Decree No. 83/2010/ND-CP on registration of secured transactions

DECREE

On registration of security transactions

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THE GOVERNMENT

Pursuant to the Law on Organization of the Government dated December 25, 2001;

Based on the Civil Code dated June 14, 2005;

Pursuant to the Maritime Code dated June 14, 2005;

Based on the Land Law dated November 26, 2003;

The Government issues this Decree on mechanisms and policies to encourage forest protection, encirclement and regeneration of forests, afforestation, development of non-timber forest products, and increased income in connection with policies to quickly reduce poverty, sustainably and to support ethnic minority groups during the period 2015-2020.

Pursuant to the Civil Aviation Law of Vietnam dated June 29, 2006;

Pursuant to the Law Amending and Supplementing Certain Provisions of Laws Related to Basic Construction Investment on June 19, 2009;

Considering the proposal of the Minister of Justice.

DECREE:

PART I

GENERAL PROVISIONS

Article 1. Scope of application

This Decree stipulates the procedures and formalities for registration and provision of information on security transactions secured by assets (hereinafter referred to as registration of security transactions); organizations, tasks, and powers of the security transaction registration authority and state management over registration of security transactions.

Article 2. Definitions

In this Decree, the following terms are understood as follows:

1. Registration of security transactions means the act of the security transaction registration authority recording in the Security Transaction Register Book or entering into the Security Transaction Database the fact that the guarantor uses assets to secure the performance of civil obligations towards the beneficiary.

2. Security Transaction Register Book is a specialized book used for registering security transactions or a book with a section dedicated to registering security transactions.

3. Security Transaction Database is a collection of information about registered security transactions stored at the registration authority.

4. Registration dossier includes a request for registration or a request for registration and other documents as prescribed by laws on registration of security transactions.

5. Valid registration dossier is a dossier containing all required documents as prescribed by laws or having a valid request for registration.

6. Valid request for registration is a request containing all mandatory items to be declared according to the form.

7. Immovable property attached to land including residential houses, other construction works, production forests which are planted forests, perennial orchards.

8. Documents determining the legal status of the person requesting registration are documents issued by competent state agencies for individuals and organizations, including: identity cards, passports, residence cards, tax code issuance documents, business registration certificates, establishment decisions, investment licenses, investment certificates, or other documents issued to foreign organizations according to the laws of their respective countries.

Article 3. Objects subject to registration

1. The following security transactions must be registered:

a) Mortgage of land use rights;

b) Mortgage of production forests which are planted forests;

c) Pledge of aircraft, mortgage of aircraft;

d) Mortgage of ships;

đ) Other cases if prescribed by law.

2. Security transactions secured by assets not falling under the cases prescribed in Clause 1 of this Article may be registered upon request of individuals or organizations.

Article 4. Principles of registration and provision of information on security transactions

1. The mortgage of land use rights, attached assets, pledge of aircraft, mortgage of aircraft, mortgage of ships shall be registered based on the contents declared in the request for registration, documents in the registration dossier, and information retained at the registration authority.

Security transactions secured by other assets shall be registered based on the contents declared in the request for registration. The contents declared in the request for registration must be consistent with the agreement of the parties involved in the security transaction.

2. The registration authority shall perform registration in accordance with the order of submission of registration request dossiers.

3. Information stored in the Security Transaction Register Book, Security Transaction Database, and National Database on Security Transactions shall be made public for individuals and organizations seeking to obtain such information.

Article 5. Person requesting registration, obligations and responsibilities of the person requesting registration

1. The person requesting registration is the guarantor, the beneficiary, or the head of the asset management and liquidation group of the bankrupt enterprise or cooperative authorized by one of these entities. In case of change in the guarantor or beneficiary, the new guarantor or beneficiary may also be the person requesting registration of the change.

2. The person requesting registration must declare accurately, truthfully, consistently with the content of the concluded security transaction, and fully complete all items required to be declared in the request for registration; prepare a complete registration dossier and must not forge documents.

3. In case the request for registration contains false content inconsistent with the content of the concluded security transaction, and the registration dossier contains forged documents causing damage, the person requesting registration must compensate the damaged party; depending on the level of violation, they may be subject to administrative penalties or criminal liability as prescribed by law.

Article 6. Duration of effectiveness of registration of security transactions

The registration of security transactions becomes effective from the time of registration as prescribed in Article 7 of this Decree until the time of cancellation of registration as requested by the person requesting cancellation.

Article 7. Time of registration of security transactions

1. The time of registration of security transactions is determined as follows:

a) In the case where the secured asset is land use rights or attached assets, the time of registration of security transactions is the time when the registration authority receives a valid registration dossier;

b) In the case where the secured asset is aircraft or ships, the time of registration of security transactions is the time when the information about the security transaction is recorded in the Aircraft Register Book, National Ship Register of Vietnam;

c) In the case where the secured asset is other assets not falling under the cases prescribed in point a and point b of Clause 1 of this Article, the time of registration of security transactions is the time when the content of the request for registration is entered into the Security Transaction Database.

2. The time of registration of security transactions in the following cases is determined as follows:

a) In the case of registration changes due to additional secured assets being land use rights or attached assets, the time of registration of security transactions is determined as the time when the registration authority receives a valid registration dossier for changes;

b) In the case of registration changes due to additional secured assets being aircraft or ships, the time of registration of security transactions is determined as the time when the content of the request for registration of changes is recorded in the Aircraft Register Book, National Ship Register of Vietnam;

c) In the case of registration changes due to errors in declaring secured assets or the name of the guarantor, the identification document number of the guarantor, and within the jurisdiction of the Security Transaction and Asset Registration Center under the National Security Transaction Registration Department of the Ministry of Justice, the time of registration is determined as the time when the content of the request for registration of changes is entered into the Security Transaction Database.

