of this Decree may be carried out directly at the registry, by post or by another method as agreed upon by the registry and the applicant for registration in accordance with law.

2. For a case other than that specified in Clause 1 of this Article, the registry shall notify registration results by one of the following methods:

a/ Directly at the registry.

In case the registration dossier is submitted via the single-window section or the commune-level People’s Committee, such section or People’s Committee shall notify registration results to the applicant for registration.

b/ By post;

c/ In electronic form as required by law, or another method as agreed upon by the registry and the applicant for registration in accordance with law.

3. In case the registration dossier contains the master copy or original of a Certificate, the registry shall return such Certificate to the applicant for registration together with registration results.

4. In case registration results are notified in electronic form, the registration results in electronic form are as valid as those in paper form.

Article 18. Cases of change registration

1. An applicant for registration shall submit a dossier for change registration when there is one of the following grounds:

a/ Change of the securing party or the secured party as a result of the partial withdrawal, addition, substitution or succession due to reorganization of the legal person or inheritance in accordance with the Civil Code or establishment of rights in accordance with law, except where the regulations on organization and operation of the Vietnam Asset Management Company or other relevant laws for other entities do not require registration of change of the secured party; or change of the first name or full name of the securing party or change of the first name or full name of the secured party;

b/ Additional registration of a collateral item as agreed upon in the security agreement though the registered content does not mention such collateral item;

c/ Addition of a new asset or replaced asset which becomes the collateral as agreed upon in the document on modification or supplementation of the security agreement or as provided by law though the registered content does not mention such collateral item;

d/ Partial withdrawal of the collateral;

dd/ The collateral being a future asset that has been formed is eligible for grant of an ownership certificate in accordance with law;

e/ Correction of errors in contents declared in the application form for registration that are made due to the fault of the applicant for registration;

g/ Addition of a secured obligation in case the initial security agreement has no content on security for future obligations;

h/ Other cases at the request of the applicant for registration for change of information declared in the application form for registration.

2. In case of change of the securing party or the secured party specified at Point a, Clause 1 of this Article due to assignment of the right to debt claim or receivables or another right to payment claim or assignment of another civil obligation (below collectively referred to as assignment of the right to debt claim or assignment of obligation), the notarization or authentication of the document on assignment of the right to debt claim or assignment of obligation shall be agreed upon by the assignor and the assignee.

3. In case of change of the secured party specified at Point a, Clause 1, or Clause 2, of this Article which is related to multiple registered security interests with the same secured party, the applicant for registration shall submit 1 dossier for change registration and 1 list of documents declared according to Form No. 01dd or Form No. 02dd provided in the Appendix corresponding to the security interest registered for change.

In case of change of the securing party or the secured party due to assignment of part of the right to debt claim or assignment of part of the obligation, the applicant for registration shall register the change of the securing party or the secured party within the assigned part of the right to debt claim or obligation.

4. In case there is a ground specified at Point b, c or g, Clause 1 of this Article and the applicant for registration makes a request for registration of a new security interest instead of making registration of change, the registry shall carry out the registration upon request.

5. The registry or another competent agency or organization may not request registration of change or for deregistration of registered contents falling beyond the scope of change registration based on the grounds specified in Clause 1 of this Article or not belonging to the assigned part of the right to debt claim or obligation specified in Clause 3 of this Article.

Article 19. Correction of errors in registered contents

In case information in registered contents is inconsistent with contents declared in the application form for registration due to the fault of the registry, the registry shall promptly correct the error upon detecting it to ensure consistency with the application form for registration and, at the same time, send a notice of correction, made according to Form No. 07a, Form No. 07d, Form No. 10b or Form No. 10c provided in the Appendix, to the applicant for registration. The corrected information will not change or terminate the validity of the registration.

In case of correction of errors in registered contents due to the fault of the applicant for registration, such correction shall be carried out according to the procedures for change registration specified in this Decree.

Article 20. Deregistration

1. The applicant for registration shall submit a dossier for deregistration of a security interest in one of the following cases:

a/ Such deregistration is agreed upon by the securing party and the secured party;

b/ The whole secured obligation is terminated;

c/ All or some of contents of the security agreement are null and void, including those on the registered security interest;

d/ The registered security interest is replaced with another security interest as agreed upon by the securing party and the secured party;

dd/ The collateral no longer exists as it is contributed as capital to a commercial legal person or non-commercial legal person being a social enterprise; is replaced, assigned, transferred, consolidated, merged, or mixed with another one; is processed in the form of assembly, manufacturing or another form; recalled, destroyed, totally lost, demolished or confiscated or falls into other cases as specified by the Civil Code or other relevant laws.

If the collateral no longer exists as specified at this Point and is added or replaced by a new asset which is used to secure the obligation performance as agreed upon in the security agreement or in accordance with law, no deregistration shall be carried out but the change registration shall be made in one of the cases specified at Points b, c, d and dd, Clause 1, Article 18 of this Decree;

e/ The collateral has been completely realized by the secured party in accordance with regulations on security for obligation performance or by the civil judgment enforcement agency in accordance with the law on execution of civil judgments;

g/ The asset attached to land leased with annual rental payment is currently used as the collateral and such land is recovered by the State without any compensation for the land-attached asset.

In case the asset specified at this Point is added or replaced by a new asset or is exchanged due to the State’s compensation for land-attached assets, the registration shall be carried out under Point dd of this Clause; 

h/ The collateral being an aircraft is no longer registered under the Vietnamese nationality;

i/ The collateral being an annual crop is harvested or being a makeshift work is demolished, but the registered contents do not include yields or other assets obtained from such harvest or demolition;

k/ The mortgagee of rights to use land and land-attached assets of the land-using household being an economic organization other than a credit institution becomes a foreign-invested enterprise, or of the land-using individual being a Vietnamese citizen becomes a foreign citizen and does not assign the right to accept the security to another organization or individual that fully satisfy the conditions specified by the law of the Socialist Republic of Vietnam, unless otherwise provided by the Land Law, the Housing Law, and other relevant laws;

l/ The secured party being a legal person is dissolved in accordance with law;

m/ The legally effective court judgment or ruling has a content requesting the registry to make deregistration;

n/ Registration of mortgage of property rights arising from a house purchase and sale contract or from a contract on purchase and sale of another land-attached asset has been shifted to registration of mortgage of house or mortgage of another land-attached asset as specified at Point b, Clause 1; Point b, Clause 2; and Clause 5, Article 26 of this Decree.

2. In the case of deregistration specified at Point m, Clause 1 of this Article without an applicant for deregistration, based on contents of the court judgment or ruling, the registry shall, within the working day on which it receives such judgment or ruling, record and update deregistered contents in the Register or the Database.

Within 1 working day from the date of deregistration, the registry shall send a notice of deregistration, made according to Form No. 07a, Form No. 07d, Form No. 10b or Form No. 10c provided in the Appendix to the court that has made the judgment or ruling and to the securing party, the secured party, and another person currently holding the Certificate (if any); the notice must clearly state grounds for deregistration and the time of termination of validity of the registration.

In case of deregistration at the land registry, the notice must show a content requesting the Certificate holder to return the Certificate for the land registry to write the content on deregistration thereon. In case the Certificate is not returned, the deregistration will still take effect from the time the land registry records and updates the deregistered contents in the Register.

In the case of deregistration specified at Point m, Clause 1 of this Article at the request of the applicant for deregistration, the effective court judgment or ruling (1 original or 1 certified copy) is required to be included in the registration dossier.

3. In the case of deregistration specified at Point n, Clause 1 of this Article, within the working day when receiving the paper or document specified at Point c, Clause 5, Article 35 of this Decree, the Transaction and Asset Registration Center shall deregister the mortgage of property rights arising from the house purchase and sale contract or deregister the mortgage of property rights arising from the contract on purchase and sale of another land-attached asset.

In the case of registration specified at Point a, Clause 2, Article 6 of this Decree, within the day when receiving results of the registration of the security interest in centralizedly registered securities, the Transaction and Asset Registration Center shall deregister the security interest in securities not yet centralizedly registered.

4. In case the security interest has been registered but the collateral is used to secure the performance of another obligation, when making registration for the new obligation, the registry may not request deregistration of the previously registered security interest.

5. In case of deregistration related to multiple registered security interests with the same secured party, the applicant for registration shall submit 1 deregistration dossier enclosed with a list of declared documents made according to Form No. 01dd or Form No. 02dd provided in the Appendix corresponding to the deregistered security interest.

Article 21. Registration cancellation

1. The registration shall be cancelled in the following cases:

a/ The security interest has been registered but the registry receives a legally effective court judgment or ruling that the registration must be wholly or partially cancelled;

b/ The registered security interest is found by the registry to fall into the case of registration refusal specified at Point a or h, Clause 1, Article 15 of this Decree. In the case specified at Point h, Clause 1, Article 15 of this Decree, the registry shall cancel all registered contents;

c/ Handling of duplicate registrations as specified in Article 49 of this Decree.

