THE MINISTRY OF JUSTICE
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No: 06/2002/TT-BTP
Hanoi, February 28, 2002
 
 CIRCULAR
GUIDING A NUMBER OF PROVISIONS OF THE GOVERNMENT’S DECREE No. 165/1999/ND-CP NOVEMBER 19, 1999 ON SECURITY TRANSACTIONS
Pursuant to the Government’s Decree No. 38/CP of June 4, 1993 on the functions, tasks, powers and organization of the Ministry of Justice;
Pursuant to the Government’s Decree No. 165/1999/ND-CP of November 19, 1999 on security transactions;
In order to ensure the uniform implementation of the Government’s Decree No. 165/1999/ND-CP of November 19, 1999 on security transactions, the Ministry of Justice hereby guides a number of the following matters:
I. GENERAL PROVISIONS
1. On the scope of application of the provisions in Article 1 of Decree 165:
1.1. The Government’s Decree No. 165/1999/ND-CP of November 19, 1999 on security transactions (hereinafter called Decree 165 for short) was promulgated to specify the Civil Code’s provisions on pledge, mortgage and guaranty. Therefore, this Decree applies uniformly to the conclusion and performance of the contracts on pledge, mortgage of, and guaranty with, assets to secure the performance of civil obligations and to the disposal of the pledged, mortgaged and guaranty assets.
1.2. In cases where a specialized legislation contains provisions different from those of Decree 165 on the same matter, the provisions of the specialized legislation shall apply; if such provisions are not available, the provisions of Decree 165 and this Circular shall apply. Following are a number of specific cases:
a/ The pledge, mortgage of, and guaranty with, assets to secure the performance of obligations in economic and commercial transactions must comply with the relevant provisions of legal documents on economic and commercial transactions; if such provisions are not available, the corresponding provisions of Decree 165 and this Circular shall apply.
For example: Regarding the disposal of pledged, mortgaged and guaranty assets in order to recover debts for credit institutions, the provisions in Chapter V of the Government’s Decree No. 178/1999/ND-CP of December 29, 1999 on credit institutions’ loan security and guiding documents shall apply; if relevant provisions are not available, the corresponding provisions of Decree 165 and this Circular shall apply.
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