Article 8. Registration fees for secured transactions, information provision fees for secured transactions, and regular customer service usage fees

1. The person requesting registration of a secured transaction must pay the registration fee.

2. The person requesting information on secured transactions must pay the information provision fee; regular customers at the National Registry of Secured Transactions must also pay the regular customer service usage fee.

3. The Ministry of Finance shall coordinate with the Ministry of Justice to provide guidance on the levels of registration fees and information provision fees, as well as cases of exemption and reduction thereof for registration of secured transactions and provision of information on secured transactions.

Article 9. National database on secured transactions

1. The national database on secured transactions is a centralized system containing information about secured transactions throughout the country.

2. The Ministry of Justice shall take the lead and coordinate with the Ministry of Transport, the Ministry of Natural Resources and Environment, the State Bank of Vietnam, and the Ministry of Finance to establish the national database on secured transactions.

Article 10. Application for registration of secured transactions

The application for registration of a secured transaction must be filled out according to the model form issued by the competent state agency.

Article 11. Refusal to register secured transactions

1. The registration authority shall refuse to register when any of the following grounds exist:

a) It does not fall within the registration authority's jurisdiction;

b) The registration file is not valid;

c) The person requesting registration has not paid the registration fee or has not settled the fee within the prescribed time limit;

d) A request for change registration, registration of a notice regarding the disposal of secured assets, or correction of errors in cases where the secured transaction registration has been deleted;

đ) When discovering that the information in the registration file does not match the information stored at the registration authority;

e) When discovering that the information in the registration file for secured transactions involving aircraft, ships, land use rights, or attached immovable property is false or there are forged documents.

2. In cases of refusal to register, the registration authority must issue a written document to the person requesting registration, clearly stating the reasons for refusal and guiding the person on how to comply with the relevant laws.

3. The provisions at point a, Clause 1 and Clause 2 of this Article do not apply to online registration of secured transactions at the Transaction and Asset Registration Center under the National Registry of Secured Transactions of the Ministry of Justice.

Article 12. Cases of changing the content of registered secured transactions

The person requesting registration must submit an application for change registration when any of the following grounds exist:

1. Reducing, supplementing, or replacing the guarantor or the beneficiary; changing the name of the guarantor or the beneficiary;

2. Reducing the secured asset;

3. Supplementing the secured asset without signing a new guarantee contract;

4. The secured asset is a future asset that has now been formed, except in cases where the secured asset is circulating goods in the production and business process or the secured asset is a motor vehicle that was recorded with its frame number upon registration of the secured transaction;

5. Requesting correction of errors in the content declared in the application for registration;

6. Changing other previously registered content.

Article 13. Cases of deleting registration of secured transactions

1. The person requesting registration must submit an application for deletion registration when any of the following grounds exist:

a) Termination of the guaranteed obligation;

b) Revocation or replacement of the registered secured transaction with another secured transaction;

c) Replacement of all secured assets with other assets;

d) Completion of the disposal of all secured assets;

đ) The secured asset has been destroyed; the immovable property attached to the secured asset has been demolished or confiscated pursuant to a decision of a competent state agency;

e) There is a court judgment or arbitration decision that has taken legal effect regarding the revocation of the secured transaction, declaration of the secured transaction as void, unilateral termination of the secured transaction, or declaration of the termination of the secured transaction in other cases as provided by law;

g) By agreement among the parties.

2. In cases where an asset is used to secure multiple obligations, when applying for subsequent registration of a secured transaction, the person requesting registration does not need to delete the previous registration of the secured transaction.

Article 14. Correction of errors in registration of secured transactions due to the fault of the person conducting the registration

1. The registration authority of secured transactions shall be responsible for correcting errors in the registration of secured transactions immediately upon discovery of such errors due to the fault of the person conducting the registration and shall notify the person requesting registration of the correction.

2. Upon discovering errors due to the fault of the person conducting the registration, the person requesting registration shall submit a request for correction to the registration authority that conducted the registration.

After receiving the request for correction, the registration authority of secured transactions shall correct the error in the Register of Secured Transactions, in the Database on Secured Transactions, in the certificate of registration of secured transactions, and send the result to the person requesting registration or notify in writing the person requesting correction if it is not an error due to the fault of the person conducting the registration.

Article 15. Issuance of certified copies of registration certificates for secured transactions

1. The person requesting registration and the parties related to the registered secured transaction have the right to request the registration authority of secured transactions to issue certified copies of the registration certificates.

2. The request for issuance of certified copies of registration certificates for secured transactions shall be carried out in accordance with one of the methods stipulated in Article 16 of this Decree.

3. Within one working day from the date of receipt of the request for issuance of certified copies of registration certificates for secured transactions, the registration authority of secured transactions shall issue the certified copy to the individual or organization making the request.

Chapter II

PROCEDURE AND REGULATIONS FOR REGISTRATION OF SECURED TRANSACTIONS

Section 1

GENERAL PROVISIONS ON THE PROCEDURE AND REGULATIONS FOR REGISTRATION OF SECURED TRANSACTIONS

Article 16. Methods of submitting registration files for secured transactions

The registration file for secured transactions shall be submitted through one of the following methods:

1. Submitting directly at the office of the registration authority.

2. Delivery via postal service;

3. Submitting by fax or via email for registration of movable property security transactions at Transaction Registration Centers, subject to the condition that the requesting party has registered as a regular customer with the National Security Transaction Registration Department under the Ministry of Justice;

4. Submitting through the online registration system.

Article 17. Receiving applications for registration of security transactions

1. When receiving a valid application for registration, the person responsible for registration shall record the time of receipt of the application (hour, minute, day, month, year) on the Request Form for Registration and the Register of Received Registration Applications in accordance with the order of receipt of applications.