2. Right within the working day when it has a ground specified in Clause 1 of this Article, the registry shall:

a/ Record and update the cancelled registration contents to the Register or the Database;

b/ Send a notice of registration cancellation, made according to Form No. 07a, Form No. 07d, Form No. 10b or Form No. 10c provided in the Appendix to the court specified at Point a, Clause 1 of this Article and to the securing party, the secured party, and another person currently holding the Certificate (if any). The notice must clearly state grounds for registration cancellation and the non-recognition of registration results on the granted registration certification (if any) or on the application form for registration certified by the registry.

In case of registration cancellation at the land registry, the notice must show a content requesting the Certificate holder to return the Certificate for the land registry to write the cancelled registration contents thereon. In case the Certificate is not returned, the registration cancellation is still valid.

3. In case the registration has been cancelled under Clause 2 of this Article and the registry receives a legally effective judgment or ruling of the court or another competent agency on the restoration of cancelled registration results, the registry shall record and update again the registered contents to the Register or the Database.

In case of restoration of the cancelled registration at the land registry, the land registry shall notify such in writing to the Certificate holder to return the Certificate for the land registry to record restored registration results on the Certificate. In case the Certificate is not returned, the restoration of the cancelled registration is still valid. 

In case the registration cancellation is carried out under Clause 2 of this Article but the cancelled contents have not been recorded on the Certificate, after the cancelled registration is restored, the land registry shall notify in writing to the Certificate holder that registration results recorded on the Certificate have not been changed or the validity of the registration has not been terminated.

4. In case the collateral is an aircraft and there is a ground specified at Point a, Clause 1 of this Article, the deregistration shall be carried out in accordance with the Law on Civil Aviation of Vietnam.

Article 22. Issuance of copies of written registration certifications

1. The applicant for registration specified in Clause 1, 2, 3, 4 or 5, Article 8 of this Decree may request the registry that has granted the written registration certification to issue copies of such certification, made according to Form No. 08d, Form No. 11b or Form No. 11c provided in the Appendix.

2. Requests for issuance of copies of written registration certifications shall be made by the methods specified in Article 13 of this Decree.

3. The time limit for issuing copies of a written registration certification is specified in Clauses 1 and 3, Article 16 of this Decree; copies shall be handed over by the methods specified in Article 17 of this Decree.

Electronic copies of a written registration certification are as valid as the original certification and hard copies.

4. In case the applicant for registration requests the Transaction and Asset Registration Center to send copies of the written registration certification enclosed with a notice of registration of mortgage or a notice of registration of change or a notice of deregistration, for road motor vehicles, inland waterway vessels, railway vehicles, fishing vessels or other movables, to the asset ownership, use rights or circulation right registry, the Transaction and Asset Registration Center shall send these documents to related agencies.

The documents specified in this Clause may be issued in paper form or electronic form upon request. If issued in electronic form, the documents shall be connected and shared under Clause 4, Article 53 and Clause 1, Article 58 of this Decree.

Notices of registration of mortgage or registration of change or deregistration shall be made according to Form No. 12d provided in the Appendix.

Article 23. Grant of online registration accounts

1. Organizations and individuals that carry out online registration shall be granted online registration accounts (below referred to as accounts) by the competent agency specified in Clause 3 of this Article.

One account may be granted to only one organization or individual as a regular-use account or single-use account in the registration at the request of such organization or individual. The account holder shall take responsibility before law for the accuracy and lawfulness of information required to be declared for grant of the account and for the use of the account.

2. Organizations and individuals may request grant of accounts through the online registration interface or send application forms made according to Form No. 01e provided in the Appendix to the competent agency specified in Clause 3 of this Article.

3. The National Registration Agency for Secured Transactions of the Ministry of Justice is competent to grant accounts for the cases specified in Article 44 of this Decree.

The agency competent to grant accounts for the cases specified in Articles 25, 38 and 41 of this Decree or for cases of registration of security interests in the right to use marine areas or assets attached to marine areas shall comply with the land law, aviation law, maritime law or law on exploitation and use of marine resources.

Article 24. Online registration procedures

1. The applicant for registration shall use his/her/its account to log in the online registration system, declare information and authenticate his/her/its registration dossier according to the procedures on the online registration interface. In case the registration dossier is required by law to be attached with an electronic copy, the applicant for registration shall attach this copy, except the case specified in Clause 5, Article 46 of this Decree.

The applicant for registration shall pay the registration charge according to the procedures on the online registration interface or by the payment method provided by the law on charges and fees and other relevant laws.

Online registration dossiers are as valid as registration dossiers in paper form.

The time limit for processing online registration dossiers and notifying registration results is specified in Clauses 1 and 3, Article 16 of this Decree.

2. In case the securing party or the secured party carries out the online registration via the representative’s account, the representative shall declare information on the represented party’s account code number. Information on the registered security interest shall be updated to the account of the represented party, but not to the account of the representative.

3. In case there is a ground for refusal of registration specified in Clause 1, Article 15 of this Decree, the registry shall notify the refusal of registration through the online registration interface or send a notice of refusal to the applicant for registration.

4. In case the land law, law on exploitation and use of marine resources, aviation law or maritime law otherwise provides online registration procedures mentioned in Clauses 1 and 2 of this Article, such law shall prevail.

Section 2

PROCEDURES FOR REGISTRATION OF SECURITY INTERESTS IN LAND USE RIGHTS OR LAND-ATTACHED ASSETS

Article 25. Cases of registration falling within competence of land registries

1. Cases subject to registration:

a/ Mortgage of land use rights;

b/ Mortgage of houses or other land-attached assets in case the ownership thereof has been stated in Certificates;

c/ Mortgage of investment projects on house construction, investment projects on construction of non-housing works, investment projects on agriculture, forest development projects, or other investment projects that use land concurrently with land use rights allocated by the State with collection of land use levy or leased by the State with one-off rental payment for the entire lease term;

d/ Registration of change or deregistration for the cases specified at Points a, b and c of this Clause.

2. Cases subject to registration upon request:

a/ Mortgage of future houses or other future land-attached assets;

b/ Mortgage of existing land-attached assets other than houses the ownership of which is not required by law to be registered and has not yet been registered upon request, except the case specified in Clause 9 of this Article;

c/ Shift to registration of mortgage of property rights arising from house purchase and sale contracts or from contracts on purchase and sale of other land-attached assets to registration of mortgage of houses or mortgage of other land-attached assets;

d/ Registration of notice of realization of collateral being land use rights or land-attached assets;

dd/ Registration of change or deregistration, for the cases specified at Points a, b and d of this Clause.

3. Future houses and future land-attached assets specified in this Article include:

a) Houses, construction works under investment projects on house construction or individual houses in accordance with the Housing Law; non-housing construction works as specified in the law on construction, law on real estate business and other relevant laws which are in the process of construction investment and have not yet been tested for being put into use;

b/ Planted production forests and perennial trees not yet formed or already formed but mortgagors establish the ownership thereof after the establishment of mortgage contracts.

4. Registration of retention of title of houses and other land-attached assets or registration of pledge of land-attached assets shall be carried out in the cases provided by the Land Law.

5. In case project owners mortgage only land-attached assets but not land use rights under their investment projects, or mortgage land-attached assets under their investment projects while they are not land users, or mortgage land-attached assets under their investment projects implemented on leased land with annual land rental payment, they shall comply with this Decree’s provisions on registration for land-attached assets.

6. The registration may be applied simultaneously in the same registration dossier for one, several or all of the assets specified in Clauses 1 and 2 of this Article and only 1 application form for registration is required in the same registration dossier. In case one asset or several assets in this registration dossier has/have separate Certificate(s), the registration procedures shall be carried out on the Certificate of each asset.

7. In case an organization or individual applies for registration of the mortgage of a future house or a land-attached future asset under its/his/her ownership which used to belong to was previously under an the investment project and has been mortgaged and registered for mortgage by the project owner, the land registry shall make registration only if the project owner falls into the case specified in Clause 6, Article 36 of this Decree.

8. In case information in the Certificate is inconsistent with information stored at the registry, but the applicant for registration declares the description of the collateral in consistency with information in the Certificate, the land registry shall make registration according to contents declared on the application form for registration, unless otherwise provided by the Land Law, the Housing Law or other relevant laws.

9. In case land-attached assets specified in this Article are annual crops as defined by the Law on Crop Production or makeshift works as defined by the Law on Construction, the registration shall be carried out in accordance with Section 4 of this Chapter.

Article 26. Shift of registration of mortgage of property rights arising from house purchase and sale contracts or from contracts on purchase and sale of land-attached assets

1. In case the mortgage of property rights arising from a house purchase and sale contract has been registered at the Transaction and Asset Registration Center and is requested for shift to mortgage of a future house or shift to mortgage of a house for which a Certificate has been granted with the same secured party, the applicant for registration may choose to: 

a/ Deregister the mortgage of property rights arising from the house purchase and sale contract at the Transaction and Asset Registration Center and register the mortgage of a future house or register the mortgage of a house for which a Certificate has been granted;

b/ Shift the registration of the mortgage of property rights arising from the house purchase and sale contract to mortgage of a future house or mortgage of a house for which a Certificate has been granted.

