The Government has recently issued Decree 99/2022/ND-CP, specifying the registration of asset-based security interests, with a view to enhancing the state management of this field.
Effective on January 15, 2023, the new regulation specifies four cases subject to registration of asset-based security interests, including (i) registration of the mortgage of property, pledge of property, and retention of title in accordance with the Civil Code and relevant laws; (ii) registration based on the agreement between the securing party and the security-accepting party or the request of the security-accepting party, except cases of custody of property; (iii) registration of notices of disposal of collateral assets in case one asset item is used as security for more than one obligation with many security-accepting parties or in case the securing party and the security-accepting party reach an agreement; and (iv) registration of changes in registered contents or deregistration regarding the above-mentioned three cases.
Under the new Decree, asset-based security interests will be registered at different competent agencies.
Specifically, for security interests in land use rights and land-attached assets, agencies competent to register and provide information about security interests are land registration offices under provincial-level Departments of Natural Resources and Environment.
Meanwhile, the Civil Aviation Authority of Vietnam under the Ministry of Transport will register and provide information about security interests in aircraft.
For security interests in seagoing ships, the registration agency is the Ministry of Transport’s Vietnam Maritime Administration or its branch offices or authorized maritime administrations.
The Vietnam Securities Depository and Clearing Corporation will be responsible for registering and providing information about security interests in registered securities in accordance with the securities law.
Besides, the Transaction and Asset Registration Center of the National Registration Agency for Secured Transactions under the Ministry of Justice will register and provide information about security interests in movable assets other than aircraft or seagoing ships and registered securities.
The identification of competent agencies responsible for registering and providing information on security interests in rights to use marine areas and assets attached thereto must comply with the law on exploitation and use of marine resources.- (VLLF)
