Annulment of a number of Circulars of the Minister of Justice on registration of security interests in Vietnam

Annulment of  a number of Circulars of the Minister of Justice on registration of security interests in Vietnam

To fully annul the following circulars:

- Circular 01/2019/TT-BTP dated January 17, 2019 of the Minister of Justice guiding a number of contents on registration of security interests using aircraft and ships.

- Circular 07/2019/TT-BTP dated November 2, 2019 of the Minister of Justice on elaborating to registration for mortgage of land use rights and assets attached to land

More details can be found in Circular 01/2024/TT-BTP taking effect on February 1, 2024.

Some regulations on registration of security interests in Vietnam

Registration of security interests refers to the recording in a security interest register or entry into a database on security interests by a security interest registry of the use of assets by the grantor to secure performance of an obligation of their own or another person, or also to secure performance of an obligation of their own or another person with the secured party

Security interest database is a collection of data on security interests that have been registered and arranged and organized for access, use and management via electronic means (hereinafter referred as database).

The following security interests are subject to registration:

- Registration of mortgage of property, pledge of property, title retention as prescribed in the Civil Code 2015, and relevant laws;

- Registration under the agreement between the grantor and the secured party or at the request of the secured party, except for property lien;

- Registration of notice of realization of collateral in case an asset is used to secure the performance of many obligations but many parties jointly receive the security or in cases where the grantor and the secured party have reached an agreement;

- Registration of changes to registered information; deregistration of registered information for the case specified above

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