Is it compulsory to register security interest at the authority of the land registry regarding mortgage of land use rights in Vietnam?

Is it compulsory to register security interest at the authority of the land registry regarding mortgage of land use rights in Vietnam?

Pursuant to Clause 1 Article 25 of the Decree 99/2022/NĐ-CP stipulating cases subject to registration falling under the authority of the land registry in Vietnam as follows:

Registration falling under the authority of the land registry

1. Cases subject to registration:

a) Mortgage of land use rights;

b) Mortgage of house, property on land whose ownership has been stated in the Certificate;

c) Mortgage of the project on housing construction, construction of non-residential buildings, agricultural investment project, forest development project, or other investment project that uses land and land use rights assigned by the State with land use levy imposed or leased out in the form of lump-sum payment for the entire lease period;

d) Registration of change or deregistration for the case specified at Points a, b and c of this Clause.

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As regulations above, it is compulsory to register security interest at the authority of the land registry regarding mortgage of land use rights in Vietnam.

What are methods of filing registration applications for security interest regarding mortgage of land use rights in Vietnam?

Pursuant to Article 13 of the Decree 99/2022/NĐ-CP stipulating methods of filing registration applications for security interest regarding mortgage of land use rights in Vietnam as follows:

Methods of filing registration applications

1. A registration application shall be filed by any of the following methods:

a) via the online registration system;

b) in person or by post;

c) via emails.

2. Methods of filing registration applications specified at Points a and c, Clause 1 of this Article apply to land use rights, property on land, rights to use the sea area, and property on the sea area or for aircraft and sea-going ships in compliance with the law on land, exploitation and utilization of marine resources, aviation or maritime law.

3. The method of filing registration application specified at Point c, Clause 1 of this Article, for registration cases specified in Article 44 of this Decree, applies to persons who have been granted online registration accounts.

As regulations above, methods of filing registration applications for security interest regarding mortgage of land use rights in Vietnam are via the online registration system or emails.

What is the validity time of registration of the registration of security interest regarding mortgage of land use rights in Vietnam?

Pursuant to Clause 1 Article 6 of the Decree 99/2022/NĐ-CP stipulating the validity time of registration of the registration of security interest regarding mortgage of land use rights in Vietnam as follows:

Validity time of registration

1. The validity of the registration is determined as follows:

a) The registration of land use rights and property on land is valid from the time when the registry records and updates the registered information in the cadastral register; the registration of property on land specified at Points a and b, Clause 2, Article 25 of this Decree is valid from the time when the registry records and updates the registered information in the Register of mortgage of off-the-plan property on land; the registration of aircraft is valid from the time when the registry records and updates the registered information in the Vietnam Aircraft Register; the registration of seagoing ships is valid from the time when the registry records and updates the registered information in the Vietnam National Register of sea-going ships; the registration of movable property other than aircraft, seagoing ships or securities which have been centrally registered or for the case specified at Point dd, Clause 1, Article 44 of this Decree is valid from the time when it is updated to the Database.

The registration of the right to use the sea area and property on the sea area is valid from the time when the registry records and updates the registered information in the Register or in the Database in accordance with the law on exploitation and utilization of marine resources;

b) The validity period of the registration commences from the validity time of the registration to the time of deregistration.

The validity period of the registration is the basis for determining the period in which the security interest takes effect against a third party as prescribed in the Civil Code, except for the case where determination of the period against the third party does not terminate Clause 2 of this Article and the case of registration of notice of realization of collateral specified in Clause 4 of this Article;

c) The registration of changes does not change the validity time or terminate the validity of the registration, except in the case of adding collateral or adding secured obligations or changing information or correcting information due to the fault of the registration applicant about the chassis number of the road motor vehicle and other information specified in Clauses 3, 4, 7 and 8 Article 45 of this Decree, the validity time for the changed content is the time when the registry office records or updates the changed content in the Registry or in the Database.

In case of registration of change of the grantor or the secured party due to the transfer of part of the right to claim debt or a part of the obligation specified in Clause 3, Article 18 of this Decree, it shall not change or terminate the validity of the registration as to the registered content belonging to the part of the right to claim debt, the part of the obligation that the parties do not agree on the transfer;

d) In case of deregistration, the validity of the registration shall cease from the time the registry records and updates the deleted contents in the Registry or in the Database;

dd) Where an asset is used to secure the performance of more than one obligation, the registration for the next obligation shall not change or terminate the validity of the registration for the obligation already registered before;

e) In case of registration cancellation, the registration is not valid. In case a part of registered content is deregistered, it will not change or terminate the validity of the registration for other registered content.

In case the registration has been deregistered but then re-registered according to Clause 3, Article 21 of this Decree, the validity time and validity period of the registration before the deregistration will not change or terminate.

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As regulations above, the registration of the registration of security interest regarding mortgage of land use rights in Vietnam are valid from the time when the registry records and updates the registered information in the cadastral register.

Best regards!