2. In cases where the application for registration is submitted directly, the person responsible for registration shall issue a notice of result delivery to the requesting party, except in cases where the matter is resolved immediately upon receipt of the application for registration.

Article 18. Time limit for processing registration applications, changes to registrations, registrations of notification documents regarding the handling of secured assets, corrections to registration errors of security transactions, and cancellations of security transaction registrations

1. The security transaction registration authority shall be responsible for processing registration applications, changes to registrations, registrations of notification documents regarding the handling of secured assets, corrections to registration errors of security transactions, and cancellations of security transaction registrations on the day of receipt of a valid registration application; if the application is received after 15:00, then the registration process shall be completed on the next working day; in cases where the processing time needs to be extended, it shall not exceed three working days.

2. The time limit specified in Clause 1 of this Article shall be calculated from the date the registration authority receives a valid registration application.

Article 19. Delivering the results of security transaction registrations

The results of security transaction registrations shall be delivered by the security transaction registration authority to the requesting party in one of the following ways:

1. Directly at the security transaction registration authority;

2. Delivery via postal service;

3. Other methods agreed upon between the security transaction registration authority and the requesting party.

Section 2

PROCEDURE AND REQUIREMENTS FOR REGISTRATION OF AIRCRAFT PLEDGE AND AIRCRAFT MORTGAGE

Article 20. Documents and procedures for registration of aircraft pledge and mortgage

1. The documents for registration of aircraft pledge and mortgage include:

a) Application form for registration of aircraft pledge and mortgage;

b) Aircraft pledge and mortgage contract;

c) Certified copy of legal status proof documents of the requesting party; in case the requesting party is an authorized representative, a Power of Attorney must also be provided.

2. Within the time limit for processing the application, if there is no basis for refusal to register as stipulated in Article 11 of this Decree, the Civil Aviation Authority of Vietnam shall record the registration content in the Aircraft Register of Vietnam and issue a Certificate of Registration of Security Transactions by Aircraft to the requesting party.

Article 21. Documents and procedures for registration of changes to aircraft pledge and mortgage already registered

1. The documents for registration of changes to aircraft pledge and mortgage already registered include:

a) Application form for registration of changes to aircraft pledge and mortgage already registered;

b) Certificate of Registration of Security Transactions by Aircraft already issued;

c) Certified copy of legal status proof documents of the requesting party; in case the requesting party is an authorized representative, a Power of Attorney must also be provided;

d) Amended and supplemented contract of aircraft pledge and mortgage or document proving the change content.

2. Within the time limit for processing the application, if there is no basis for refusal as stipulated in Article 11 of this Decree, the Civil Aviation Authority of Vietnam shall recall the Certificate of Registration of Security Transactions by Aircraft already issued, record the change registration content in the Aircraft Register of Vietnam, and issue a Certificate of Registration of Changes to Security Transactions by Aircraft to the requesting party.

In cases of replacement of aircraft, the requesting party must first cancel the registration of security transactions by aircraft and then proceed with the registration procedures as for the initial registration.

Article 22. Documents and procedures for registration of notification documents regarding the handling of pledged and mortgaged aircraft

1. The documents for registration of notification documents regarding the handling of pledged and mortgaged aircraft include:

a) Application form for registration of notification documents regarding the handling of pledged and mortgaged aircraft;

b) Notification document regarding the handling of pledged and mortgaged aircraft;

c) Certified copy of legal status proof documents of the requesting party; in case the requesting party is an authorized representative, a Power of Attorney must also be provided;

d) Certificate of Registration of Security Transactions by Aircraft already issued.

2. For pledged and mortgaged aircraft already registered, the secured party must notify all other secured parties or register the notification document regarding the handling of the secured asset with the Civil Aviation Authority of Vietnam at least 15 days before proceeding with the handling of the secured asset.

Within the time limit for processing the application, if there is no basis for refusal as stipulated in Article 11 of this Decree, the Civil Aviation Authority of Vietnam shall record the notification content in the Aircraft Register of Vietnam and issue a Certificate of Registration of Notification Document Regarding the Handling of Secured Assets by Aircraft to the requesting party.

The Civil Aviation Authority of Vietnam shall notify the secured party and other secured parties of the issuance of the Certificate of Registration of Notification Document Regarding the Handling of Secured Assets by Aircraft according to the address recorded in the Aircraft Register of Vietnam.

Article 23. Documents and procedures for cancellation of registration of aircraft pledge and mortgage

1. The documents for cancellation of registration of aircraft pledge and mortgage include:

a) Application form for cancellation of registration of aircraft pledge and mortgage;

b) Certificate of Registration of Security Transactions by Aircraft already issued;

c) Written agreement to cancel the registration of aircraft pledge and mortgage from the pledgee and mortgagee, in cases where the requesting party for cancellation is the pledgor or mortgagor;

d) Certified copy of legal status proof documents of the requesting party; in case the requesting party is an authorized representative, a Power of Attorney must also be provided.

2. Within the time limit for processing the application, if there is no basis for refusal as stipulated in Article 11 of this Decree, the Civil Aviation Authority of Vietnam shall record the cancellation in the Aircraft Register of Vietnam and issue a Certificate of Cancellation of Registration of Security Transactions by Aircraft to the requesting party for cancellation.

