What are the rights and obligations of parties in deposit and security collateral in Vietnam?

Under Article 38 of Decree 21/2021/ND-CP (effective from May 15, 2021) on the rights and obligations of parties in deposit and security collateral in Vietnam:

1. Depositors and parties putting up collateral have the rights and obligations to:

a) request depositees and parties receiving collateral to cease extracting, using or establishing civil transactions for deposited properties and security collateral properties; preserve and keep deposited properties and security collateral properties from losing value;

b) exchange and replace deposited properties, security collateral properties or include deposited properties, security collateral properties in other civil transactions when depositees and parties receiving security collateral agree;

c) pay for depositees, parties receiving security collateral appropriate costs for managing, preserving deposited properties and security collateral properties.

Appropriate costs specified under this Point are necessary, legitimate expenditure which, in normal conditions, depositees and parties receiving security collateral must pay for to prevent deposited properties and security collateral properties from going missing, being damaged or destroyed;

d) register property ownership or fulfill other obligations as per the law to enable depositees and parties receiving security collateral to possess deposited properties and security collateral properties specified under Point b Clause 2 of this Article;

dd) other rights and obligations agreed upon or prescribed by the Civil Code or the relevant law provisions.

2. Depositees and parties receiving collateral have the rights and obligations to:

a) request depositors and parties putting up security collateral to cease exchanging, replacing or establishing other civil transactions with deposited properties and security collateral properties without consent of depositees and parties receiving security collateral;

b) possess deposited properties in case depositors violate commitment regarding contract conclusion and execution; possess security collateral properties in case hired properties are no longer available to be returned to depositees;

c) preserve deposited properties and security collateral properties;

d) refrain from establishing civil transactions, extracting, using deposited properties or security collateral without consent of properties of depositors, parties putting up security collateral;

dd) other rights and obligations agreed upon or prescribed by the Civil Code or the relevant law provisions.

Respectfully!