The Government promulgates Decree No.102/2017/ND-CPon registration of security interests.
This Decree sets forth the procedures for registration of and provision of information on asset-based security interests (hereinafter referred to as registration of security interests); organization, and the state management of the registration of security interests.
An application for security interest registration shall be filed by any of the following methods:
1. via the online registration system;
2. in person;
3. by post; and
4. via emails in a case where the applicant for registration has been granted a user code for the security interest database.
If an application for security interest registration is filed in person, the recipient shall verify if it is satisfactory.If the application is satisfactory, the recipient shall keep record in the receipt book and give the applicant a written appointment of giving processing results. If the application is unsatisfactory, the recipient shall instruct the applicant to complete the application in person or give the applicant a written guidelines for completing the application as per the law.
If an application for security interest registration is filed by post or via email, the recipient shall verify if it is satisfactory. If the application is satisfactory, the recipient shall keep record in the receipt book. If the application is unsatisfactory, the recipient shall, within the date of receipt, refuse the application and instruct the completion of application. The written refusal and guidelines for completion shall be returned enclosed with the application to the applicant by guaranteed delivery if the application was filed by post or via email.
The registry may refuse to register a security interest in any of the following cases:
a) The security interest falls beyond its registration competence;
b) When an application for registration is found inconsistent with the information kept at the registry or forging documents;
c) The applicant for registration failed to pay charge for registration, except for the case of exemption as per the law;
d) The collateral is land use right or house ineligible for mortgage as prescribed in law on land and housing. If the collateral is land use right or house under dispute, the registry may only refuse the registration when a document accepting or justifying the acceptance of settlement of dispute issued by the dispute settlement authority;
dd) The registration is declared not in accordance with regulations of law;
e) An application for modification, a written notice of intention to dispose of collateral or correction of nonconformity is submitted in case the security has been deregistered;
g) When the registry receives a request for temporary suspension or suspension of collateral registration to which grantor is a person obliged to execute the judgment from an executor of civil enforcement agency or bailiff of bailiff office as prescribed in law on civil judgment enforcement;
h) When the registry receives a notice of intention to dispose of collateral related to judgment enforcement from the enforcement authority or bailiff office.
If the ground for refusing registration is evident as prescribed in Clause 1 of this Article, the recipient of application must issue a written refusal stating reasons for refusal and guidelines for implementation as per the law.
The refusal shall be made within the date of receipt; if the application is received after 15:00, the refusal shall be made within the next working day.
The authority competent to register or provide information on security interests shall process an application for registration and provision of information within the working day in case of satisfactory application; if the application is received after 15:00, the registration and provision of information shall be completed within the next working day; with a possible extension up to 3 working days if necessary.
If an application for registration of security interest in land use right, property on land is submitted at People’s Committee of commune, ward, or district-level town (hereinafter referred to as the People’s Committee of commune) or at receipt division of single-window system, the time limit for processing applications shall begin from the date on which the land registry receives the application forwarded by the People’s Committee of commune or the receipt division of single-window system.
The time limit specified in Clause 1 of this Article shall be counted from the date on which the registry receives a satisfactory application.
Results of registration and provision of information shall be returned to the applicant by any of the following methods:
1. In person at the registry.
If the application was submitted at the receipt division of single-window system or the People’s Committee of commune, the applicant for registration shall receive results at these authorities;
2. by post; or
3. other methods as agreed upon by the registry and applicant.
This Decree comes into force as of October 15, 2017 and replaces the Government's Decree No. 83/2010/ND-CP of July 23, 2010 on registration of secured transactions.