Section 3

PROCEDURE AND REQUIREMENTS FOR REGISTRATION OF VESSEL MORTGAGE

Article 24. Documents and procedures for registration of vessel mortgage

1. The documents for registration of vessel mortgage include:

a) Application for registration of ship mortgage;

b) Ship mortgage contract;

c) Certified copy of legal status proof documents of the requesting party; in case the requesting party is an authorized representative, a Power of Attorney must also be provided.

2. Within the time limit for processing the file, if there is no one of the grounds for refusal specified in Article 11 of this Decree, the Maritime Branch or Port Office under the Vietnam Maritime Administration shall record the registration content in the National Register of Ships of Vietnam and issue the Certificate of Registration of Ship Mortgage of Vietnam to the person requesting registration.

Article 25. Documents and procedures for registering changes to the content of registered ship mortgages

1. The documents for registering changes to the content of registered ship mortgages include:

a) Application for registration of changes to the content of registered ship mortgages;

b) Amended and supplemented ship mortgage contract or document proving the change in content;

c) Certificate of Registration of Ship Mortgage of Vietnam issued previously;

d) Certified copy of legal status proof documents of the requesting party; in case the requesting party is an authorized representative, a Power of Attorney must also be provided.

2. Within the time limit for processing the file, if there is no one of the grounds for refusal specified in Article 11 of this Decree, the Maritime Branch or Port Office under the Vietnam Maritime Administration shall record the changed registration content in the National Register of Ships of Vietnam and issue the Certificate of Registration of Changes to the Content of Ship Mortgage of Vietnam to the person requesting registration.

Article 26. Documents and procedures for registering notification documents regarding the disposal of mortgaged assets secured by ships

1. The documents for registering notification documents regarding the disposal of mortgaged assets secured by ships include:

a) Application for registration of notification documents regarding the disposal of mortgaged assets secured by ships;

b) Notification document regarding the disposal of mortgaged assets secured by ships;

c) Certified copy of legal status proof documents of the requesting party; in case the requesting party is an authorized representative, a Power of Attorney must also be provided;

d) Certificate of Registration of Ship Mortgage of Vietnam issued previously.

2. For registered ship mortgages, at least fifteen days before disposing of the mortgaged asset, the mortgagee must notify all other mortgagees of the intention to dispose of the mortgaged asset or register the notification document regarding the disposal of the mortgaged asset with the Maritime Branch or Port Office where the ship mortgage was registered.

Within the time limit for processing the file, if there is no one of the grounds for refusal specified in Article 11 of this Decree, the Maritime Branch or Port Office under the Vietnam Maritime Administration shall record the notification content in the National Register of Ships of Vietnam and issue the Certificate of Registration of Notification Document Regarding the Disposal of Mortgaged Assets Secured by Ships to the person requesting registration.

Article 27. Documents and procedures for deregistering ship mortgages

1. The documents for deregistering ship mortgages include:

a) Request for deregistration of ship mortgage;

b) Certificate of Registration of Ship Mortgage of Vietnam issued previously;

c) Written consent for deregistration of ship mortgage from the mortgagee, in case the person requesting deregistration is the mortgagor.

d) Certified copy of legal status proof documents of the requesting party; in case the requesting party is an authorized representative, a Power of Attorney must also be provided.

2. Within the time limit for processing the file, if there is no one of the grounds for refusal specified in Article 11 of this Decree, the Maritime Branch or Port Office under the Vietnam Maritime Administration shall record the deregistration content in the National Register of Ships of Vietnam and issue the Certificate of Deregistration of Ship Mortgage of Vietnam to the person requesting deregistration.

Section 4

PROCEDURE AND PROCEDURES FOR REGISTERING SECURITY TRANSACTIONS SECURED BY LAND USE RIGHTS AND FIXED ASSETS ATTACHED TO LAND

Article 28. Documents and procedures for registering security transactions secured by land use rights and fixed assets attached to land

1. The documents for registering security transactions secured by land use rights and fixed assets attached to land include:

a) Application for registration of security transaction;

b) Security contract or security contract notarized or certified in accordance with the law;

c) Certificate of Land Use Right, House Ownership Right and Other Fixed Assets Attached to Land or Certificates issued during different periods;

d) Certified copy of legal status proof documents of the requesting party; in case the requesting party is an authorized representative, a Power of Attorney must also be provided.

2. Within the time limit for processing the file, the Land Registration Office shall perform the following tasks:

a) Record the registration content of the security transaction on the Certificate specified in point c Clause 1 of this Article; into the Land Registry Book and Land Change Monitoring Book in accordance with the law;

b) Certify the registration on the Application for Registration of Security Transaction;

c) Deliver the result to the person requesting registration in accordance with Article 19 of this Decree.

Article 29. Documents and procedures for registering changes to the content of registered security transactions secured by land use rights and fixed assets attached to land

1. The documents for registering changes to the content of registered security transactions secured by land use rights and fixed assets attached to land include:

a) Application for registration of changes to the content of registered security transactions;

b) Amended and supplemented security contract or other document proving the change in content;

c) Certificate of Land Use Right, House Ownership Right and Other Fixed Assets Attached to Land or Certificate issued during different periods in case the change content has been recorded on that Certificate;

d) Certified copy of legal status proof documents of the requesting party; in case the requesting party is an authorized representative, a Power of Attorney must also be provided.

2. Within the time limit for processing the file, the Land Registration Office shall perform the following tasks:

a) Amend the registration content of the security transaction on the Certificate specified in point c Clause 1 of Article 28 of this Decree; into the Land Registry Book and Land Change Monitoring Book in accordance with the law;

b) Certify the registration change content on the Application for Registration of Changes;

c) Deliver the result to the person requesting registration in accordance with Article 19 of this Decree.

