Is it permissible to use foreign languages in application for security interests in Vietnam?

Is it permissible to use foreign languages in application for security interests in Vietnam?

Pursuant to Article 7 of the Decree 99/2022/NĐ-CP stipulating language used in registration and provision of information as follows:

Language used in registration and provision of information

1. 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 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.

2. 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.

3. 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.

4. Documents specified in this Article are not subject to consular legalization.

As regulations above, it is permissible to use both Vietnamese and English in application for security interests in Vietnam.

In Vietnam: Is it necessary to deregister security interests in case the mortgagee being is a Vietnamese citizen becomes a foreign citizen?

Pursuant to Clause 1.k Article 20 of the Decree 99/2022/NĐ-CP stipulating as follows:

Deregistration

1. A registration applicant shall submit an application for deregistration in any of the following cases:

...

k) The mortgagee of land use rights and property on land of land-using individuals or households being an economic organization other than credit institution becomes a foreign-invested enterprise; the mortgagee being is a Vietnamese citizen becomes a foreign citizen and does not transfer the right to receive collateral to another organization or individual that fully meets the conditions prescribed by the law of the Socialist Republic of Vietnam, unless the Land, Housing Law, other relevant laws and other regulations otherwise stipulate;

As regulations above, it is necessary to deregister security interests in case the mortgagee being is a Vietnamese citizen becomes a foreign citizen.

What are rights of applicants who register for security interests in Vietnam?

Pursuant to Clause 1 Article 9 of the Decree 99/2022/NĐ-CP stipulating rights of registration applicants, information requesters in Vietnam as follows:

+ Receive registration results, information provision results; check and compare registered and provided information; request the registry specified in Clause 2, Clause 3 or Clause 5, Article 10 of this Decree to issue a copy of the registration certification document, in case the registration falls under this registry;

+ Request the registry to reply in writing about the refusal to register, refuse to cancel registration, refuse to re-register after deregistration or refuse to provide information in accordance with Articles 15, 18, 20, 21 or 51 of this Decree;

+ Request the registry to correct erroneous information in the registered information due to the fault of the registry or request to change information containing errors due to the fault of the registration applicant;

+ Use registration results and information provision results to exercise their lawful rights and fulfill obligations at a competent agency or organization; to establish and perform civil transactions;

+ To be exempt from the obligation to pay fees, pay service charges, and other payment obligations if so required by the law on fees and charges, the law on prices and other relevant laws;

+ File complaints, whistleblowing reports, lawsuits or claims for damages in accordance with relevant laws in case the registry refuses to register, refuses to deregister, or refuses to re-register after deregistration, refuses to provide information specified at point b of this clause or refuses to perform the exemption from the obligation to pay fees, pay service charges or other payment obligations specified at point dd of this clause; make registration for change, deregistration, registration cancellation or re-registration after registration cancellation without justifiable grounds specified in this Decree.

Best regards!