What is property? Regulations on registration of property in Vietnam under the Civil Code

What is property? Regulations on registration of property in Vietnam under the Civil Code (Internet image)

1. What is property?

Article 105 of the Civil Code 2015 stipulates property as follows:

- Property comprises objects, money, valuable papers and property rights.

- Property includes immovable property and movable property. Immovable property and movable property may be existing property or off-plan property.

2. Registration of property in Vietnam

Article 106 of the Civil Code 2015, the registration of property is as follows:

- Ownership and other rights to immovable property shall be registered in accordance with this Code and law on registration of property.

- Ownership and other rights to movable property shall not be required to be registered, unless otherwise prescribed by law.

- The registration of property must be public.

3. Immovable property and movable property in Vietnam

In Article 107 of the Civil Code 2015, immovable property and movable property are as follows:

- Immovable property includes:

+ Land;

+ Houses and constructions attached to land;

+ Other property attached to land, houses and constructions;

+ Other property as prescribed by law.

- Moveable property is property which is not immovable property.

4. Existing property and off-plan property in Vietnam

Pursuant to Article 108 of the Civil Code 2015, existing property and off-plan property are as follows:

- Existing property means a property which is formed and to which an entity has established his/her ownership rights and other rights before or at the time of transaction establishment.

- Off-plan property includes:

+ Non-formed property;

+ Formed property that the entity has established his/her ownership rights after the time of transaction establishment.

5. Yield and income in Vietnam

Article 109 of the Civil Code 2015 stipulates yield and income as follows:

- Yield means natural products brought by property.

- Income means a profit earned from the development of the property.

6. Primary objects and auxiliary objects in Vietnam

Pursuant to Article 110 of the Civil Code 2015, the primary objects and auxiliary objects are as follows:

- A primary object is an independent object the utility of which can be exploited according to its functions.

- An auxiliary object is an object which directly supports the exploitation of the utility of a primary object and which is part of the primary object but which may be separated from it.

- Upon performance of an obligation to transfer a primary object, any auxiliary objects must also be transferred, unless otherwise agreed.

7. Divisible objects and indivisible objects in Vietnam

Article 111 of the Civil Code 2015 stipulates divisible objects and indivisible objects as follows:

- A divisible object is an object which, after being divided, retains its original characteristics and usage.

- An indivisible object is an object which, after being divided, is not able to retain its original characteristics and usage.

When an indivisible object needs to be divided, it must be valued in money for the purpose of division.

8. Consumable objects and non-consumable objects in Vietnam

Article 112 of the Civil Code 2015 stipulates consumable objects and non-consumable objects as follows:

- A consumable object is an object which, after being having been used once, loses or is not capable of retaining its original characteristics, appearance and usage.

A consumable object may not be the object of a lease contract or of a lending contract.

- A non-consumable object is an object which, after being having been used many times, substantially retains its original characteristics, appearance and usage.

9. Fungible objects and distinctive objects in Vietnam

Pursuant to Article 113 of the Civil Code 2015 stipulates that fungible objects and distinctive objects are as follows:

- Fungible objects are objects which have the same appearance, characteristics and usage and which can be determined by units of measurement.

Fungible objects of the same quality may be interchangeable.

- A distinctive object is an object which is distinguishable from other objects by its own characteristics regarding markings, appearance, color, material, nature or position.

An obligation to transfer a distinctive object is only able to fulfill by transferring that particular distinctive object.

10. Integrated objects in Vietnam

Article 114 of the Civil Code 2015 stipulates that integrated objects are as follows:

An integrated object is an object comprised of components or parts which fit together and are connected with each other to make up a complete from whereby one of the parts or components is missing, or if there is a part or component which is not of the right specification or category, it is not able to be used or its utility value is decreased.

An obligation to transfer an integrated object must be fulfilled by transferring all parts or components thereof, unless otherwise agreed.

11. Property rights in Vietnam

In Article 115 of the Civil Code 2015, property rights are as follows:

Property rights are rights which are able to be valued in money, including property rights to subjects of intellectual property rights, right to use land and other property rights.

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