Guidance on Procedures for Registering Security Measures with New Ships in 2023

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How is the procedure for registering a security interest by ship carried out?

Pursuant to the provisions of Subsection 1, Section 2, Part A of administrative procedures issued together with Decision 2546/QD-BTP in 2022, the procedure for registering a security interest by ship is carried out as follows:

- Submit the application to the Vietnam Ship Registration Authority

- Ministry of Transport;

- In the absence of grounds for refusal, the Vietnam Ship Registration Authority shall accept the valid application, process it, and return the results.

Instructions on the procedure for registering a security interest by ship, latest update in 2023

What does the application for registering a security interest by ship include?

Pursuant to the provisions of Subsection 1, Section 2, Part A of administrative procedures issued together with Decision 2546/QD-BTP in 2022, the application components for registering a security interest by ship include:

- The application for registration includes:+ Request form+ Security agreement (01 original or 01 certified copy).

- Depending on the case, additional documents may be required:+ In case of representation, the document specifying the representation must be included in the registration application or information supply application (01 original, 01 certified copy, or 01 copy with the original for comparison),

If registration is done through the representative's online registration account, the representative must declare the account code information of the person being represented. Information about the registered security interest must be updated into the account of the represented person, not into the representative's account.+ In case the branch of a legal entity, branch, or transaction office of a legal entity is a credit institution assigned by the legal entity to perform the functions of the legal entity concerning registration requests, supplying information, the document specifying the legal entity's assignment to the branch to perform the legal entity’s functions in registration requests and supplying information is a required document in the registration application, information supply application (01 original, 01 certified copy, or 01 copy with the original for comparison)+ In case of exemption from fee payment, service charge, or other payment obligations (as specified in point d, clause 1, Article 9 of [Decree 99/2022/ND-CP](https://lawnet.vn/vb/Nghi-dinh-99-2022-ND-CP-dang-ky-bien-phap-bao-dam-84673.html#dieu_9)), the registrant may choose to include one of the following documents in the registration application:    ++ Security agreement or credit agreement or another document with information about the exemption from registration fee payment, service charge, or other payment obligations (01 original, 01 certified copy, or 01 copy with the original for comparison).    ++ The submission of documents specified in clause 3, Article 9 of [Decree 99/2022/ND-CP](https://lawnet.vn/vb/Nghi-dinh-99-2022-ND-CP-dang-ky-bien-phap-bao-dam-84673.html#dieu_9) is only done once in the registration of the same security interest.+ In case the secured party or the secured recipient includes multiple people, full signatures and seals (if any) of these entities are required, except where a document specifies that one or several secured parties or secured recipients are authorized to represent the others.

How long does it take to complete the procedure for registering a security interest by ship?

Pursuant to the provisions of Subsection 1, Section 2, Part A of administrative procedures issued together with Decision 2546/QD-BTP in 2022, the time frame for completing the procedure for registering a security interest by ship is as follows:

- Within the same working day upon receiving a valid application; if the application is received after 3 PM on the same day, registration can be completed on the next working day.

If the registration authority has a justifiable reason for extending the processing time for the application, the processing time shall not exceed 03 working days from the date of receiving a valid application.

- The time excluding the period specified in clause 1, Article 16 of Decree 99/2022/ND-CP includes:

Time during which natural disasters, epidemics, fires, online registration system failures, electricity or internet network failures, or other force majeure events per the document or decision of a competent authority occur, preventing the registration authority from performing the registration according to the procedures and time specified in [Decree 99/2022/ND-CP](https://lawnet.vn/vb/Nghi-dinh-99-2022-ND-CP-dang-ky-bien-phap-bao-dam-84673.html#dieu_16).