Ministry of Justice coordinated with the International Finance Corporation (IFC) held the launching ceremony for the online registration system for secured transactions in Hanoi on 6 December 2010.
The debut of the online registration system for secured transactions is expected to minimize time of registration and make enterprises and people’s access to credits safe.
Present at the event were Deputy Minister of Justice Nguyen Thuy Hien, Vice Governor of the Central Bank Dang Thanh Binh, Deputy Minister of Information and Communication Nguyen Minh Hong and representatives from ministries, departments and the International Finance Corporation (IFC) as well as local departments of justice.
Addressing at the ceremony, Mr. Vũ Đức Long, Director of the Department of Secured Transactions and National Registration, under the Ministry of Justice, affirmed that, in recent years, registration and secured transactions have taken an increasing role in the operation of the national economy.
Since 2001, the State had applied many methods to strengthen this work and gained some good results, in 2006 the Ministry of Justice and the IFC signed a cooperation agreement, and also the Government’s decrees on registering secured transaction were published, Mr. Long said.
Meanwhile, Deputy Minister of Justice, Nguyen Thuy Hien, said the registration system for secured transactions played an important role in protecting investors, strengthening the capacity for approaching capital sources in credit, trade and ensuring legal safety for partners in doing transactions.
Ms Rachel Robbins- IFC's Vice President and General Counsel- emphasized the online registration system for secured transactions would help to effectively broaden the financial infrastructure in Vietnam.
At the event, delegates agreed that the online registration system for secured transaction showed a positive cooperation result between the Ministry of Justice and the IFC. Its establishment helped to reduce the time of registration, and the process of approaching credits of businesses and people is safer and saves on costs./.-ITD