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| Nguyen Thi Thu Hang, Deputy General Director of the Ministry of Justice’s Department of Registration of Secured Transactions and State Compensation addresses the event __ Photo: MOJ |
The Ministry of Justice’s Department of Registration of Secured Transactions and State Compensation (the Department) on July 17 hosted a seminar titled “Identifying difficulties and obstacles from the implementation of Decree 99/2022/ND-CP on the registration of security interests and orientations for legal improvement”, in Da Nang city.
The seminar was attended by representatives from various local departments in Da Nang city, including the Departments of Justice, Agriculture and Environment, and Construction, and agencies with the function of registering security interests, such as the land registration offices and their branches, the Transaction and Asset Registration Centre, and the local port authorities. Representatives from credit institutions, notarial practice organisations, the bar association, and law training institutions based in the city also took part in the event.
In opening remarks, Nguyen Thi Thu Hang, Deputy General Director of the Department, emphasised that after more than three years of implementation, Decree 99 has established a vital legal framework for security interest registration. However, with the rapid socio-economic development, requirements for administrative reform and digital transformation, and changes in relevant legislation as well as numerous new issues that have emerged in practice necessitate timely statutory improvements. Consequently, Decree 99 needs a comprehensive revision to refine and improve the validity and efficiency of law enforcement, boost the administrative procedure reform, and resolve practical bottlenecks.
According to a presentation by the Department’s representative, expected amendments to and improvements of the legal framework on the registration of security interests are categorised into three main groups.
The first group focuses on continuing the comprehensive reform of administrative procedures and promoting the provision of fully online public services in the registration of security interests and the further improvement of the data connection and sharing mechanism in order to build a unified database on security interest registration managed and operated by the Ministry of Justice.
The second is to amend provisions to overcome difficulties and obstacles arising during the implementation of Decree 99.
The third is to ensure consistency with relevant provisions while meeting the demand of new technology-driven and digital platform-based economic and business models, thereby contributing to economic and financial development as well as international integration.
Presentations by representatives from the Da Nang Department of Justice and the Da Nang Transaction and Asset Registration Centre also recommended that the Drafting Committee for the Decree amending Decree 99 review and refine provisions on the registration timeframes to suit each asset type and specific cases in which the dossier-processing time may be extended by no more than three working days to prevent arbitrary application.
Other proposals concern cutting and simplifying unnecessary documents, registering additional secured obligations in certain cases, registering the mining rights, establishing a mechanism for notifying registration results electronically without requiring paper confirmation, registering digital assets, and introducing new registration methods for financial lease contracts and receivables transfer agreements.- (VLLF)