2. In case the mortgage of property rights arising from a contract on purchase and sale of an individual house has been registered in accordance with the Housing Law but later the mortgagor has been granted a Certificate and the mortgagor and the mortgagee have reached an agreement on continued mortgage of the house and concurrently added the mortgage of land use rights, they may choose to:

a/ Deregister the mortgage of property rights arising from the house purchase and sale contract and register the mortgage of land use rights and house;

b/ Shift the registration under Point b, Clause 1 of this Article and register the mortgage of land use rights.

3. In case there is an application for shift of mortgage registration under Point b, Clause 1 or Point b, Clause 2, of this Article, a dossier for shift of mortgage registration must comprise:

a/ An application, made according to Form No. 05a provided in the Appendix (1 original);

b/ A written certification of registration of mortgage of property rights arising from a house purchase and sale contract (1 original);

c/ A contract on mortgage of property rights arising from a house purchase and sale contract (1 original or 1 certified copy);

d/ A contract on mortgage of a future house (1 original or 1 certified copy), for shift to mortgage of a future house, except where the contract on mortgage of property rights arising from a house purchase and sale contract has a content on shift to mortgage of a future house.

A contract on mortgage of a house (1 original or 1 certified copy), for shift to mortgage of a house for which a Certificate has been granted, except the case specified in Clause 4 of this Article;

dd/ A Certificate (the original) in case of shift to registration of mortgage of a house for which a Certificate has been granted.

4. In case of shift to registration of mortgage of a house for which a Certificate has been granted while the contract on mortgage of property rights arising from a house purchase and sale contract has an agreement on shift to the registration of mortgage of the house, in case a Certificate has been granted for such house, and this contract has been notarized or authenticated, the applicant for registration is not required to submit the contract on house mortgage and the application for registration shall be made under Points a and l, Clause 1, Article 12 of this Decree.

For a house for which no Certificate has been granted, the applicant for registration may concurrently submit a dossier for registration of change of the land-attached asset and a dossier for shift to house mortgage registration, or apply for registration of the change of the land-attached asset before shifting to the house mortgage registration. In case a dossier for shift to house mortgage registration is submitted simultaneously with a dossier for registration of change of the land-attached asset, the registry shall comply with Clause 2, Article 35 of this Decree.

5. In case the registration of mortgage of property rights arising from a contract on purchase and sale of a land-attached non-housing asset has been made and later the applicant applies for shift to registration of mortgage of a non-housing land-attached asset other than house, the provisions of Clauses 1, 2, 3 and 4 of this Article shall be applied.

In case of shift of registration of mortgage of a land-attached non-housing asset already formed which is not subject to ownership registration in accordance with law and of which the ownership has not yet been registered upon request, the provisions on shift of registration of mortgage for future houses shall be applied.

6. For the cases of shift of registration specified at Point b, Clause 1; Point b, Clause 2; and Clause 5, of this Article, the competent agency or organization may not request deregistration of mortgage of property rights arising from house purchase and sale contracts or property rights arising from contracts on purchase and sale of other land-attached assets when carrying out procedures for notarization or authentication of house mortgage contracts or contracts on mortgage of other land-attached assets and when carrying out procedures for shift of mortgage registration.

Article 27. Registration dossier for land use rights or land-attached assets with certified ownership

1. An application form, made according to Form No. 01a provided in the Appendix (1 original).

2. The security agreement or notarized or authenticated security agreement if required by the Land Law, the Housing Law or a relevant law (1 original or 1 certified copy).

3. The Certificate (the original), except the case specified in Clause 2, Article 35 of this Decree.

Article 28. Registration dossiers for investment projects on construction of houses, investment projects on construction of non-housing works, investment projects on agriculture, forest development projects or other land-using projects

1. A registration dossier for an investment project on construction of houses or investment project on construction of non-housing works must comprise:

a/ The documents specified in Clauses 1 and 2, Article 27 of this Decree;

b/ The Certificate (the original) or land allocation or land lease decision granted by the competent agency to the project owner in case the collateral is an investment project on construction of houses while no Certificate of land use rights (1 original); or the Certificate (the original) in case the collateral is an investment project on construction of non-housing works;

c/ The construction permit, except cases of exemption from such permit in accordance with the Construction Law (1 original or 1 certified copy);

d/ The project approval decision or project investment decision or investment license or investment registration certificate or document approving or permitting the implementation of the investment project, granted by the competent state agency in accordance with the investment law (1 original or 1 certified copy);

dd/ One of the types of design drawings specified by the construction law showing the work site plan of the project, which has been approved by the competent agency (1 original or 1 certified copy). 

2. A registration dossier for an investment project on agriculture, a forest development project or a land-using project other than those specified in Clause 1 of this Article must comprise:

a/ The documents specified in Clauses 1 and 2, Article 27 of this Decree and at Point d, Clause 1 of this Article;

b/ The Certificate (the original).

Article 29. Registration dossiers for future houses, construction works other than houses, and land-attached assets under housing investment projects; future construction works and land-attached assets under investment projects on construction of works other than houses, agricultural investment projects, forest development projects, and other land-using projects

1. In case the securing party is the project owner and concurrently the land user, a registration dossier must comprise:

a/ The papers specified at Points a and b, Clause 1, Article 28 of this Decree;

b/ The construction permit (1 original or 1 certified copy), for the collateral being future houses or future construction works, except cases exempt from construction permits in accordance with the Law on Construction; one of the approved design drawings as prescribed by the law on construction showing the ground plan of the construction works in that project (1 original or 1 certified copy).

2. In case the securing party is the project owner but not concurrently the land user, a registration dossier must comprise:

a/ The papers specified at Points a and d, Clause 1 Article 28 of this Decree and at Point b, Clause 1 of this Article;

b/ The notarized or certified agreement between the land user and the project owner on the land user’s consent to the implementation of the project (1 original or 1 certified copy).

3. In case the securing party is an organization or individual that is the lawful assignee of the ownership of a future asset or is the transferee of a contract on purchase and sale of a future house, construction work or land-attached asset, a registration dossier must comprise:

a/ The papers specified in Clauses 1 and 2, Article 27 of this Decree;

b/ The contract or document on lawful assignment of the ownership of the house, construction work or land-attached asset signed between the securing party and the project owner; the contract or document on transfer of the contract on purchase and sale of the house, construction work or land-attached asset, in case the securing party is the transferee of the contract (1 original or 1 certified copy).

Article 30. Registration dossiers for future houses and future land-attached assets not under housing investment projects or investment projects on construction of works other than houses, agricultural investment projects, forest development projects, and other land-using projects

1. In case the securing party is concurrently the land user, a registration dossier must comprise:

a/ The papers specified in Clauses 1 and 2, Article 27 of this Decree;

b/ The certificate of land-use rights (the original);

c/ The construction permit (1 original or 1 certified copy), for cases of mortgage of future houses or future construction works, except cases exempted from construction permits in accordance with the Law on Construction.

2. In case the securing party is not concurrently the land user, a registration dossier must comprise:

a/ The papers specified in Clauses 1 and 2, Article 27 of this Decree and at Point c, Clause 1 of this Article;

b/ The notarized or certified agreement between the land user and the owner of the land-attached asset on the land user’s consent to the construction or creation of the house or land-attached asset (1 original or 1 certified copy).

Article 31. Registration dossier for land-attached assets other than houses which have been formed and for which registration of ownership is not required under law and on-demand registration of ownership has not been made

1. The papers specified in Clauses 1 and 2, Article 27 of this Decree.

2. The certificate of land-use rights (the original) or a notarized or certified agreement between the land user and the owner of the land-attached asset on the land user’s consent to the construction or creation of the land-attached asset, in case the securing party is not concurrently the land user (1 original or 1 certified copy).

3. The construction permit (1 original or 1 certified copy), in case the collateral is a construction work, except cases exempt from construction permits in accordance with the Law on Construction.

Article 32. Dossiers for registration of changes for land use rights and land-attached assets

1. An application, made according to Form No. 02a provided in the Appendix (1 original).

2. One of the following papers (1 original or 1 certified copy):

a/ The document modifying and supplementing the security agreement, in case of registration of changes as agreed;

b/ The document on assignment of the right to debt claim or assignment of obligations, in case of registration of changes resulting from assignment of the right to debt claim or assignment of obligations;

c/ Other documents proving the grounds for registration of changes, for cases other than those specified at Points a and b of this Clause.

3. The certificate (the original), in case the collateral is accompanied with a Certificate.

4. In case of registration of changes specified at Point b, Clause 1, Article 18 of this Decree, in addition to the papers specified in Clause 1 of this Article, the registration dossier must also comprise the certificate of land-use rights or certificate of ownership over the house, construction work or land-attached asset, in case a Certificate has been granted for such asset.

