Vietnam: Time limit for processing application for registration of security interests

Time limit for processing application for registration of security interests (Image from Internet)

1. Time limit for processing application for registration of security interests

The time limit for processing application for registration of security interests is specified in Decree 99/2022/ND-CP of Vietnam's Government as follows:

- The registry is responsible for processing the registration application within the working day on which it receives the valid application.

If the application is received after 15:00 of the same day, the registration can be done in the next working day. If the registry has a legitimate reason to extend the processing time for the application, the time limit for processing the application shall not exceed 03 working days from the date of receipt of a valid application. In this case, the registry must send a notice with explanation to the registration applicant in paper or electronic document (hereinafter referred to as electronic version) or in another convenient form to the. registration applicant and in accordance with the conditions of the registry as soon as there is a good reason.

- In case the registration application of land use rights and property on land is filed through the Department of reception and result return of administrative procedures, the provincial-level public administration service center (hereinafter referred to as the single window division), People's Committee of commune, ward, township (hereinafter referred to as commune), the time limit for processing the application shall commence from the time when the land registry receives the valid application.

- Time not included in the time limit specified in Clause 1 Article 16 of Decree 99/2022/ND-CP includes:

+ Time of occurrence of natural disaster, epidemic, fire, online registration system failure, power grid failure, internet failure or other force majeure events as written or decided by the competent authority that prevent the registry from carrying out the registration according to the procedures and time limit specified in Decree 99/2022/ND-CP.

In this case, the registry must immediately send a notice within the working day of the event or within the same working day that it receives the document or decision of the competent authority in the form of posting it at the head office of the registry and post it on the website of the regulatory body, the registry (if any) or another convenient form to the registration applicant and suitable to the conditions of the registry.

+ The time period for the registry to carry out the procedures specified in Clause 2, Article 35 of Decree 99/2022/ND-CP.​

2. Regulations on refusal of registration of security interests

According to Article 15 of Decree 99/2022/ND-CP, regulations on refusal of registration of security interests are as follows:

- The registry may refuse to register a security interest in any of the following cases:

+ The security interest falls beyond its registration competence;

+ The registration application is invalid as prescribed in Clause 5, Article 3 of Decree 99/2022/ND-CP;

+ The property is ineligible to be used to secure the performance of obligations as prescribed by the Land Law 2013, Housing Law 2014 and other relevant laws. If the property is in dispute, the registry may only refuse the registration when a document accepting or justifying the acceptance of settlement of dispute issued by the court or other dispute settlement authority;

+ Information in the registration application is inconsistent with information kept at the registry, except for the cases specified in Clause 8 Article 25, Clause 1 and Clause 3 Article 36 and Article 37 of Decree 99/2022/ND-CP;

+ The information described on the application form for registration for the property specified in Clause 3, Article 5 of Decree 99/2022/ND-CP is inconsistent with the information on the Certificate, unless the information described on the application form for registration is consistent with the information being kept at the registration office due to the establishment of a new cadastral map to replace the documents and measurement data used to issue the Certificate but the land user, owner of property on land that has not yet been granted a replacement certificate according to the new cadastral map;

+ Information of the grantor or the secured party in the case of registration through the online registration system or the information of the representative in the case of registration specified in Clause 2, Article 24 of Decree 99/2022/ND-CP does not match the information of the online registration account used;

+ The request for registration of change or deregistration of information on security interests, or notice of collateral realization is not kept at the registry;

+ The registry detects by itself that documents, signatures and seals in the registration application are forged as their ones or receives information with certification from a competent authority that documents, signatures and seals in registration application are forged;

+ Before the time of recording or updating the registered information in the Register or in the Database, the registry receives a written notice from the civil judgment enforcement agency or the enforcer stating the distraint of the collateral or request the suspension or use of the registration of the property of which the grantor is the judgment debtor in accordance with the law on civil judgment enforcement; receive a written request from a presiding authority or officer or from another competent agency or another competent person requesting not to register in accordance with regulations of law.

The provisions at this point do not apply in cases where the National Assembly's Resolution on handling bad debts of credit institutions or relevant laws stipulate otherwise;

+ The registration applicant does not pay the registration fee, unless otherwise provided by the law on fees and charges or other relevant laws.

- The registry may refuse to register only when there are grounds prescribed in Clause 1 Article 15 of Decree 99/2022/ND-CP and shall take responsibility in accordance with relevant laws in case of groundless refusal to register.

In case there are grounds for refusal of registration, the registry shall make the refusal within working days of receiving the application or within the working day on which it receives documents from competent agencies or competent persons specified in Points c, h and i, Clause 1 Articlw 15 of Decree 99/2022/ND-CP; if the time of receipt is after 15:00 of the same day, it can be done in the next working day.

The refusal must be made in writing, clearly stating the grounds for refusal to register. In case of refusal to register according to the grounds specified at Points b, d or dd, Clause 1 Article 15 of Decree 99/2022/ND-CP, the refusal document must contain instructions on the contents to be completed and supplemented.​

- In case of registration but the new registry receives a document from a competent agency or a competent person specified at Point i, Clause 1 Article 15 of Decree 99/2022/ND-CP, the registry shall notify in writing that the registration has been completed to the agency or person who has a written request.

- Where the registration applicant files a complaint against the document or decision of a competent agency that is not the registry or of a competent person who is not the competent person of the registry specified in Points c, h and i, Clause 1 Article 15 of Decree 99/2022/ND-CP, the complaint shall conform to the provisions of the law on procedures, on civil judgment enforcement and other relevant laws.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE