Procedures for online registration of security interests in Vietnam

Procedures for online registration of security interests in Vietnam (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. Regulations on issuance of online registration of security interests accounts in Vietnam

Regulations on issuance of online registration accounts under Article 23 of Decree 99/2022/ND-CP are as follows:

- Online registration applicant shall be granted an online registration account by the competent authority specified in Clause 3 of Article 23 of Decree 99/2022/ND-CP (hereinafter referred to as account).

An account is only granted to one organization or individual, which can be a regular-use account or a one-time-use account in the registration at the request of the applicant.

The account holder shall take legal responsibility for the accuracy and legitimacy of the information to be declared in order to be granted the account and be responsible for the use of the account.

- The applicant may apply for issuance of an account through the online registration or send an application form using Form No. 01e in the Appendix to the competent authority specified in Clause 3 of Article 23 of Decree 99/2022/ND-CP.

- The National Registration of Secured Transactions under the Ministry of Justice has the authority to grant accounts for the registration cases specified in Article 44 of Decree 99/2022/ND-CP.

The competent authority that issues an account in the case of registration specified in Articles 25, 38 and 41 of Decree 99/2022/ND-CP or registration of a security interest in right to use the sea area or property on the sea area shall comply with the law on land, aviation, marine or the law on exploitation and utilization of marine resources.

2. Procedures for online registration of security interests in Vietnam

Procedures for online registration of security interests in Vietnam under Article 24 of Decree 99/2022/ND-CP are as follows:

- The registration applicant uses the account to log in to the online registration system and declare information and authenticate the registration application according to the process on the online registration interface.

Where it is required by law that the registration application must be attached to an electronic copy, the registration applicant shall attach this document, except for the case specified in Clause 5, Article 46 of Decree 99/2022/ND-CP.

The registration applicant shall pay the registration fee according to the process on the online registration interface or according to the payment method prescribed in the law on fees and charges and other relevant laws.

The online application has the same legal validity as the paper application.

The time limit for processing online registration application and returning registration results is specified in Clauses 1 and 3, Article 16 of Decree 99/2022/ND-CP.

- In case the grantor or secured party makes online registration through the representative's account, the representative must declare the information of the authorized party's account number. 

Information about the registered security interest must be updated to the account of the authorized party, not to the account of the representative.

- If there are grounds for refusal of registration specified in Clause 1, Article 15 of Decree 99/2022/ND-CP, the registry shall refuse to register through the online registration interface or send a written notice to the registration applicant.

- Where the law on land, exploitation and utilization of marine resources, on aviation or the law on maritime provides other provisions on online registration procedures as prescribed in Clauses 1 and 2 of Article 24 of Decree 99/2022/ND-CP, these provisions shall prevail.

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