Article 33. Dossiers for deregistration for land use rights and land-attached assets

1. An application, made according to Form No. 03a provided in the Appendix (1 original).

2. The Certificate (the original) in case the collateral is accompanied with a Certificate.

3. In case the applicant for deregistration is not the secured party and the application form does not bear the signature and seal (if any) of the secured party, apart from the papers and documents specified in Clauses 1 and 2 of this Article, the following papers and documents (1 original or 1 certified copy each) are required:

a/ The document showing that the secured party’s consent to the deregistration or confirming that the security agreement has been terminated or liquidated, or confirming the mortgage lien release, in case the applicant for deregistration is the securing party;

b/ The legally effective contract or another document evidencing the lawful assignment of the collateral, in case the applicant for deregistration is the lawful assignee of the collateral, except the case specified at Point c of this Clause;

c/ The legally effective contract on purchase and sale of auctioned asset or the confirmation of judgment enforcement results, in case the applicant for deregistration is a civil judgment enforcement agency or an enforcer or a person who purchases the collateral through realization of assets in accordance with the law on enforcement of civil judgments;

d/ A competent authority’s document stating the transformation into a foreign-invested enterprise or the naturalization in a foreign country of the secured party that is an economic organization other than a credit institution or a Vietnamese citizen, in the case of deregistration specified at Point k, Clause 1, Article 20 of this Decree;

dd/ A competent authority’s confirmation on the dissolution of the legal entity, in the case of deregistration specified at Point l, Clause 1, Article 20 of this Decree.

Article 34. Dossiers for registration of notice of  realization of collateral

1. An application, made according to Form No. 04a provided in the Appendix (1 original).

2. The notice of realization of collateral (1 original).

3. In case of registration of change or deregistration of notice of realization of collateral, a registration dossier is an application made according to Form No. 04a provided in the Appendix (1 original).

Article 35. Procedures for processing registration dossiers for land-use rights and land-attached assets, and for shift to registration of mortgage of property rights arising from house purchase and sale contracts or contracts on purchase and sale of other land-attached assets

1. After receiving a registration dossier, if there is no ground to refuse the registration as specified in Clause 1, Article 15 of this Decree, the land registry shall record and update the registered contents according to the order of dossier receipt to the Register and the Certificate. After recording information in the Register and the Certificate, the land registry shall certify the registered contents and registration time (hour, minute, day, month, year) on the application form for registration.

The Register of mortgage of future land-attached assets shall be made according to Form No. 08a provided in the Appendix.

2. In case the dossier for registration of security interests is submitted at the same time with the dossier for registration of changes in land or land-attached assets or with the dossier for certification of ownership of land-attached assets as specified in Clauses 1 and 7, Article 36 and Clause 3, Article 37 of this Decree, the land registry shall receive both dossiers, perform procedures for registration of land and land-attached assets in accordance with the land law, then perform procedures for registration of security interests according to this Decree.

3. In case of registration of changes resulting from the formation of future houses or land-attached assets in the case specified at Point dd, Clause 1, Article 18 of this Decree, the securing party shall submit the dossier for registration of changes at the same time with the dossier for certification of property ownership. In this case, the land registry shall receive both dossiers; after completing the procedures for certification of property ownership, the land registry shall record and update information in the Cadastral Book and the Certificate the information on continued mortgage of the land-attached asset already formed with certified ownership.

4. In case of registration of changes resulting from partial withdrawal of collateral, the land registry shall record and update information on deregistration for the withdrawn assets in the Register and Certificate.

5. In case of shift of registration specified at Point b, Clause 1, Point b, Clause 2, and Clause 5, Article 26 of this Decree:

a/ In case of shift to registration of mortgage of future houses or to registration of mortgage of future land-attached assets, the land registry shall record and update registered contents in the Register of mortgage of future land-attached assets. The time of registration shall be recorded as the time of registration of mortgage of property rights stated in the written certification of registration of mortgage of property rights arising from a house purchase and sale contract or from a contract on purchase and sale of land-attached assets;

b/ In case of shift to registration of mortgage of a house for which a Certificate has been granted or to registration of mortgage of land-attached assets for which a Certificate has been granted, the land registry shall record and update the registered contents in the Cadastral Book and the Certificate. The time of registration shall be recorded as the time of registration of mortgage of property rights shown in the written certification of registration of mortgage of property rights arising from a house purchase and sale contract or from a contract on purchase and sale of land-attached assets;

c/ The land registry shall send a copy of the application form for shift of mortgage registration showing the contents specified at Point a or b of this Clause and the paper specified at Point b, Clause 3, Article 26 of this Decree to the Transaction and Asset Registration Center for the latter to carry out the deregistration of mortgage of property rights arising from a house purchase and sale contract or deregistration of mortgage of property rights arising from a contract on purchase and sale of land-attached assets.

Article 36. Changes in information on the securing party, changes in collateral items being land use rights or land-attached assets

1. The applicant for registration may submit the dossier for registration of security interests concurrently with the dossier for registration of changes in land and land-attached assets, or register changes in land and land-attached assets before registering the security interests in case of any change below:

a/ Change in the number of the map sheet, the number of the land plot, or the address of the land plot that is not consistent with the information on the Certificate due to the rearrangement of administrative units, land regrouping, or measurement and re-determination of shape, size or area of ​​the land plot;

b/ Change in the current status regarding the type of house (or type of construction work), name of the building (or name of construction work) or number of floors, or information about other land-attached assets, resulting in inconsistency with the information on the Certificate;

c/ Change of information about the first name or last name of the securing party, including also changes resulting from the issuance of a document by a competent authority.

2. Upon the occurrence of changes in the information on the shape, size, or area of ​​a land plot, house, construction work, or another land-attached asset in the Certificate but such information is not declared in the application form for registration, the applicant for registration shall not be required to register such changes.

3. In case there is a change in the information specified at Point b, Clause 1 of this Article, but the applicant for registration fails to register the change in property in accordance with the land law, the land registry shall register security interests on the basis of information about the collateral on the granted Certificate and shall not be responsible for having registered the security interests for the collateral which is unconformable with the change; the securing party and the secured party are responsible for registering the security interests for the property that has been changed but registration of change has not been carried out in accordance with the land law.

4. The land registry shall not require the registration of changes or the deregistration, but shall only give confirmation of the changes on the Certificate or renew the Certificate in accordance with the land law in case there is a change in information of the securing party, except the case of change of the last name or change of the first name and last name; change of information about the collateral being a land plot, house, construction work, or another land-attached asset land compared with the information on the Certificate as a result of land regrouping, measurement and re-determination of the area or size, or division, separation, consolidation or merger without changing the secured party’s ownership or use rights over the property.

In case a new Certificate is issued to substitute the granted Certificate, the land registry shall record the content of registration of the security interests in the newly issued Certificate.

Upon receipt of an application for registration of change with regard to the collateral which is a future house, construction work or another land-attached asset already formed and obtaining a Certificate, the registry office shall record the registered content in the Certificate granted for this asset.

5. In case of change of the securing party or change of the last name or change of the first name and last name of the land user, house owner, construction work owner or land-attached asset owner, including also changes resulting from the issuance of a document by a competent authority, if receiving an application for registration of change of such information, the land registry shall not require deregistration before registering the change.

6. In case the project owner has mortgaged, and registered the mortgage of, its/his/her housing investment project, future house, investment project on construction of works other than houses, or agricultural investment project, forest development project, or another land-using project or construction works under such project, it/he/she shall, before signing a contract to sell houses or construction works under the project, carry out procedures for mortgage lien release for the to-be-sold property and carry out procedures for registration of changes to partially withdraw the collateral being the house or construction work, except case in which the mortgagee and the property purchaser agree on the continued use of such property to secure the performance of obligations; in this case, the change of the securing party shall be registered according to Point a, Clause 1, Article 18 of this Decree.

7. In case a land user or a third person creates a construction work or another land-attached asset that is not part of the collateral as agreed in the security agreement and wishes to add this asset to the collateral to secure the performance of obligations, it/he/she shall carry out procedures for certification of ownership of such asset before making registration of changes in order to add the asset to the collateral if the asset is subject to registration of ownership, except the case of using future assets as collateral. The applicant for registration may submit a dossier for certification of ownership of the land-attached asset and a dossier for registration of changes at the same time.

8. To register changes to partially withdraw assets that are recovered, demolished, destroyed or confiscated and concurrently to add new collateral items for land use rights, houses, construction works and other land-attached assets that are replaced, exchanged or created in the following cases:

a/ The assets are replaced or exchanged with new land use rights, new houses, new construction works or new land-attached assets for the securing party in accordance with law;

b/ The new assets are created to replace the collateral items being houses, construction works or land-attached assets that are demolished or destroyed as agreed between the securing party and the secured party;

c/ The new assets are created because the houses, construction works or other land-attached assets are demolished or destroyed by the securing party and the security agreement has a content on the use of new assets to secure the performance of obligations.

9. In case land users, house owners, construction work owners or owners of other land-attached assets apply for registration of land-related changes which result from measurement and re-determination of the land area or extension of the land-use term before the land-use term expires, repurposing of land or in other cases prescribed by the land law, the land registry shall not request deregistration of the security interests already registered before carrying out the procedures for registration of land-related changes.

