What is registration of security interests in Vietnam? What is the time limit for processing registration application?
What is registration of security interests in Vietnam?
According to the provisions of Clause 1, Article 3 of Decree 99/2022/ND-CP,
Interpretation of terms
For the purposes of this Decree, these terms below shall be construed as follows:
1. Registration of security interests refers to the recording in a security interest register or entry into a database on security interests by a security interest registry of the use of assets by the grantor to secure performance of an obligation of their own or another person, or also to secure performance of an obligation of their own or another person with the secured party (hereinafter referred to as registration).
Thus, registration of security interests refers to the recording in a security interest register or entry into a database on security interests by a security interest registry of the use of assets by the grantor to secure performance of an obligation of their own or another person, or also to secure performance of an obligation of their own or another person with the secured party
What is registration of security interests in Vietnam? What is the time limit for processing registration application?
What are the regulations on registration applications of security interests in Vietnam?
Pursuant to Article 13 of Decree 99/2022/ND-CP stipulating methods of filing registration applications as follows:
Methods of filing registration applications
1. A registration application shall be filed by any of the following methods:
a) via the online registration system;
b) in person or by post;
c) via emails.
2. Methods of filing registration applications specified at Points a and c, Clause 1 of this Article apply to land use rights, property on land, rights to use the sea area, and property on the sea area or for aircraft and sea-going ships in compliance with the law on land, exploitation and utilization of marine resources, aviation or maritime law.
3. The method of filing registration application specified at Point c, Clause 1 of this Article, for registration cases specified in Article 44 of this Decree, applies to persons who have been granted online registration accounts.
Thus, the application for registration of security measures is done by registering through the online registration system; Submit paper copies directly or send via postal service or register via email.
In there:
- Submit application for registration of security measures via the online registration system: land use rights, property on land, rights to use the sea area, and property on the sea area or for aircraft and sea-going ships in compliance with the law on land, exploitation and utilization of marine resources, aviation or maritime law.
- Via email:
+ Apply to land use rights, property on land, rights to use the sea area, and property on the sea area or for aircraft and sea-going ships in compliance with the law on land, exploitation and utilization of marine resources, aviation or maritime law.
+ Registering security measures under the authority of the Transaction and Asset Registration Center applied to persons who have been granted online registration accounts.
What is the time limit for processing registration application of security interests in Vietnam?
According to Article 16 of Decree 99/2022/ND-CP, the time limit for processing registration application of security interests is as follows:
Time limit for processing registration application
1. The registry is responsible for processing the registration application within the working day on which it receives the valid application; if the application is received after 15:00 of the same day, the registration can be done in the next working day. If the registry has a legitimate reason to extend the processing time for the application, the time limit for processing the application shall not exceed 03 working days from the date of receipt of a valid application. In this case, the registry must send a notice with explanation to the registration applicant in paper or electronic document (hereinafter referred to as electronic version) or in another convenient form to the. registration applicant and in accordance with the conditions of the registry as soon as there is a good reason.
2. In case the registration application of land use rights and property on land is filed through the Department of reception and result return of administrative procedures, the provincial-level public administration service center (hereinafter referred to as the single window division), People's Committee of commune, ward, township (hereinafter referred to as commune), the time limit for processing the application shall commence from the time when the land registry receives the valid application.
3. Time not included in the time limit specified in Clause 1 of this Article includes:
a) Time of occurrence of natural disaster, epidemic, fire, online registration system failure, power grid failure, internet failure or other force majeure events as written or decided by the competent authority that prevent the registry from carrying out the registration according to the procedures and time limit specified in this Decree. In this case, the registry must immediately send a notice within the working day of the event or within the same working day that it receives the document or decision of the competent authority in the form of posting it at the head office of the registry and post it on the website of the regulatory body, the registry (if any) or another convenient form to the registration applicant and suitable to the conditions of the registry;
b) The time period for the registry to carry out the procedures specified in Clause 2, Article 35 of this Decree.
Accordingly, the registry is responsible for processing the registration application within the working day on which it receives the valid application;
If the application is received after 15:00 of the same day, the registration can be done in the next working day
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