Why is remuneration between notary offices different in Vietnam?
Why is remuneration between notary offices different in Vietnam? Do rates of notarization charges and notarization remuneration and other expenses have to be posted up at the Notary Office in Vietnam? What is calculation of commercial contract notarization fee in Vietnam?
I have notarized a few times at different notary offices, and have found that the prices for their services are different. May I ask why this is so, I think notarization is regulated by the law at the same rate for all offices. And may I ask is there any specific regulation on the fee for notarization of commercial contracts, if my contract value is 800 hundred million? Thank you!
Why is remuneration between notary offices different in Vietnam?
Pursuant to Article 67 of the Law on Notary 2014 stipulates notarization remuneration as follows:
1. Notarization requesters shall pay remuneration when requesting notarial practice organizations to draft contracts or transactions, typewrite or make copies, translate papers or documents, or perform other notarial jobs.
2. Provincial-level People’s Committees shall promulgate ceiling rates of notarization remuneration to be applied to notarial practice organizations in localities. Notarial practice organizations shall determine remuneration rates for each job which must not exceed the ceiling rate of notarization remuneration promulgated by the provincial-level People’s Committee, and shall publicly post up remuneration rates at their head offices. Notarial practice organizations that collect notarization remuneration at rates higher than the ceiling rates and the posted rates shall be handled in accordance with law.
3. Notarial practice organizations shall clearly explain notarization remuneration to notarization requesters.
According to Clause 1, Article 4 of Circular 257/2016/TT-BTC, charge and fee collection rates are as follows:
1. Notarial service fees prescribed in this Circular shall be consistently applied to both Notary Offices and Private Notary Offices. If collectors are Notary Offices, the fees precribed in this Circular have included VAT in accordance with regulations of the Law on value-added tax and its instructional documents.
Thus, according to current regulations in Vietnam, notarization fees between notary offices are uniform, but notarization remuneration rates of notary offices are not required to be the same. Provincial-level People's Committees shall promulgate ceiling rates of notarization remuneration to be applied to notarial practice organizations in localities.
As a result, notary offices may vary in notary remuneration, but the ceiling rates of notarization remuneration shall not be exceeded. Therefore, there is a difference in the amount of money that customers pay to the Notary Office in Vietnam.
Do rates of notarization charges and notarization remuneration and other expenses have to be posted at the Notary Office in Vietnam?
According to Article 33 of the Law on Notary 2014, obligations of notarial practice organizations are specifically as follows:
1. To manage notaries practicing at their organizations in observing law and rules on notarial practice ethics;
2. To comply with the laws on labor, tax, finance and statistics.
3. To apply the working hours applicable to state administrative agencies.
4. To post up working timetables, notarization procedures, rules on receipt of notarization requesters, and rates of notarization charges and notarization remuneration and other expenses at their head offices.
5. To purchase professional liability insurance for their notaries in accordance with Article 37 of this Law and pay compensation for damage in accordance with Article 38 of this Law.
6. To receive, create favorable conditions for and manage notarial practice probationers during their probationary period at their organizations.
7. To create conditions for their notaries to participate in annual professional re-training.
8. To comply with competent state agencies’ requests concerning reporting, examination, inspection and provision of information on notarized contracts, transactions and translations.
9. To keep notarization registers and preserve notarization dossiers.
10. To share information on the origin of assets and actual state of asset transactions and other information on deterrent measures applied to assets related to contracts and transactions notarized by their notaries to be included in the notarization database prescribed in Article 62 of this Law.
11. To perform other obligations as prescribed by this Law and other relevant legal documents.
As such, the notary office is responsible for posting up rates of notarization charges and notarization remuneration and other expenses at its headquarters in Vietnam.
What is calculation of commercial contract notarization fee in Vietnam?
Pursuant to the provisions of Point a7, Clause 2, Article 4 of Circular 257/2016/TT-BTC stipulating Notarization of economic contracts, commercial contracts, investment or business contracts: The notarial service fee shall be calculated according to the value of contract/ transaction.
a7) Notarization of economic contracts, commercial contracts, investment or business contracts: The notarial service fee shall be calculated according to the value of contract/ transaction.
|
No. |
Value of property or the value of contract/transaction |
Fee (VND/ case) |
|
1 |
Less than VND 50 million |
VND 50 thousand |
|
2 |
From VND 50 million to VND 100 million |
VND 100 thousand |
|
3 |
From more than VND 100 million to VND 01 billion |
0.1% of the value of property or the value of contract/transaction |
|
4 |
From more than VND 01 billion to VND 03 billion |
VND 01 million + 0.06% of the portion of the value of property or the value of contract/transaction in excess of VND 01 billion |
|
5 |
From more than VND 03 billion to VND 05 billion |
VND 2.2 million + 0.05% of the portion of the value of property or the value of contract/transaction in excess of VND 03 billion |
|
6 |
From more than VND 05 billion to VND 10 billion |
VND 3.2 million + 0.04% of the portion of the value of property or the value of contract/transaction in excess of VND 05 billion |
|
7 |
From more than VND 10 billion to VND 100 billion |
VND 5.2 million + 0.03% of the portion of the value of property or the value of contract/transaction in excess of VND 10 billion. |
|
8 |
More than VND 100 billion |
VND 32.2 million + 0.02% of the portion of the value of property or the value of contract/transaction in excess of VND 100 billion (the maximum fee shall be VND 70 million/ case). |
According to the above fee in Vietnam, with the value of your commercial contract of 800,000,000 million, you will pay the notarization fee as:
800,000,000 VND x 0.1% = 8,000,000 VND
Best Regards!
