What are the regulations on the language used in registration and provision of information related to security interests in Vietnam?
What are the regulations on language used in registration and provision of information related to security interests in Vietnam?
Pursuant to the provisions of Article 7 of Decree 99/2022/ND-CP on languages used in registration and information provision, specifically as follows:
- Forms, documents and declarations in registration and provision of information must be made in Vietnamese or in both Vietnamese and foreign languages, if so provided for by law.
In addition, in case the registration application contains documents in a foreign language, it must be accompanied by a notarized Vietnamese translation or certified translator's signature, except for the cases specified in Clauses 2 and 3 of this Article.
If the documents in the registration application and the request for information provision are made in Vietnamese and a foreign language, the Vietnamese version shall be used for registration and information provision.
- In case the languages used in registration and provision of information, subject to relevant laws, are both Vietnamese and a foreign language, and the documents in the registration application and request for information provision are made in both languages, the Vietnamese version and the foreign language version are equally valid. If there is any discrepancy between these two versions, the Vietnamese version shall prevail.
- Where the registration applicant or the information requester is a foreigner, an organization of foreign nationality or established under foreign law and information of this entity is not written in English or in other Latin letters, the full name of the individual shown on the passport or a valid document in lieu of the passport shall be declared; and the name of the organization shown on the decision of the competent authority of the foreign country shall be declared.
- In case the collateral has its proper name that is not in Vietnamese but is consistent with relevant laws of the Socialist Republic of Vietnam or a legally effective decision of the competent authority of the Socialist Republic of Vietnam, the proper name of the property shall be declared.
- Documents specified in this Article are not subject to consular legalization.
What are the regulations on language used in registration and provision of information related to security interests in Vietnam?
Who is the registration applicant in Vietnam?
Pursuant to Article 8 of Decree 99/2022/ND-CP on applicants for registration as follows:
Registration applicants, information requesters
- The registration applicant includes the secured party, the grantor; the liquidator; asset management enterprise in case the insolvent enterprise or cooperative lends property to another person but fails to apply for registration (hereinafter referred to as the asset management enterprise).
- The registration applicant in case of change registration includes the person specified in Clause 1 of this Article;
+ New secured party in case of change of secured party;
+ The successor in case the grantor or the secured party is a reorganized legal entity;
+ The new grantor in case of change of the grantor and with the consent of the secured party, unless the new grantor is the successor under the provisions of the Civil Code or another person who has established the right as per the law.
- The registration applicant in case of deregistration includes the person specified in Clauses 1 and 2 of this Article; the legal transferee of the collateral being the land use right, the right to use the sea area, the legal transferee of collateral being other property (hereinafter referred to as the lawful transfer of the collateral) without becoming the new grantor; civil judgment enforcement agencies, executors, other competent authorities, and other competent persons as prescribed by law.
In case the recipient lawfully transfers the collateral or a competent authority, the competent person specified in this Clause only requests the withdrawal of one or a number of collateral in order to deregister this property, this entity shall be identified as the registration applicant in case of change of registration.
- Registration of pledge of property, deposit, collateralization, or deposit on guarantee in case where the law on performance of obligations stipulates so or there is such an agreement in the security contract, the registration applicant is the secured party, unless otherwise agreed by the grantor and the secured party.
- The registration applicant of notice of collateral realization is the secured party.
Are the information requesters the same registration applicants in Vietnam?
According to the provisions of Clause 6, Article 8 of Decree 99/2022/ND-CP on the requester for information as follows:
Registration applicants, information requesters
...
6. Information requesters include registration applicants specified in this Article and other agencies, organizations and individuals that need information about security interests.
7. Registration applicants and information requesters specified in this Article may register themselves, make information requests themselves or through their lawful representatives.
In case of registration or information request through a representative, the document containing the representative's content must be included in the registration application, the application for information provision (01 original or 01 certified true copy or 01 original copy with the original for comparison), except for the case of registration through the online registration account of the representative specified in Clause 2, Article 24 of this Decree.
8. Where a branch of a legal entity, a branch or transaction office of a legal entity being a credit institution (hereinafter referred to as branch of juridical person) is assigned by the legal entity to apply for registration, request for information provision under the charter, operating regulations or as authorized or appointed by the legal representative of the legal entity, this branch shall put its name in the application form for registration, information request form as the registration applicant or information requester. In this case, the document containing the legal entity's assignment to the branch to perform the functions of the legal entity in the registration application or request for information provision is a document that must be included in the registration application, the application for registration and the application for information provision (01 original or 01 certified true copy or 01 copy enclosed with the original for comparison).
9. In case the performance of an obligation is secured with property belonging to a sole proprietorship in which the registration applicant is the grantor, the registration applicant may be the owner of the sole proprietorship or the sole proprietorship.
Thus, the registration applicants can be:
+ The liquidator;
+ Asset management enterprise in case the insolvent enterprise;
+ Cooperative lends property to another person but fails to apply for registration (hereinafter referred to as the asset management enterprise).
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