Article 30. Documents and procedures for registering notification documents regarding the disposal of secured assets by land use rights and fixed assets attached to land

1. The documents for registering notification documents regarding the disposal of secured assets by land use rights and fixed assets attached to land include:

a) Application for registration of notification documents regarding the disposal of secured assets;

b) Notification document regarding the disposal of secured assets;

c) Certified copy of legal status proof documents of the requesting party; in case the requesting party is an authorized representative, a Power of Attorney must also be provided.

2. Within the time limit for processing the file, the Land Registration Office shall perform the following tasks:

a) Record the registration of the notification document regarding the disposal of secured assets in the Land Registry Book and Land Change Monitoring Book;

b) Certify the registration of the notification document regarding the disposal of secured assets on the Application for Registration of Notification Document Regarding the Disposal of Secured Assets;

c) Notify in writing about the disposal of secured assets to co-mortgagees who have registered in case the land use rights and fixed assets attached to land are used to secure multiple obligations;

d) Retain one (01) copy of the Application for Registration and deliver the result to the person requesting registration in accordance with the method prescribed in Article 19 of this Decree.

Article 31. Documents and procedures for deregistering security transactions secured by land use rights and fixed assets attached to land

1. The file for deregistering the secured transaction by the right to use land and attached assets includes:

a) A request to deregister the secured transaction;

b) Certificate of land use rights, ownership certificate of house and other assets attached to the land, or certificates issued at different periods;

c) Written consent to deregister the secured transaction from the secured party, in case the person requesting deregistration is the guarantor;

d) Certified copy of legal status proof documents of the requesting party; in case the requesting party is an authorized representative, a Power of Attorney must also be provided.

2. Within the time limit for processing the file, the Office of Land Registration shall perform the following tasks:

a) Remove the registration on the Certificate of Land Use Rights and remove the registration in the Land Registry Book and Land Change Monitoring Book in accordance with the provisions of the law;

b) Certify the deregistration of the secured transaction on the Request for Deregistration;

c) Deliver the result of deregistration to the person requesting deregistration in accordance with the method prescribed in Article 19 of this Decree.

Section 5

PROCEDURE AND REGISTRATION PROCEDURES FOR SECURED TRANSACTIONS BY MOVABLE ASSETS EXCEPT AIRCRAFT AND SHIPS

Article 32. Declaration of request for registration of secured transactions by movable assets except aircraft and ships

1. Information about the guarantor is declared as follows:

a) Full name of individual, name of organization; name of organization established and operating under foreign law which has been registered with the competent authority of that country;

b) Identity card number for Vietnamese citizens; passport number for foreigners; residence permit number for stateless persons residing in Vietnam;

c) Tax code for organizations established under Vietnamese law and registered for business. If the organization does not have a business registration, it shall declare the name registered with the competent state authority.

2. Information about the secured party shall be declared as follows:

a) Name and address of the secured party;

b) Regular customer code of the secured party, if available.

3. The declaration of information about the secured asset shall be carried out in accordance with the provisions of Article 33 of this Decree.

Article 33. Description of the secured asset

1. The person requesting registration may describe the asset specifically or generally. Declaring the asset generally does not affect the legal value of the registration of the secured transaction, except in the cases provided for in Clause 2 of this Article.

2. In the case where the secured asset is a motor vehicle and this asset is not a circulating good in the production or business process or a future asset, the person requesting registration must accurately describe the frame number of the motor vehicle.

Article 34. File and procedures for registering secured transactions by movable assets except aircraft and ships

1. The file for registering secured transactions by movable assets except aircraft and ships includes:

a) Application for registration of security transaction;

b) Guarantee contract in case the request for registration only bears the signature and seal of one of the parties involved in the secured transaction;

c) Power of attorney in case the person requesting registration is the authorized person, except for the following cases:

Legal entity authorizes its branch, representative office, or management office to request registration;

Guarantor or secured party includes multiple individuals or organizations authorizing one individual or organization among them to request registration;

The person requesting registration is a regular customer of the National Register of Secured Transactions.

2. Within the time limit for processing the file, the Center for Registration of Secured Transactions and Assets records the time of receipt of the application (hour, minute, day, month, year) if there is no one of the grounds for refusal provided for in Article 11 of this Decree and enters the information about the secured transaction into the Database of Secured Transactions.

In case there is one of the grounds for refusal, the Center for Registration of Secured Transactions and Assets refuses the registration and guides the person requesting registration to comply with the regulations.

Article 35. File and procedures for registering changes to the content of secured transactions by movable assets except aircraft and ships

1. The file for registering changes to the content of secured transactions by movable assets except aircraft and ships already registered includes:

a) Request for registration of change;

b) Power of attorney in case the person requesting registration of change is the authorized person, except for the cases provided for in point c, Clause 1 of Article 34 of this Decree.

2. Within the time limit for processing the file, the Center for Registration of Secured Transactions and Assets records the time of receipt of the application (hour, minute, day, month, year) if there is no one of the grounds for refusal provided for in Article 11 of this Decree and enters the information about the registration of changes to the content of the already registered secured transaction into the Database of Secured Transactions.

In case there is one of the grounds for refusal, the Center for Registration of Secured Transactions and Assets refuses the registration and guides the person requesting registration to comply with the regulations.

3. In case the secured asset is a circulating good in the production or business process, the person requesting registration only needs to submit the initial registration file and does not need to register changes when replacing the secured asset with a similar good.

Article 36. File and procedures for registering notification documents regarding the handling of secured assets as movable assets except aircraft and ships

1. The file for registering notification documents regarding the handling of secured assets as movable assets except aircraft and ships includes:

a) Application for registration of notification documents regarding the disposal of secured assets;

b) Power of attorney in case the person requesting registration of change is the authorized person, except for the cases provided for in point c, Clause 1 of Article 34 of this Decree.

