What are providers of information about a security interest in Vietnam?

What are providers of information about a security interest in Vietnam? (Internet image)

Regarding this issue, LawNet responded as follows:

1. What is provision of information about a security interest?

Provision of information about a security interest means the provision of information about a registered security interest by the registration authority or another competent agency specified in this Decree at the request of the agency, related organizations and individuals or other competent agencies or the provision of information about property by the to the registry.

(Clause 2, Article 3 of Decree 99/2022/ND-CP)

2. What are providers of information about a security interest in Vietnam?

Specifically, in Article 10 of Decree 99/2022/ND-CP, providers of information about a security interest include:

- Land registry affiliated to Services of Natural Resources and Environment, branches of land registry (hereinafter referred to as land registry) shall register and provide information on security interest in land use right and property on land as prescribed in Article 25 of Decree 99/2022/ND-CP.

- The Civil Aviation Administration of Vietnam affiliated to the Transport Ministry shall register and provide information on security interest in aircrafts as prescribed in Article 38 of Decree 99/2022/ND-CP.

- Vietnam Maritime Administration or Maritime Sub-Administration, Maritime Administration of Vietnam Maritime Administration affiliated to the Ministry of Transport (hereinafter referred to as Vietnam sea-going ship registry) shall register and provide information on security interest in seagoing ships as prescribed in Article 41 of Decree 99/2022/ND-CP.

- VSDC shall register and provide information on security interests in form of centrally registered securities in compliance with law on securities.

- Transaction and asset registration centers of the National Registration Agency for Secured Transactions affiliated to the Justice Ministry (hereinafter referred to as asset registration center) shall register and provide information about security interest in movable property other than aircraft, sea-going ships, centrally registered securities (hereinafter referred to as movable property) and other cases as prescribed in Article 44 of Decree 99/2022/ND-CP.

- The determination of the authority competent to register and provide information on security interests in the right to use the sea area and property on the sea area shall comply with the provisions of the law on exploitation and utilization of marine resources.

- The determination of the authority competent to provide information in case organizations and individuals look up information themselves through database user codes and in information provision activities between competent agencies, competent persons with the registry shall comply with the provisions of Clause 2, Article 50 and Article 52 of Decree 99/2022/ND-CP.

3. Duties and powers of providers of information about a security interest

According to Article 11 of Decree 99/2022/ND-CP, providers of information about a security interest in Vietnam have the following duties and powers:

- Register on the case by case basis and according to the competence specified in Articles 4 and 10 of this Decree; issue a copy of the registration certification document for the case specified at Point a, Clause 1, Article 9 of this Decree; correct erroneous information in the registered information.

- Provide information about security interests.

- Refuse to register, refuse to provide information only in cases where there are grounds specified in Articles 15 and 51 of this Decree.

- Transfer relevant documents to competent agencies for settlement in accordance with law in case documents, signatures and seals in registration application show signs of forgery.

- Registration cancellation, re-registration after registration cancellation as prescribed in Article 21 of this Decree.

- Update and store information in records, databases.

- Collect, pay, manage and use fees, service charges and other payment obligations upon registration and provision of information in accordance with the law on fees and charges, the law on prices and other relevant laws.

- Lodge complaints and file whistleblowing reports in accordance with law.

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