Effective date of registration of security interest in Vietnam

Effective date of registration of security interest in Vietnam
Nguyễn Thị Diễm My

On November 30, 2022, the Government of Vietnam issued Decree 99/2022/ND-CP on registration of security.

According to Vietnam's Decree 99/2022/ND-CP, the effective time of registration of security interest is as follows:

- For land use rights and land-attached assets, it is the time when the registration authority records and updates the registered contents in the cadastral book;

- For properties attached to land at Points a and b, Clause 2, Article 25 of Decree 99/2022/ND-CP, it is the time when the registry records and updates the registered contents in the register of mortgage of future land-attached assets;

- For aircraft, it is the time when the registry records and updates the registered contents in the Vietnamese aircraft register;

- For seagoing ships, it is the time when the registry records and updates the registered contents in the national register of ships of Vietnam;

- For movable property other than aircraft, seagoing ships, and securities that have been centrally registered or for the case specified at Point dd, Clause 1, Article 44 of Decree 99/2022/ND-CP, it is the time when the content of the subscription is updated to the Database.

- For the right to use the sea area, the property attached to the sea area, it is the time when the registration authority records and updates the registered contents in the register or in the database in accordance with the law on exploitation and use of marine resources.

Decree 99/2022/ND-CP takes effect from January 15, 2023 and replaces Vietnam's Decree 102/2017/ND-CP.

Regulations on implementing online procedures in Clause 2, Article 56 of Vietnam's Decree 99/2022/ND-CP take effect from January 1, 2024; regulations on registration with real estate take effect from the time specified in the law on real estate.

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