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| The official launch of the registration service for secured transactions and finance-leased assets in December 2003__Photo: MOJ |
From early challenges to an established position
On July 10, 2001, the Prime Minister issued Decision 104/2001/QD-TTg establishing the National Agency for Secured Transactions Registration. The agency was entrusted with the important mission of performing state management of secured transactions registration, organising the registration of secured transactions and providing information on secured transactions within its statutory competence.
To implement the Decision, the Minister of Justice issued Decision 412/2001/QD-BTP approving the agency’s organisational and operational regulation, thereby laying the foundations for its organisational structure and operations. From the outset, its principal responsibility was the management and registration of security interests in movable assets, excluding aircraft and seagoing vessels.
The registration of security interests in movable assets officially began on March 12, 2002, when the Centre for Transactions and Assets Registration in Hanoi commenced operations. Registration activities subsequently expanded with the establishment of Branch No. 1 in Ho Chi Minh City on August 26, 2002, followed by Branch No. 2 in Da Nang on July 14, 2004. On March 24, 2005, the Hanoi centre and its two branches were upgraded into three Centres for Registration of Transactions and Assets in Hanoi, Ho Chi Minh City and Da Nang. Each operated as a public service unit with its own legal person status and financial autonomy. This marked an important milestone in the consolidation and coordinated development of the nationwide system for the registration of security interests.
In line with the Party’s policy of streamlining the organisational structure of the political system to improve efficiency and effectiveness, the National Agency for Secured Transactions Registration underwent a major organisational restructuring on March 1, 2025. It was merged with the State Compensation Agency to form a new unit, the Department of Secured Transactions Registration and State Compensation.
When it was first established, the National Agency for Secured Transactions Registration had only six civil servants transferred from various units within the Ministry. Facilities, equipment and working conditions were modest and limited. Despite these constraints, successive generations of leaders, civil servants, public employees and staff members, united by a strong sense of commitment, professionalism and perseverance, laid the foundations for what has become today’s Department of Secured Transactions Registration and State Compensation.
Today, the Department has more than 100 civil servants, public employees and staff members. It now comprises four functional divisions and three affiliated public service units, supported by modern facilities and equipment in Hanoi, Da Nang and Ho Chi Minh City.
The Department's achievements over the past 25 years are reflected in its contribution to developing and refining the legal framework governing security for the performance of obligations and the registration of security interests.
This has helped strengthen the legal framework governing registration authorities while providing individuals and businesses with a more comprehensive legal basis and more effective mechanisms for exercising their rights, fulfilling their obligations, accessing and safeguarding capital, and maximising the economic value of their assets.
Its achievements are also evident in the delivery of public services and the application of information technology to advance digital transformation in the registration of security interests in movable assets. The system has evolved from entirely manual registration procedures when operations first began in 2002 to the provision of fully integrated online public services. These efforts were recognised in 2024 when the Department received the “Outstanding State Agency in Digital Transformation” award.
Since 2002, the registration system has processed more than 10 million applications for registration and requests for information relating to security interests. Today, online applications account for 94.7 per cent of all registrations, while approximately 15,000 information searches and nearly 5,000 registration and information requests are processed each day.
These figures reflect the Department's sustained commitment to administrative reform based on the principle of placing people and businesses at the centre of public service delivery. They also demonstrate that the registration of security interests has become an indispensable legal institution, serving not only the financial market but the economy as a whole.
Looking to the future
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| Leaders, civil servants, public employees and staff members of the Department of Secured Transactions Registration and State Compensation__Photo: MOJ |
Over the past 25 years, the registration of security interests has evolved from what was once regarded as a routine legal procedure into a trusted legal foundation for investment projects, helping unlock resources and facilitate the flow of capital through the economy. The Labour Orders, Second and Third Classes, awarded by the Party and the State are clear recognition of the sustained contributions made by successive generations of leaders, civil servants, public employees and staff members of the Department of Secured Transactions Registration and State Compensation.
Today, rapid advances in science and technology, together with the new demands of economic development amid accelerating digital transformation and innovation, are creating fresh challenges. These developments require the Department to continue reviewing its role, defining its long-term vision and identifying an appropriate development strategy for the registration of security interests so that the system can meet the country’s evolving needs.
In the immediate future, priority should be given to improving the legal framework governing security for the performance of obligations and the registration of security interests. A key task will be to study and propose a Law on Secured Transactions in order to promptly institutionalise the Party’s new policies on economic development aimed at achieving double-digit growth, particularly those relating to the data economy, digital economy, green economy and circular economy in connection with sustainable development.
At the same time, greater investment should be made in a comprehensive digital transformation strategy, with particular emphasis on the application of artificial intelligence, big data and blockchain technologies to automate the processing of registration applications. The aim should be to move beyond fully integrated online public services towards intelligent, personalised services that improve the user experience and reduce processing times to a minimum.
After 25 years, the Department has grown significantly in both standing and capacity. What has remained unchanged, however, is the dedication, professionalism, enthusiasm and sense of responsibility shown by its leaders, civil servants, public employees and staff members.
The road ahead will undoubtedly present further challenges. Nevertheless, with its proud tradition and accumulated experience, there is every confidence that both the registration of security interests and the Department of Secured Transactions Registration and State Compensation will continue to achieve even greater success in the years ahead.- (VLLF)
