Is it permissible to register for security interests via online in Vietnam?

Is it permissible to register for security interests via online in Vietnam?

Pursuant to Article 13 of the Decree 99/2022/NĐ-CP stipulating 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.

As regulations above, it is permissible to register for security interests via the online registration system.

What are procedures for registration of security interests via online in Vietnam?

Pursuant to Article 24 of the Decree 99/2022/NĐ-CP stipulating procedures for registration of security interests via online in Vietnam as follows:

- The registration applicant uses the account to log in to the online registration system and declare information and authenticate the registration application according to the process on the online registration interface. Where it is required by law that the registration application must be attached to an electronic copy, the registration applicant shall attach this document, except for the case specified in Clause 5, Article 46 of this Decree.

The registration applicant shall pay the registration fee according to the process on the online registration interface or according to the payment method prescribed in the law on fees and charges and other relevant laws.

The online application has the same legal validity as the paper application.

The time limit for processing online registration application and returning registration results is specified in Clauses 1 and 3, Article 16 of this Decree.

- In case the grantor or secured party makes online registration through the representative's account, the representative must declare the information of the authorized party's account number. Information about the registered security interest must be updated to the account of the authorized party, not to the account of the representative.

- If there are grounds for refusal of registration specified in Clause 1, Article 15 of this Decree, the registry shall refuse to register through the online registration interface or send a written notice to the registration applicant.

- Where the law on land, exploitation and utilization of marine resources, on aviation or the law on maritime provides other provisions on online registration procedures as prescribed in Clauses 1 and 2 of this Article, these provisions shall prevail.

What is the time limit for processing application for registration of security interests via online in Vietnam?

Pursuant to Article 16 of the Decree 99/2022/NĐ-CP stipulating the time limit for processing application for registration of security interests via online in Vietnam 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.

As regulations above, 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.

Best regards!