10. In case the applicant for registration submits the dossier for registration of land-related changes together with the dossier for registration of security interests specified in Clause 1 of this Article or submits the dossier for certification of ownership of land-attached assets together with the dossier for registration of changes specified in Clause 7 of this Article, it/he/she shall follow the procedures specified in Clause 2, Article 35 of this Decree.

Article 37. Settlement of registration in case the information about the collateral in the security agreement covers assets other than land-use rights or land-attached assets; land-use rights or land-attached assets under joint ownership of husband and wife, household members, or groups of land users or under the ownership of sole proprietorships

The land registry shall not refuse to make registration on the ground specified at Point d, Clause 1, Article 15 of this Decree and shall make the registration in the following cases:

1. Information about the collateral in the security agreement covers not only the land-use rights and land-attached assets but also other assets, but only information about land-use rights and land-attached assets is declared on the application form for registration.

2. Information about the collateral in the security agreement covers both land-use rights and land-attached assets, but only information on land-use rights or land-attached assets is declared on the application form for registration; in this case, the land registry shall make registration for the assets declared on the application form for registration.

3. Information on the collateral in the security agreement and the application form for registration covers both the land-use rights and land-attached assets; and the land-use rights are qualified for use as collateral but the land-attached assets are subject to registration of ownership in accordance with law but the ownership has not yet been certified; in this case, the land registry shall make registration for the land-use rights. The applicant for registration may submit the dossier and apply for registration of the land-attached assets according to Clause 7, Article 36 of this Decree.

In case the land user is leased land by the State with annual land rental payment, but its/his/her ownership of the land-attached assets has been certified or the land-attached assets are future assets or are not subject to registration of ownership under law and on-demand registration of ownership has not been carried out, the land registry shall make registration of security interests for the land-attached assets.

4. In case the collateral items are land-use rights and land-attached assets under joint ownership of the husband and wife while the Certificate only states the name of the wife or husband as the land user or the owner of the house or other land-attached assets but the information about the securing party in the security agreement covers both the husband and wife, the applicant for registration shall declare information about the securing party on the application form for registration which covers both the husband and wife.

5. In case the collateral items are the land-use rights and land-attached assets under joint ownership of household members while the Certificate only states the household name and the full name of the household head but the information about the securing party in the notarized or certified security agreement shows not only the full name of the household head or his/her lawful representative but also the full names of other members of the household who share the land-use rights or ownership of land-attached assets, the applicant for registration shall declare information about the securing party on the application form for registration which covers both the head and other members of the household as stated in the security agreement.

6. In case the collateral items are the land-use rights and land-attached assets while the Certificate only states the name of the sole proprietorship but the information about the securing party in the security agreement covers the full name of the owner of the sole proprietorship or the full names of the owner of the sole proprietorship and his/her spouse, the applicant for registration shall declare information about the securing party on the application form for registration according to the information stated in the security agreement.

Section 3

PROCEDURES FOR REGISTRATION OF SECURITY INTERESTS IN AIRCRAFT AND SEAGOING SHIPS

Sub-section 1

PROCEDURES FOR REGISTRATION OF SECURITY INTERESTS IN AIRCRAFT

Article 38. Cases of registration falling within the competence of the Civil Aviation Authority of Vietnam

1. Mortgage and pledge of aircraft.

2. Retention of title of aircraft.

3. Registration of the notice of realization of collateral being aircraft.

4. Registration of change and deregistration for the cases specified in Clauses 1, 2 and 3 of this Article.

Article 39. Registration dossiers for aircraft

1. A registration dossier must comprise:

a/ An application, made according to Form No. 01b provided in the Appendix (1 original);

b/ The security agreement (1 original or 1 certified copy).

2. A dossier for registration of changes must comprise:

a/ An application, made according to Form No. 02b provided in the Appendix (1 original);

b/ The document modifying and supplementing the security agreement or the document on assignment of the right to debt claim or assignment of the obligation secured by the aircraft, in case of change of the securing party or change of the secured party, or another document proving the grounds for the change, in case there is no document modifying and supplementing the security agreement (1 original or 1 certified copy);

c/ In case of registration of changes to add a collateral item as stated in the security agreement but previously registered contents do not cover this collateral item, the registration dossier is the application made according to Form No. 02b provided in the Appendix (1 original).

3. A dossier for deregistration must comprise an application made according to Form No. 03b provided in the Appendix (1 original) and the following papers and documents (1 original or 1 certified copy each):

a/ The document showing the secured party’s consent to the deregistration or confirming that  the security agreement has been terminated or liquidated, or confirming the mortgage lien release, in case the applicant for deregistration is the securing party and the application form does not bear the signature and seal (if any) of the secured party;

b/ The legally effective contract on purchase and sale of auctioned asset or the confirmation of judgment enforcement results, in case the applicant for  deregistration is a civil judgment enforcement agency, an enforcer or a person who purchases the collateral through realization of assets in accordance with the law on enforcement of civil judgments;

c/ A legally effective contract or another document other than that mentioned at Point b of this Clause evidencing the lawful assignment of the collateral, in case the applicant for deregistration is the lawful assignee of the collateral;

d/ The certificate of deregistration of aircraft nationality in the case specified at Point h, Clause 1, Article 20 of this Decree;

dd/ A competent authority’s confirmation on the dissolution of the legal entity, in the case specified at Point l, Clause 1, Article 20 of this Decree.

4. A dossier for registration of notice of realization of collateral must comprise:

a/ A application, made according to Form No. 04b provided in the Appendix (1 original);

b/ The notice of realization of the collateral being aircraft (1 original);

c/ In case of registration of changes or deregistration of notice of realization of collateral, the registration dossier is an application made according to Form No. 04b provided in the Appendix (1 original).

Article 40. Procedures for processing dossiers for registration, registration of change and deregistration for aircraft

1. After receiving a registration dossier, if having no ground to refuse the registration specified in Clause 1, Article 15 of this Decree, the Civil Aviation Authority of Vietnam shall record and update the time of registration (hour, minute, day, month, year) and registered contents, change, deregistered contents or contents of the notice of realization of collateral in the Aircraft Register of Vietnam; issue a registration certificate according to Form No. 05b, Form No. 06b, Form No. 07b or Form No. 08b provided in the Appendix to the applicant for registration by the mode specified in Clauses 2, 3 and 4, Article 17 of this Decree.

2. In case of registration of changes due to partial withdrawal of collateral, the Civil Aviation Authority of Vietnam shall record and update information about the deregistration of the withdrawn assets in the Aircraft Register of Vietnam.

Sub-Section 2

PROCEDURES FOR REGISTRATION OF THE SECURITY INTEREST IN SEAGOING SHIPS

Article 41. Cases of registration falling within the competence of the Vietnam Ship Registry

1. Mortgage of seagoing ships.

2. Seagoing ship title retention.

3. Registration of notice of realization of collateral being seagoing ships.

4. Registration of change and deregistration for the cases specified in Clauses 1, 2 and 3 of this Article.

5. In case official-duty seagoing ships, submarines, diving vessels, floating storage units, and mobile rigs as provided in the maritime law are used to secure obligation performance and there are applications for registration of the security interest in these assets, the registration must comply with this Decree’s provisions on registration of the security interest in seagoing ships.

Article 42. Dossiers for registration of the security interest in seagoing ships

1. A registration dossier must comprise:

a/ An application, made according to Form No. 01c provided in the Appendix (1 original);

b/ A security agreement (1 original or 1 certified copy).

2. A dossier for change registration must comprise:

a/ An application, made according to Form No. 02c provided in the Appendix (1 original);

b/ A document on modification and supplementation of the security agreement, or a document on transfer of the right to debt claim, or transfer of the obligation secured with a seagoing ship in case of change of the securing party or the secured party, or another document proving the ground for change in case no document on modification and supplementation of the security agreement is available (1 original or 1 certified copy);

c/ In case of registration of change to supplement the registration of collateral already agreed upon in the security agreement but the registered contents do not cover such collateral, the registration dossier is the application made according to Form No. 02c provided in the Appendix (1 original).

3. A dossier for deregistration must comprise an application made according to Form No. 03c provided in the Appendix (1 original) and the following papers and documents (1 original or 1 certified copy each):

a/ A document with a content showing that the secured party approves the deregistration, or confirming that the security agreement has been terminated or liquidated, or confirming the mortgage lien release in case the applicant for deregistration is the securing party, and the application bears no signature and seal (if any) of the secured party;

b/ The legally effective contract on purchase and sale of auctioned assets or the written confirmation of judgment enforcement results in case the applicant for deregistration is the civil judgment enforcement agency, enforcer or person who purchases collateral through realization of property in accordance with the law on enforcement of civil judgments;

c/ Legally effective contracts or documents other than those specified at Point b of this Clause proving the lawful transfer of collateral in case the applicant for deregistration is the lawful transferee of collateral;

d/ A competent agency’s written confirmation of dissolution of a legal person in the case of deregistration specified at Point l, Clause 1, Article 20 of this Decree.

