Taking security over future property in Vietnam
Taking security over future property as part of a security package granted to financial creditors is a common feature of financings in Vietnam. Mortgage is the appropriate type of security over future property because of the absence of the requirement of delivery of the possession of the secured asset to the creditor. Although, the concept of future property seems to cover only tangible assets and is not suitable for intangibles, the law addresses various aspects of this form of security and thus eases the attachment, perfection and enforcement process. A mortgage over a future building is governed also by the land legislation.