2. Within the time limit for processing the file, the Center for Registration of Secured Transactions and Assets records the time of receipt of the application (hour, minute, day, month, year) if there is no one of the grounds for refusal provided for in Article 11 of this Decree and enters the information about the registration of notification documents regarding the handling of secured assets into the Database of Secured Transactions; sends a copy of the request for registration certified with the registration of the notification document regarding the handling of secured assets to the person requesting registration; notifies the handling of secured assets by the guarantor to the co-secured parties by the guarantor according to the address retained in the System of Data.

In case there is one of the grounds for refusal, the Center for Registration of Secured Transactions and Assets refuses the registration and guides the person requesting registration to comply with the regulations.

Article 37. File and procedures for deregistering secured transactions by movable assets except aircraft and ships

1. The file for deregistering secured transactions by movable assets except aircraft and ships includes:

a) Request for deregistration of secured transaction;

b) Power of attorney in case the person requesting deregistration is the authorized person, except for the cases provided for in point c, Clause 1 of Article 34 of this Decree.

2. Within the time limit for processing the file, the Registration Center for Transactions and Assets records the time of receipt of the application (hours, minutes, day, month, year) if there is no basis for refusal as prescribed in Article 11 of this Decree, and enters information about the cancellation of the security transaction registration into the Security Transaction Database; sends to the person requesting registration a certified copy of the application for cancellation of registration with certification of the cancellation of the security transaction registration.

In case there is a basis for refusal, the Registration Center for Transactions and Assets refuses to cancel the registration and guides the person requesting registration to comply with the relevant regulations.

Chapter 6

PROVISIONS ON ONLINE REGISTRATION OF SECURITY TRANSACTIONS

Article 38. Online registration request for security transactions

1. Individuals and organizations have the right to register security transactions through the online registration system.

2. The online registration request form is an electronic data message and must contain all the contents required to be declared according to the model.

An online registration request has the same legal effect as a paper application.

3. The registration of security transactions through the online registration system shall not have legal effect in the following cases:

a) Registration is not within the authority of the registration agency as prescribed in Clause 4, Article 47 of this Decree;

b) The content of the registration violates prohibitions under the law or contravenes social morals.

Article 39. Online registration account for security transactions

1. The online registration account is used to access the online registration system.

2. The management agency of the online registration system is responsible for issuing online registration accounts to individuals and organizations upon request.

3. Individuals and organizations with online registration accounts must protect and bear responsibility for the use of their accounts.

Article 40. Operation of the online registration system for security transactions

1. The online registration system must operate continuously, safely, and accurately.

2. The Ministry of Transport, the Ministry of Natural Resources and Environment, and the Ministry of Justice, within the scope of their duties and powers, are responsible for guiding the procedures and formalities for registering security transactions through the online system for aircraft, ships, land use rights, attached assets, and other assets.

Chapter III

PROVISIONS ON THE DISSEMINATION OF INFORMATION ABOUT SECURITY TRANSACTIONS

Article 41. Rights to seek information about security transactions of organizations and individuals

All organizations and individuals have the right to seek information about security transactions recorded in the Register of Security Transactions, the Security Transaction Database, and the National Database on Security Transactions.

Article 42. Forms of requests for information about security transactions

1. A person seeking information about security transactions submits a request for information to the competent authority providing such information in one of the following forms:

a) Submitting the application directly or authorizing another person to submit the application for information to the registration agency;

b) Sending the application for information via postal service;

c) Sending the application for information via the online system;

d) Sending the application for information via fax or email.

2. A person seeking information about security transactions may self-search for information in the online registration system of the security transaction registration agency.

Article 43. Refusal to provide information about security transactions

1. Cases of refusal to provide information about security transactions:

a) Requesting information from an agency without the authority to provide such information;

b) An invalid application for information;

c) The person requesting information has not paid the information provision fee.

2. In the event of refusal to provide information, the agency receiving the request for information must issue a written document sent to the person requesting information, specifying the reasons for refusal and guiding compliance with the relevant legal provisions.

This provision does not apply in the case of searching for information in the online security transaction registration system.

Article 44. Time limit for processing requests to provide information on secured transactions

The registration authority for secured transactions shall be responsible for providing information on secured transactions immediately upon receipt of a valid request for such information. In cases where the processing time needs to be extended, it shall not exceed three working days.

Chapter IV

STATE MANAGEMENT RESPONSIBILITIES FOR SECURED TRANSACTION REGISTRATION AND AUTHORITIES

REGISTRATION SECURED TRANSACTION REGISTRATION AUTHORITIES

Article 45. Contents of state management regarding secured transaction registration

1. Develop and direct the implementation of strategies and policies for developing the secured transaction registration system nationwide.

2. Issue and organize the implementation of legal normative documents on secured transaction registration.

3. Organize and manage secured transaction registration activities; build and manage registration authorities for secured transactions; guide, train, and enhance professional skills related to secured transaction registration.

4. Build and manage the National Database on Secured Transactions.

5. Statistic secured transaction registrations, compile and report to competent authorities.

6. Promote and disseminate laws on secured transaction registration.

7. International cooperation on secured transaction registration.

8. Inspect, audit, resolve complaints and accusations, and handle violations of laws on secured transaction registration.