4. A dossier for registration of notice of realization of collateral must comprise:

a/ An application made according to Form No. 04c provided in the Appendix (1 original);

b/ A written notice of realization of collateral being a seagoing ship (1 original);

c/ In case of registration of change or deregistration of notice of realization of collateral, the registration dossier is the application made according to Form No. 04c provided in the Appendix (1 original).

Article 43. Procedures for processing of dossiers for registration, registration of change, and deregistration of the security interest in seagoing ships

1. Upon receiving a registration dossier, if having no ground for refusal of the registration specified in Clause 1, Article 15 of this Decree, the Vietnam Ship Registry shall record and update the time of registration (hour, minute, day, month, year), registered contents, changed contents, deleted contents, and contents of a notice of realization of collateral to the National Register of Ships of Vietnam; and grant the registration certificate made according to Form No. 05c, Form No. 06c, Form No. 07c, or Form No. 08c provided in the Appendix to the applicant by the method specified in Clauses 2, 3 and 4, Article 17 of this Decree.

2. In case of registration of change due to partial withdrawal of collateral, the Vietnam Ship Registry shall record and update contents on deregistration of the withdrawn collateral in the National Register of Ships of Vietnam.

Section 4

PROCEDURES FOR REGISTRATION OF SECURITY INTERESTS IN MOVABLES, ANNUAL CROPS AND MAKESHIFT WORKS

Article 44. Cases of registration falling within the competence of the Transaction and Asset Registration Center

1. Cases of on-demand registration or as specified by law include:

a/ Mortgage of movables;

b/ Retention of title of movables;

c/ Mortgage, deposit, security collateral or escrow account in movables as agreed upon or at the request of the secured party;

d/ Security interests in securities not yet centralizedly registered; and dividends and property rights arising from securities, unless these dividends or property rights are centralizedly registered securities;

dd/ Security interests in land-attached assets being annual crops or makeshift works;

e/ Registration of notice of realization of collateral as specified at Points a, b, c, d and dd of this Clause;

g/ Registration of change or deregistration in the cases specified at Points a, b, c, d, dd and e of this Clause.

2. In case of registration of the security interest in property rights, these rights are exclusive of land use rights, house ownership, and ownership of other land-attached assets; the right to use marine areas or ownership of assets attached to marine areas; ownership or other rights subject to registration of security interests for aircraft in accordance with the aviation law or for seagoing ships in accordance with the maritime law; and ownership of centralizedly registered securities in accordance with the law on securities.

3. The registration of security interests by the method of mortgage, deposit, security collateral or escrow account specified at Point c, Clause 1 of this Article shall be carried out in cases specified by the law on security for obligation performance or as agreed upon in the security agreement.

4. This Article also applies to organizations and individuals with foreign citizenship that have civil legal capacity or civil act capacity in accordance with the Civil Code.

Article 45. Description of collateral in application forms for registration

1. The description of a collateral item must identify the scope of movables used for security. In case the collateral item falls into one of the cases specified in Clauses 2 thru 8 of this Article, its description must include also the information specified in such a Clause.

The scope of movables used for security may be one, several or all item(s) of the existing movables or future movables. In case of describing collateral without any restriction, the registration of security interests is only valid for the collateral items other than those specified in Clause 2, Article 44 of this Decree.

The applicant for registration shall be held responsible for information in the collateral description.

2. For collateral being a road motor vehicle, the description must include the vehicle’s frame number. In case the vehicle is a future asset without information about its frame number, the description must clearly state that the vehicle is the future asset; in case the collateral is goods moved in the process of production and business or is a warehouse, the description shall be based on the information specified in Clause 4 of this Article.

3. For collateral being a fishing ship, an inland waterway vehicle, a railway vehicle, or a special-use vehicle on roads, waterways or railways, the description must clearly state the name of the vehicle, name/full name of the vehicle’s responsible person or name/full name of the vehicle’ owner, the vehicle registration number (if any), the certificate-issuing agency as stated in the vehicle registration certificate, the vehicle’s brand name (if any), and the vehicle’s class (if any).

4. For collateral items being goods moved in the process of production and business or warehouses other than a road motor vehicles specified in Clause 2 of this Article, the description shall be based on the value or name or type of the goods; for a warehouse, the description must include information about the address and identification number (if any) of the warehouse, or other signs showing the warehouse’s location (if any). Information about the warehouse is exclusive of information about storing facilities, other construction works or storage yards used for storing or preserving goods.

The registered collateral items being goods moved in the process of production and business include also the right to request buyers to make payments, the proceeds, assets formed from the proceeds, or replaced or exchanged assets in case the moved goods are sold, replaced or exchanged, unless otherwise requested by the applicant for registration.

5. For collateral items being makeshift works or annual crops, the description must show that the collateral items are makeshift works in accordance with the law on construction, or annual crops in accordance with the law on crop production. In case the applicant for registration does not otherwise requests, the collateral items specified in this Clause include also yields or other assets from the harvest of the annual crops or demolition of makeshift works.

6. For collateral items being movables that are currently installed or located on land, houses or non-house construction works, the description must show that collateral items are movables but not land-attached assets, houses or construction works.

7. For collateral items being objects with auxiliary objects, integrated objects or distinctive objects, the description must show the characteristics of such objects in accordance with the Civil Code to enable their identification.

8. For collateral items being property rights or part of property rights, the description must state the title of the property rights and the ground giving rise to such rights. In case the ground giving rise to the property rights is a contract, the description about the contract must include the name of the contract, contract number (if any), effective date of the contract, and the contractual parties. In case the property rights arise from another ground, information about such ground must include the name of the ground, name of the issuer of the ground, number of the ground (if any), effective date of or date of signing the ground.

In case the ground giving rise to the property rights clearly states information about the title of the property rights, the description of such title must ensure consistency with such information.

Article 46. Dossiers for registration of security interests in movables, annual crops and makeshift works

1. A registration dossier must comprise an application made according to Form No. 01d provided in the Appendix (1 original) and the following papers and documents:

a/ A security agreement (1 original and 1 certified copy), in case the application form for registration only contains the signature and seal (if any) of the securing party or the secured party, except the cases specified in Clause 4, Article 8, and at Point c, Clause 1, Article 12, of this Decree;

b/ A security agreement for the security interest in centralizedly registered securities, which contains the agreement stating that such securities will continue to be used to secure the performance of obligations of the same securing party(ies) in case the securities become securities not centralizedly registered (1 original and 1 certified copy), and a written confirmation of the registration of the security interest in centralizedly registered securities issued by the Vietnam Securities Depository and Clearing Corporation (1 original) in the case specified at Point b, Clause 2, Article 6 of this Decree. In this case, the registry will not request the parties to re-establish a security agreement.

2. A dossier for registration of change must comprise an application, made according to Form No. 02d provided in the Appendix (1 original), and also a security agreement or a document on modification and supplementation of the security agreement or a document on transfer of the right to debt claim or transfer of the obligation secured with movables, annual crops or makeshift works in case of change of the securing party or the secured party, or another document proving the ground of such change in case no document on modification and supplementation of the security agreement is available while the application form for registration bears only the signature and seal (if any) of the securing party or the secured party (1 original or 1 certified copy).

3.  A dossier for deregistration must comprise an application made according to Form No. 03d provided in the Appendix (1 original) and the following papers and documents (1 original or 1 certified copy each):

a/ A document showing that the secured party approves the deregistration, or confirming that the security agreement has been terminated and liquidated, or confirming the mortgage lien release in case the applicant for deregistration is the securing party, and the application form bears no signature and seal (if any) of the secured party;

b/ The legally effective contract on purchase and sale of auctioned assets or the written confirmation of the judgment enforcement result in case the applicant for deregistration is the civil judgment enforcement agency, enforcer or person who purchases collateral through realization of property in accordance with the law on enforcement of civil judgments;

c/ A legally effective contract or document other than that specified at Point b of this Clause, which proves the lawful transfer of collateral in case the applicant for deregistration is the lawful transferee of the collateral;

d/ A competent agency’s written confirmation of dissolution of a legal person in the case of deregistration specified at Point l, Clause 1, Article 20 of this Decree.

4. A dossier for registration of notice of realization of collateral, registration of change, or deregistration of notice of realization of collateral is the application made according to Form No. 04d provided in the Appendix (1 original).

5. A registration dossier in case of registration via the online registration system must include to-be declared information displayed on the online registration interface.

6. In case the papers and documents of the registration dossier specified in Clauses 1, 2, 3  and 4 of this Article are sent via email, they must be created or digitalized from the paper documents, and accurately and fully express the contents of the paper documents in the “.pdf” format.

Article 47. Procedures for processing dossiers for registration, registration of change or deregistration of security interests in movables, annual crops or makeshift works

1. In case a registration dossier is submitted with paper documents and there is no ground for refusal of registration as specified in Clause 1, Article 15 of this Decree, the Transaction and Asset Registration Center shall record the time of dossier receipt (hour, minute, day, month, year) in the application form for registration and the dossier receipt book; update information in the application form for registration to the Database and back up documents in the registration dossier to the online registration system; and grant a written registration certification, made according to Form No. 05d provided in the Appendix. The receipt of written registration certifications or the return of paper documents submitted by the applicant for registration may be either hand-delivered at the office of the Transaction and Asset Registration Center or sent by post as requested by the applicant.

