 |
| Deputy Minister of Justice Nguyen Thanh Ngoc__Photo: MOJ |
On July 10, 2001, the Prime Minister issued Decision 104/2001/QD-TTg establishing the National Agency for Secured Transactions Registration, now the Department of Secured Transactions Registration and State Compensation. Looking back over the past 25 years, how would you assess the achievements made in the registration of security interests in moveable assets?
In civil life, the recognition, protection and enforcement of the property rights of individuals and organisations have always gone hand in hand with the operation and development of the security interests registration system. The system plays an important role in enhancing the transparency and legal certainty of the financial market, protecting the lawful rights and interests of parties to transactions, facilitating the flow of capital through the economy and unlocking resources for investment and development.
In fulfilment of that mission, 25 years ago the Prime Minister decided to establish the National Agency for Secured Transactions Registration, now the Department of Secured Transactions Registration and State Compensation. The agency was tasked with assisting the Minister of Justice in exercising state management over the registration of secured transactions, organising the registration of secured transactions and providing related information.
Over the past quarter-century, the registration of security interests in movable assets has made significant progress, increasingly demonstrating its importance to the economy, particularly as Vietnam strives to achieve the double-digit growth targets set by the Party and the State.
First, with the agency serving as the Ministry’s advisory body, the legal framework governing security for the performance of obligations and the registration of security interests has been progressively refined and brought more closely into line with modern international practices. This has strengthened the legal foundation for secured transactions, making it easier for individuals and businesses to exercise their rights and fulfil their obligations, facilitating access to and protection of capital, enabling more effective use of the economic value of assets, reducing risks and transaction costs, and enhancing the mobilisation of resources for investment and development.
Second, the agency has built a modern, transparent, interconnected and user-friendly system for the registration of security interests in movable assets. Since 2002, its Registration Centres for Transactions and Assets have processed more than 10 million applications for registration and requests for information relating to security interests.
The system now provides fully integrated online public services. 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 demonstrate that, by providing transparent information on the legal status of assets, the registration system has strengthened investor confidence, supported the development of Vietnam’s capital market and served as an important enabler of investment projects across the economy.
Third, to ensure that policies and legal institutions are effectively put into practice, the agency has not only advised on policy, developed the legal framework and organised the registration of security interests in movable assets, but has also worked closely with relevant agencies and organisations to provide guidance on the application of law and to inspect and monitor law enforcement.
These efforts have helped place the registration of security interests on a more orderly and increasingly effective footing. They have also demonstrated the indispensable role of the security interests registration system in a market economy, while highlighting the agency’s increasingly important role in state management and the steady improvement in the effectiveness of its oversight.
Against this background, under Plan 64/KH-UBTVQH16 dated May 22, 2026, issued to implement the Politburo’s Conclusion 17-KL/TW and the Legislative Orientation Scheme for the 16th National Assembly, the National Assembly Standing Committee assigned the Government to study and propose a Law on Secured Transactions for possible inclusion in the 2028 legislative programme.
Building on the achievements of the past 25 years, what key priorities should the Department of Secured Transactions Registration and State Compensation focus on in the coming period to meet the new demands of socio-economic development, particularly amid accelerating digital transformation, innovation and deeper international integration?
Over the past 25 years, Vietnam’s system for the registration of security interests in movable assets has developed into one of the region’s more successful and advanced models. A number of countries, including Cuba, Pakistan, Laos, Uzbekistan, Nigeria, South Africa, Angola, Bhutan and Timor-Leste, have studied the model and drawn on Vietnam’s experience. The Department has also been invited to share its experience in reforming secured transactions systems in countries such as Laos and Cambodia.
Despite these achievements, practical implementation has shown that the law has not always kept pace with advances in science and technology or with the new demands of economic development in the context of digital transformation and innovation. This presents us with new requirements and challenges. We therefore need to carefully consider the future direction of this field and identify the key tasks necessary to ensure that the registration of security interests can adapt to the country’s new development requirements.
Against this background, and with a view to contributing to the implementation of the Party Central Committee’s conclusions on socio-economic development and the goal of double-digit growth, I believe that the Department should focus on four key priorities in the coming period.
To begin with, priority should be given to further improving the legal framework governing security for the performance of obligations and the registration of security interests. Socio-economic development and advances in science and technology are giving rise to new practical and legal issues that require more appropriate regulation. Digital assets, for example, are becoming increasingly diverse and more widely traded.
In this context, particular attention should be given to studying and proposing a Law on Secured Transactions in order to promptly institutionalise the Party’s new policies on economic development and double-digit growth, especially those relating to the data economy, digital economy, green economy and circular economy in connection with sustainable development.
Another key priority is to further strengthen the implementation of the law on security for the performance of obligations and the registration of security interests, while ensuring a genuine and effective link between law-making and law enforcement. Even a modern legal system can deliver real value only if it is developed on the basis of practical experience, effectively applied and strictly enforced.
In that spirit, the effectiveness of legislation should be regularly assessed after its enactment, with implementation outcomes serving as a measure of legislative quality, in line with Resolution 66-NQ/TW on reforming law-making and law enforcement to meet the country’s development needs in the new era.
A further focus should be continuing to improve the quality and efficiency of public services for the registration of security interests, guided by the principle of placing people and businesses at the centre of service delivery. This will require stronger administrative reform and the further professionalisation of registration personnel.
Finally, it is necessary to accelerate digital transformation and expand the use of artificial intelligence and big data in the registration of security interests. A unified database on the registration of security interests, managed by the Ministry of Justice, should be developed, integrated and connected with the databases of relevant authorities and organisations to facilitate data sharing.
At the same time, state management in this field should be modernised through digital platforms, particularly in professional training, technical guidance, inspections and the monitoring of law enforcement.
With the experience and traditions built up over the past 25 years, I firmly believe that the Department will continue to build on its achievements, remain united, overcome difficulties and challenges, and successfully fulfil the tasks entrusted to it in the new period.- (VLLF)
