Vietnam: Instructions on the application for approval of the mortgaging plan at the airport/airfield

According to Article 34 of the Decree No. 102/2015/NĐ-CP of the Vietnam’s Government, the person assigned as property manager by the State shall send 08 sets of the application for approval of the mortgaging plan to the Ministry of Transport, whether directly or by post or another appropriate manner. The application consists of:

- A written request for approval that contains name, address of the applying organization, Name of the airport/airfield; technical characteristics of the construction work;

- A written explanation for: value of the construction work, conditions and method for selection of the credit institution that receives the mortgage; mortgaging duration; reasons for mortgaging; conditions for mortgaging, rights and obligations of the mortgagor and mortgagee; plan for maintenance of the operation of the construction work and provision of corresponding aviation services; roadmap for renovation, upgrade, and extension of the construction work.

Within 45 days from the day on which the satisfactory application is received, the Ministry of Transport shall approve the plan. If the application is rejected, the Ministry of Transport shall send a written notification to the applicant and provide explanation.

Besides, according to the approved mortgaging plan, the property manage shall take the mortgage as prescribed by relevant regulations of law. The content of the mortgaging contract must not contravene the approved mortgaging plan and regulations of this Decree.

View more details at the Decree No. 102/2015/NĐ-CP of the Vietnam’s Government, effective from December 12, 2015.

Ty Na

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