2. In case a registration dossier is submitted via the online registration system and there is no ground for refusal of registration as specified in Clause 1, Article 15 of this Decree, the Transaction and Asset Registration Center shall confirm the registration result, and grant a written registration certification, made according to Form No. 05d provided in the Appendix, by the method specified in Clause 1, Article 17 of this Decree.

3. In case of registration of change due to partial withdrawal of collateral, the Transaction and Asset Registration Center shall update information on deregistration of the withdrawn collateral items to the Database.

4.  In the case of registration specified at Point b, Clause 2, Article 6 of this Decree, the Transaction and Asset Registration Center shall record the time of registration based on the time shown in the written confirmation of registration of the security interest in centralizedly registered securities.

5. If receiving the document specified at Point c, Clause 5, Article 35 of this Decree after the deregistration, the Transaction and Asset Registration Center shall send a notice of the deregistration, made according to Form No. 07d provided in the Appendix, to the land registry.

Article 48. Change of information on registered contents for collateral items being movables, annual crops or makeshift works

1. For collateral items being road motor vehicles or other assets subject to registration of ownership, use rights, circulation rights or other rights in accordance with law that see a change in the information and such information is shown in the Certificate, the information registered for change must be consistent with the information shown in the granted or supplemented Certificate.

For collateral items being goods moved in the process of production and business or being warehouses, it is not required to carry out the registration of change upon occurrence of a change in information about the collateral, except the case of partial withdrawal or addition of the collateral, or the cases specified in Clauses 2, 4 and 7, Article 45 of this Decree.

2. In case of registration of change in the effective date of a security agreement, such date must not be later than the date of registration of the relevant security interest.  In case the effective date of the security agreement is changed to be later than the date of registration of the relevant security interest, the registered contents shall be deregistered for carrying out registration of the security interest again.

3. In case an information item required to be declared on the application form for registration is changed, such information item is subject to change registration.

Article 49. Handling of duplicate registrations

In case there is a duplicate registration of the same securing party, the same secured party, the same collateral item, the same security interest or the same secured obligation, the Transaction and Asset Registration Center shall, by itself or at the request of the applicant, cancel the duplicate registration(s) against the earliest registration. In case the Transaction and Asset Registration Center cancels the duplicate registration by itself, it shall, right on the day of registration cancellation, send a written notice or an electronic notice of grounds for and consequences of the registration cancellation to the applicant.

Chapter III

PROVISION OF INFORMATION ABOUT SECURITY INTERESTS

Section 1

PROVISION OF INFORMATION UPON REQUEST OF ORGANIZATIONS AND INDIVIDUALS

Article 50. Contents of to-be-provided information, methods of application for information provision

1. Contents of to-be-provided information are information about registered security interests and information applied for by organizations or individuals.

2. An organization or individual may apply for provision of information by one of the following methods:

a/ For information about security interests in seagoing ships, movables, annual crops or makeshift works, the organization or individual shall submit an application for information provision made according to Form No. 09d or Form No. 12c provided in the Appendix to the corresponding registry specified in Clause 3 or 5,
Article 10 of this Decree and by the method specified in Article 13 of this Decree. In case of submitting the application for information provision via the online registration system, the organization or individual shall comply with provisions of Article 24 of this Decree regarding submission of registration dossiers.

For information about security interests in land use rights, land-attached assets, the right to use marine areas or assets attached to marine areas, or aircraft, the organization or individual shall apply for information provision in accordance with the land law, law on exploitation and use of marine resources, or aviation law;

b/ Searching for information in the Database by using codes for database use

The organization or individual that searches for information by itself/himself/herself under this Point may request the competent agency specified in Clause 3, Article 23 of this Decree to grant codes for database use via the online registration interface or send a written request to such agency.

A code for database use may be a code for regular use or a code for single use in searching for information.

Article 51. Procedures for processing applications for information provision by registries

1. A registry may refuse to provide information and make refusal under Clause 2, Article 15 of this Decree if having one of the following grounds:

a/ The application for information provision is made ultra vires;

b/ The application for information provision is declared not according to the instructions in Form No. 09d or Form No. 12c provided in the Appendix, or is declared in contravention of the land law, law on exploitation and use of marine resources, or aviation law;

c/ The applicant fails to pay a charge for information provision, unless otherwise provided by the law on charges and fees or other relevant laws.

2. If having no ground specified in Clause 1 of this Article, the registry shall notify information provision results to the applicant within the time limit specified in Article 16 of this Decree and by the method specified in Article 17 of this Decree.

3. The use of signatures and seals in information provision must comply with Article 12 of this Decree.

Section 2

INFORMATION PROVISION BETWEEN REGISTRIES AND COMPETENT AGENCIES OR COMPETENT PERSONS

Article 52. Agencies and persons competent to provide information

1. The National Registration Agency for Secured Transactions under the Ministry of Justice; the competent agencies specified in Clauses 1, 2, 3, 4 and 6, Article 10 of this Decree, unless otherwise provided by the land law, law on exploitation and use of marine resources, aviation law, or maritime law.

2. Agencies competent to register asset ownership, register use rights or register circulation rights for assets.

3. People’s courts, arbitrations, people’s procuracies, investigation bodies, and competent persons of these agencies.

4. Civil judgment enforcement agencies and enforcers.

5. Other competent state agencies as prescribed by law, competent persons of these agencies.

Article 53. Contents of to-be-provided information, information provision forms and time limits

1. Information provision between competent agencies and competent persons specified in Article 52 of this Decree does not apply to cases in which competent agencies and competent persons specified in Clauses 3, 4 and 5, Article 52 of this Decree serve or send legally effective judgments or decisions for registries to execute in accordance with the procedural law, law on enforcement of civil judgments, or other relevant laws.

2. Information provided by competent agencies or competent persons specified in Article 52 of this Decree is to serve the coordination in performing state management work, settling administrative procedures, and supporting relevant procedural and civil judgment enforcement activities, including:

a/ Information relating to the securing party, the secured party, collateral, or time of registration, or other information stored in the Register or the Database, which is provided by the competent agencies specified in Clause 1, Article 52 of this Decree upon request to competent agencies or competent persons specified in Clauses 2, 3, 4 and 5, Article 52 of this Decree;

b/ Information relating to assets, which is provided by the competent agencies or competent persons specified in Clauses 2, 3, 4 and 5, Article 52 of this Decree to the competent agencies specified in Clause 1, Article 52 of this Decree.

3. The provision of information specified in Clause 2 of this Article must comply with the forms and time limits stated in applications of competent agencies or competent persons and the procedural law, law on enforcement of civil judgments, or other relevant laws, except the case specified in Clause 4 of this Article.

4. In case a competent agency or competent person specified in Article 52 of this Decree requests the grant of codes for database use to seek information about movables in the Database, the National Registration Agency for Secured Transactions under the Ministry of Justice shall grant such codes to the competent agency or competent person.

For collateral items being road motor vehicles, the Ministry of Justice shall coordinate with the Ministry of Public Security in connecting and sharing digital data on registration of security interests in road motor vehicles through the National E-Document Exchange Platform under regulations on data management, connection and sharing.

5. The grant of codes for database use to serve information provision  between the competent agencies and competent persons specified in Article 52 of this Decree with respect to land use rights, land-attached assets, the right to use marine areas and assets attached to marine areas, or aircraft or seagoing ships must comply with the land law, law on exploitation and use of marine resources, aviation law, or maritime law.

Chapter IV

STATE MANAGEMENT OF REGISTRATION OF SECURITY INTERESTS

Article 54. Contents of state management of registration of security interests

1. Formulating and implementing strategies and policies on development of the national registration system for security interests.

2. Promulgating, and organizing the implementation of, legal documents on registration of security interests.

3. Organizing and managing the registration of security interests; establishing and managing security interest registries; providing professional guidance, training and further training in the registration of security interests.

4. Developing, operating and managing databases; managing, connecting and sharing data on registration of security interests.

5. Popularizing the law on registration of security interests.

6. Carrying out international cooperation in accordance with law with regard to state management contents specified in this Article.

7. Making statistics on the registration of security interests, and summarizing and reporting them to competent agencies.

 8. Examining, inspecting and monitoring the implementation of the law on registration of security interests; settling complaints and denunciations, and handling violations of the law on registration of security interests.