Article 46. Tasks and powers of authorities in state management of secured transaction registration

1. The Government exercises unified state management over secured transaction registration.

2. The Ministry of Justice is responsible before the Government for exercising unified state management over secured transaction registration, with the following tasks and powers:

a) Submit to competent authorities for issuance or issue within its jurisdiction legal normative documents on secured transaction registration;

b) Direct and organize the implementation of legal normative documents on secured transaction registration; organize the dissemination and education of laws on secured transaction registration;

c) Take the lead and coordinate with relevant ministries to organize training and issue graduation certificates for staff engaged in secured transaction registration work;

d) Guide, direct, and enhance professional skills for staff engaged in secured transaction registration work;

đ) Manage the Registration Centers for Transactions and Assets under the National Registration Agency for Secured Transactions of the Ministry of Justice;

e) Take the lead and coordinate with relevant ministries to issue, manage, and guide the use of application forms, documents, and registration books, and organize the management of the National Database on Secured Transactions;

g) Statistic secured transaction registrations, compile, and report annually to the Government on secured transaction registration work nationwide;

h) Inspect, audit, handle violations, and resolve complaints and accusations within its jurisdiction in the implementation of laws on secured transaction registration;

i) Engage in international cooperation on secured transaction registration within its jurisdiction.

3. The Ministry of Transport, within its assigned tasks and powers, has the responsibility:

a) Jointly issue with the Ministry of Justice legal normative documents on registration of pledges and mortgages of aircraft and ships;

b) Take the lead and coordinate with the Ministry of Justice in directing, guiding, inspecting, and organizing the implementation of registration of pledges and mortgages of aircraft and ships as prescribed by law;

c) Coordinate with the Ministry of Justice to issue, manage, and guide the use of application forms, documents, and registration books within its jurisdiction, and organize the management of data on pledges and mortgages of aircraft and ships;

d) Organize the enhancement of professional skills for staff engaged in registration of pledges and mortgages of aircraft and ships and management of pledge registration agencies for aircraft and ship mortgage registration agencies;

đ) Report semi-annually and annually to the Ministry of Justice on the registration of pledges and mortgages of aircraft and ships;

e) Resolve complaints and accusations about registration of pledges and mortgages within its jurisdiction.

4. The Ministry of Natural Resources and Environment, within its assigned tasks and powers, has the responsibility:

a) Jointly issue with the Ministry of Justice legal normative documents on registration of secured transactions concerning land use rights and attached assets;

b) Coordinate with the Ministry of Justice in directing, guiding, inspecting, and organizing the implementation of registration of secured transactions concerning land use rights and attached assets as prescribed by law;

c) Coordinate with the Ministry of Justice to issue, manage, and guide the use of application forms, documents, and registration books within its jurisdiction, and organize the management of data on secured transactions concerning land use rights and attached assets;

d) Implement professional and technical management of Land Registration Offices;

đ) Report semi-annually and annually to the Ministry of Justice on the registration of secured transactions concerning land use rights and attached assets.

5. Provincial People's Committees (hereinafter referred to as Provincial People's Committees) implement state management over secured transaction registration concerning land use rights and attached assets at the local level with the following tasks and powers:

a) Direct and organize the implementation of registration and management of secured transaction registration concerning land use rights and attached assets according to this Decree and other related legal normative documents;

b) Establish a secured transaction registration system concerning land use rights and attached assets at the local level;

c) Organize the enhancement of professional skills for staff engaged in secured transaction registration concerning land use rights and attached assets;

d) Coordinate with the Ministry of Justice to conduct regular inspections of Land Registration Offices at the local level;

đ) Report semi-annually and annually to the Ministry of Justice on the registration of secured transactions concerning land use rights and attached assets at the local level;

e) Resolve complaints and accusations about secured transaction registration within its jurisdiction.

The Department of Justice is responsible for assisting the Provincial People's Committee in performing state management functions over secured transaction registration at the local level.

Article 47. Registration Authorities for Secured Transactions and Authority to Register and Provide Information on Secured Transactions

1. The Civil Aviation Administration under the Ministry of Transport shall carry out registration and provide information on aircraft pledges and aircraft mortgages.

2. Maritime Branches or Port Maritime Offices under the Vietnam Maritime Administration under the Ministry of Transport shall carry out registration and provide information on ship mortgages.

3. Land Registration Offices under the Department of Natural Resources and Environment and Land Registration Offices under District, County, City District, and Provincial City Natural Resources and Environment Departments shall carry out registration and provide information on secured transactions involving land use rights and immovable property attached to land.

4. The National Registry of Secured Transactions Center under the State Registration Agency under the Ministry of Justice shall carry out registration of secured transactions involving movable property, except for aircraft, ships, and other assets not within the jurisdiction of the agencies specified in Clauses 1, 2, and 3 of this Article.

Article 48. Duties and powers of the secured transaction registration agency

1. Registering secured transactions; registering changes to registered secured transactions; registering notices of asset disposal; correcting errors in secured transaction registrations; canceling secured transaction registrations.

2. Certifying registrations for secured transactions involving land use rights, immovable property attached to land, and other assets; issuing certificates of registration for secured transactions involving aircraft and ships; providing copies of documents certified by the registration agency.

3. Providing information on secured transactions.

4. Refusing to register or provide information where there are grounds as provided for in Articles 11 and 43 of this Decree.

5. Collecting, depositing, managing, and using fees and charges in accordance with the provisions of the law.

6. Managing online registration information within its authority.

7. Updating information on secured transactions into the National Database on Secured Transactions.

8. Storing registration files and documents.

Article 49. Liability of the secured transaction registration agency

The secured transaction registration agency must compensate individuals and organizations for losses caused by the agency in the following cases:

1. Registering inaccurately the contents of the registration request form.

2. Registering and providing information on secured transactions beyond the prescribed time limit, except in cases of force majeure.

