Proposal for a significant increase in penalties for violations related to the mortgage of assets in Vietnam

16:22, 09/07/2024

This is the content of the Draft Decree replacing Decree 167/2013/ND-CP on sanctions for administrative violations in the fields of security, order, social safety; prevention and combat of social evils; fire prevention and fighting; and prevention and combat of domestic violence in Vietnam.

Proposal for a significant increase in penalties for violations related to the mortgage of assets in Vietnam is as follows:

No.	Violations	Current Penalties According to Decree 167/2013/ND-CP	Proposed New Penalties
1	Accepting pawned property without establishing a pawn agreement as required	Fine from VND 2,000,000 to VND 5,000,000 (Point d, dd, e Clause 2 Article 11 of Decree 167)	Fine from VND 5,000,000 to VND 10,000,000
2	Accepting pawned property that requires ownership documents without having these documents or not keeping the original documents at the business premises during the pawn period
3	Accepting pawned property owned by others without valid authorization from the owner to the person pawning the property
4	Failing to preserve pawned property or preserving pawned property at a location not registered with the competent authority	Fine from VND 2,000,000 to VND 5,000,000 (Point g Clause 2 Article 11 of Decree 167)	- Fine from VND 10,000,000 to VND 20,000,000 - Revocation of License, Practice Certificate, Certificate of Security and Order Conditions for a period of 03 to 06 months.
5	Operating a pawn service with loan rates exceeding the interest rate limit stipulated by the Civil Code	Fine from VND 5,000,000 to VND 15,000,000 (Point d Clause 3 Article 11 of Decree 167)	- Fine from VND 10,000,000 to VND 20,000,000 - Revocation of License, Practice Certificate, Certificate of Security and Order Conditions for a period of 06 to 09 months. - Forcing the surrender of illegal benefits obtained from the violation.
6	Accepting pawned property obtained through theft, fraud, appropriation, or other criminal means but not to the level of criminal prosecution	Fine from VND 20,000,000 to VND 30,000,000. (Point b Clause 4 Article 11 of Decree 167)	Fine from VND 20,000,000 to VND 40,000,000

Bao Ngoc

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