9. Performing other tasks and exercising other powers specified in this Decree and other relevant laws.

Article 55. Tasks and powers of agencies in the state management of registration of security interests

1. The Government shall perform the unified management of registration of security interests.

2. The Ministry of Justice shall assist the Government in performing the unified management of registration of security interests, having the following tasks and powers:

a/ To formulate and implement strategies and policies on development of the registration system for security interests according to its competence;

b/ To formulate legal documents on registration of security interests, and submit them to competent agencies for promulgation or promulgate them according to its competence;

c/ To guide the implementation and application of legal documents on registration of security interests; to popularize the law on registration of security interests;

d/ To perform the state management of registries of security interests in movables other than aircraft, seagoing ships, centralizedly registered securities, annual crops or makeshift works; to organize professional further training courses on registration of security interests in movables other than aircraft, seagoing ships, centralizedly registered securities, annual crops or makeshift works; to perform the state management of the grant of online registration accounts or issuance of codes for database use at the National Registration Agency for Secured Transactions; to develop, operate and manage the online registration system, the database on security interests in movables other than aircraft, seagoing ships, centralizedly registered securities, annual crops or makeshift works;

dd/ To assume the prime responsibility for, and coordinate with related ministries, agencies and organizations in, organizing professional training and further training courses on the law on registration of security interests;

e/ To carry out international cooperation on registration of security interests;

g/ To examine, inspect and monitor the implementation of the law on registration of and provision of information about security interests according to its competence; to handle violations, and settle complaints and denunciations in the registration of and provision of information about security interests according to its competence;

h/ To make statistics, summarize and report on the registration of and provision of information about security interests nationwide to the Government;

i/ To coordinate in performing tasks and exercising the powers of ministries and related agencies as specified at Point a, Clause 3, Points a, b and c, Clause 4, and Points b, c and dd, Clause 6, of this Article;

k/ To perform other tasks and exercise other powers assigned by the Government.

3. The Ministry of Natural Resources and Environment has the following tasks and powers:

a/ To perform the state management of the database on security interests in land use rights or land-attached assets and the database on security interests in the right to use marine areas and assets attached to marine areas; to guide and organize professional further training courses on registration of security interests in land use rights or land-attached assets for land registries, and security interests in the right to use marine areas and assets attached to marine areas for competent registries;

b/ To coordinate with the Ministry of Justice in performing the tasks specified at Points a, b, c, dd, g and k, Clause 2 of this Article.

4. The Ministry of Transport has the following tasks and powers:

a/ To perform the state management of registries for security interests in aircraft and registries for security interests in seagoing ships; to guide and organize professional further training courses on registration of security interests in aircraft and seagoing ships;

b/ To monitor the implementation of the law on registration of security interests in aircraft and seagoing ships;

c/ To perform the state management and organize the development of an e-database on aircraft and seagoing ships as a basis for online registration, grant of online registration accounts, and grant of codes for use of the database on security interests in aircraft and seagoing ships in accordance with the aviation and
maritime laws;

d/ To examine, inspect, handle violations, and settle complaints and denunciations in registration of and provision of information about security interests in aircraft and seagoing ships according to its competence;

 dd/ To report to the Ministry of Justice on registration of security interests in aircraft and seagoing ships in accordance with the statistical law; to coordinate with the Ministry of Justice in performing the tasks specified at Points a, b, c, dd, g, h and k, Clause 2 of this Article.

5. The Ministry of Finance has the following tasks and powers:

a/ To perform the state management of registration of security interests in centralizedly registered securities according to its competence as prescribed in the law on securities;

b/ To issue service prices for registration of security interests for securities provided by the Vietnam Securities Depository and Clearing Corporation in accordance with the law on price and other relevant laws;

c/ To examine, inspect, handle violations, and settle complaints and denunciations in the registration of and provision of information about security interests in centralizedly registered securities according to its competence;

d/ To cooperate with the Ministry of Justice in performing the tasks specified at Points a, b, c, dd, g and k, Clause 2 of this Article.

6. Provincial-level People’s Committees have the following tasks and powers:

a/ To perform the state management of the registration of security interests in land use rights or land-attached assets in localities;

b/ To perform the state management of registries of security interests in land use rights or land-attached assets in localities; to organize professional further training courses on the registration of security interests in land use rights or land-attached assets in localities;

c/ To guide, organize the implementation of, and popularize the law on registration of security interests in localities;

d/ To develop the land database as a basis for online registration of security interests in land use rights or land-attached assets in localities;

dd/ To examine the registration of security interests in land use rights and land-attached assets at land registries according to their competence;

e/ To inspect, settle complaints and denunciations and handle violations regarding registration of security interests in land use rights or land-attached assets in localities according to their competence;

g/ To report to the Ministry of Justice and the Ministry of Natural Resources and Environment on the registration of security interests in land use rights and land-attached assets in accordance with the statistical law; to coordinate with the Ministry of Justice in performing the tasks specified at Points a, b, c, dd, g, h and k, Clause 2 of this Article.

7. Provincial-level Departments of Justice shall assist provincial-level People’s Committees in performing the state management of registration of security interests in land use rights or land-attached assets in localities; assume the prime responsibility for performing the tasks and exercising the powers specified at Points c, dd and g, Clause 6 of this Article; and coordinate with provincial-level Departments of Natural Resources and Environment in performing and exercising the latter’s tasks and powers specified in Clause 8 of this Article.

8. Provincial-level Departments of Natural Resources and Environment shall assist provincial-level People’s Committee to assume the prime responsibility for performing the tasks and exercising the powers specified at Points b, d and e, Clause 6 of this Article; and coordinate with provincial-level Departments of Justice in performing and exercising the latter’s tasks and powers specified in Clause 7 of this Article.

Chapter V

IMPLEMENTATION PROVISIONS

Article 56. Effect

1. This Decree takes effect on January 15, 2023, except the case specified in Clause 2 of this Article.

2. This Decree’s provisions on performance of online registration procedures for the case specified in Clause 4, Article 47, the grant of online registration accounts specified in Article 23, the grant of codes for database use specified at Point b, Clause 2, Article 50, and connection and sharing of digital data for registration of security interests in road motor vehicles specified in Clause 4, Article 53 in the registration of movables other than aircraft, seagoing ships or centralizedly registered securities shall take effect on January 1, 2024; in the registration of land use rights, land-attached assets, the right to use marine areas and assets attached to marine areas, aircraft or seagoing ships, these provisions take effect from the time provided in the land law, law on exploitation and use of marine resources, aviation law, or maritime law.

3. This Decree replaces the Government’s Decree No. 102/2017/ND-CP of September 1, 2017, on registration of security interests.

Article 57. Transitional provisions

1. For security interests established before the effective date of this Decree but not yet registered while security agreements remain valid, they shall be registered in accordance with this Decree.

2. Security interests registered before the effective date of this Decree are not required to be re-registered. From the effective date of this Decree, the registration for change, deregistration, correction of errors in registered contents, or registration for noticeof collateral realization, or registration cancellation for such security interests must comply with this Decree.

3. From the effective date of this Decree through December 31, 2023, the exchange of information about registration of security interests in road motor vehicles must comply with Point a, Clause 3 and Point a, Clause 4, Article 63 of the Government’s Decree No. 102/2017/ND-CP of September 1, 2017, on registration of security interests.

4. If having been granted online registration accounts or codes for database use by competent agencies before the effective date specified in Clause 2, Article 56 of this Decree, organizations or individuals shall continue using such accounts or codes or make applications for information provision in accordance with this Decree.

5. If requesting grant of new online registration accounts or new codes for database use before the effective date specified in Clause 2, Article 56 of this Decree, organizations or individuals shall comply with Article 54 of the Government’s Decree No. 102/2017/ND-CP of September 1, 2017, on registration of security interests, and other relevant provisions of the land law, law on exploitation and use of marine resources, aviation law, or maritime law.

6. In case the land registry is not yet available in a province or centrally run city, the land use rights registry or another agency performing the functions of the land registry in such province or city may continue carrying out registration of security interests in land use rights or land-attached assets in accordance with Article 25 of this Decree until the land registry is established.

Article 58. Organization of implementation

1. The Ministry of Justice, Ministry of Natural Resources and Environment, Ministry of Transport, Ministry of Finance, and provincial-level People’s Committees shall:

a/ Coordinate with the Government Office and related ministries and agencies in managing, connecting and sharing digital data for information about security interest registration results under regulations on data management, connection and sharing;

b/ Exploit and use information in the National Population Database and the electronic identification and authentication system in registration of and provision of information about security interests under regulations on data management, connection and sharing.

2. The Ministry of Justice shall coordinate with the Ministry of Public Security in connecting and sharing digital data on registration of security interests in road motor vehicles under regulations on data management, connection and sharing, which must be completed before December 31, 2023; and complete before December 31, 2023, the online registration software for performance of registration as specified in Clause 4, Article 47 of this Decree, grant of online registration accounts as specified in Article 23 of this Decree, and grant of codes for database use as specified at Point b, Clause 2, Article 50 of this Decree.

In case of necessity to ensure consistency in carrying out registration procedures under this Decree related to the information written on the forms provided in the Appendix, the Minister of Justice shall assume the prime responsibility for, and coordinate with related ministries and agencies in, providing guidance according to their competence.

3. Ministers, heads of the ministerial-level agencies, heads of the government-attached agencies, chairpersons of provincial-level People’s Committees, and the related organizations and individuals shall implement this Decree.-

On behalf of the Government
For the Prime Minister
Deputy Prime Minister
PHAM BINH MINH

* The Appendix to this Decree is not translated.