3. Providing information that does not match the information retained at the registration agency.

4. Refusing to register or provide information without grounds as provided for in Articles 11 and 43 of this Decree.

Article 50. Duties, powers, and liabilities of persons carrying out secured transaction registrations

Persons carrying out secured transaction registrations are civil servants or officials of the registration agencies as stipulated in Article 47 of this Decree, and have the following duties and powers:

1. Receiving and processing valid registration files and requests for information provision; reporting to the head of the registration agency the results of handling registration files and requests for information provision.

2. Refusing to accept invalid registration files or requests for information provision not within the jurisdiction of the registration agency; guiding applicants to complete registration files or requests for information provision or forwarding such documents or materials to the competent agency.

3. Not requesting applicants for registration or information seekers to submit additional documents beyond those required by the law on secured transaction registration.

4. Recording the time of receiving registration files on the registration request form and the Registration File Receipt Book; entering the contents of the registration request form into the Secured Transaction Registration Book or the Secured Transaction Database in the order of receipt of valid registration files.

5. Persons carrying out secured transaction registrations must perform their duties and powers as stipulated herein; if they violate these provisions and cause damage, they must compensate according to the provisions of the law.

Article 51. Coordination responsibility for providing information on collateral between the secured transaction registration agency and notary public organizations, civil enforcement agencies, and agencies registering ownership, use, and circulation rights of assets.

1. The secured transaction registration agency, notary public organizations, civil enforcement agencies, and agencies registering ownership, use, and circulation rights of assets shall be responsible for exchanging and providing information on the legal status of collateral.

2. The Ministry of Justice shall take the lead and coordinate with the Ministry of Natural Resources and Environment, the Ministry of Transport, and the Ministry of Public Security to guide the procedures and formalities for exchanging and providing information between the secured transaction registration agency and notary public organizations, civil enforcement agencies, and agencies registering ownership, use, and circulation rights of assets.

Chapter V

IMPLEMENTING PROVISIONS

Article 52. Effectiveness

1. This Decree shall take effect from September 9, 2010, and replace Government Decree No. 08/2000/NĐ-CP dated March 10, 2000, on registration of secured transactions.

2. Repeal the following provisions:

- Point d Clause 1 Article 12 of Government Decree No. 163/2006/NĐ-CP dated December 29, 2006, on secured transactions;

- Clauses 1, 2, 3, 4, and Clause 6 of Article 64, Article 153, and Article 154 of Government Decree No. 181/2004/NĐ-CP dated October 29, 2004, on the implementation of the Land Law;

- The provisions regarding the term for land users to mortgage their land use rights as stipulated in Article 66 of Government Decree No. 84/2007/NĐ-CP dated May 25, 2007, on supplementary regulations concerning issuance of certificates of land use rights, land recovery, implementation of land use rights, procedures and formalities for compensation, support, and resettlement when the State recovers land, and resolution of complaints related to land;

- The provisions on registration of secured transactions by production forests as planted forests as stipulated in Article 36 of Government Decree No. 23/2006/NĐ-CP dated March 3, 2006, on the implementation of the Forest Protection and Development Law;

- Articles 19, 20, 21, 22, the provisions on providing information about secured transactions in Article 27, and the provisions on correcting errors in registered secured transactions in Article 28 of Government Decree No. 70/2007/NĐ-CP dated April 20, 2007, on registration of nationality and registration of rights over civil aircraft;

- Articles 17, 18, 19, 20, and 21 of Government Decree No. 29/2009/NĐ-CP dated March 26, 2009, on registration and purchase, sale of ships.

Article 53. Transitional Provisions

1. In cases where one of the documents on land use rights specified in Clauses 1, 2, and 5 of Article 50 of the Land Law is available, the land user may still exercise the right to mortgage.

The land registration office shall simultaneously handle the mortgage registration procedure and the issuance of the certificate of land use rights, ownership of houses, and other assets attached to the land. The time limit for issuing the certificate does not count towards the mortgage registration period.

2. Households and individuals holding a certificate of land use rights, ownership of houses, and other assets attached to the land, or a certificate of land use rights issued during different periods and residing in villages or towns far from the district center, may choose to register the mortgage at the district-level land registration office or at the People's Committee of the commune if the district-level land registration office authorizes the registration of mortgages at the commune level.

The procedures for registering mortgages at the commune level shall be carried out according to the guidelines of the Ministry of Justice and the Ministry of Natural Resources and Environment.

3. Secured transaction contracts concluded before this Decree takes effect but have not yet been registered, and which still have a valid term, may be registered in accordance with the provisions of this Decree.

Secured transaction contracts that have already been registered in accordance with the law before this Decree takes effect shall not need to be re-registered under the provisions of this Decree.

4. Provisions on online registration and the National Database on Secured Transactions shall be applied when the online registration system and the National Database on Secured Transactions become operational.

Article 54. Responsibility for Implementation

1. The Ministry of Justice is responsible for:

a) Organize the implementation of this Decree.

b) Organize and guide the registration of secured transactions by assets other than land use rights, assets attached to land, aircraft, and ships.

c) Take the lead and coordinate with the Ministry of Natural Resources and Environment and the Ministry of Transport to guide the registration of secured transactions by land use rights and assets attached to land, and the registration of pledges and mortgages of aircraft and ships.

d) Take the lead and coordinate with the Ministry of Natural Resources and Environment, the Ministry of Transport, the State Bank of Vietnam, the Ministry of Finance, and other relevant ministries and agencies to research and develop a pilot project for centralized registration of secured transactions, and submit it to the Prime Minister for consideration and decision.

2. Ministers, heads of ministerial-level agencies, heads of agencies under the Government, Chairmen of provincial and centrally-administered city People's Committees, and related organizations and individuals are responsible for implementing this Decree./.