| THE MINISTRY OF JUSTICE - THE MINISTRY OF NATURAL RESOURCES AND ENVIRONMENT - THE STATE BANK OF VIETNAM | THE SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness |
| No. 16/2014/TTLT-BTP-BTNMT-NHNN | Hanoi, June 6, 2014 |
JOINT CIRCULAR
Guiding a number of matters on disposal of security assets [1]
Pursuant to the June 14, 2005 Civil Code;
Pursuant to the Government’s Decree No. 163/2006/ND-CP of December 29, 2006, on secured transactions;
Pursuant to the Government’s Decree No. 11/2012/ND-CP of February 22, 2012, amending and supplementing a number of articles of the Government’s Decree No. 163/2006/ND-CP of December 29, 2006, on secured transactions;
Pursuant to the Government’s Decree No. 53/2013/ND-CP of May 18, 2013, on the establishment, organization and operation of Vietnam Asset Management Company;
Pursuant to the Government’s Decree No. 22/2013/ND-CP of March 13, 2013, defining the functions, tasks, powers and organizational structure of the Ministry of Justice;
Pursuant to the Government’s Decree No. 21/2013/ND-CP of March 4, 2013, defining the functions, tasks, powers and organizational structure of the Ministry of Natural Resources and Environment;
Pursuant to the Government’s Decree No. 156/2013/ND-CP of November 11, 2013, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;
The Minister of Justice, the Minister of Natural Resources and Environment and the Governor of the State Bank of Vietnam promulgate the Joint Circular guiding a number of matters on disposal of security assets.
Chapter I
GENERAL PROVISIONS
Article 1. Scope of regulation
1. This Circular guides the custody and sale of security assets, receipt of security assets as replacement for the performance of obligations of securing parties, and procedures for transfer of asset ownership or use rights after the disposal of security assets.
2. This Circular does not apply to the disposal of security assets in civil judgment enforcement activities.
Article 2. Subjects of application
1. Securing and secured parties to security contracts.
2. Vietnam Asset Management Company established and operating in accordance with Vietnam’s law.
3. Agencies competent to register asset ownership, use rights or circulations rights.
4. People’s Committees of communes, wards or townships (below referred to as commune-level People’s Committees) where security assets are taken into custody.
5. Organizations performing compensation tasks under law in case the State recovers land and land-attached assets.
6. Notarization practice organizations, organizations with the asset auction function, asset lienors, purchasers of security assets, and debt payment obligors.
7. Other related organizations, households and individuals.
Article 3. Responsibilities of related organizations, households and individuals in disposal of security assets
1. To adhere to the principles prescribed in Article 58 of the Government’s Decree No. 163/2006/ND-CP of December 29, 2006, on secured transactions (below referred to as Decree No. 163/2006/ND-CP), and Clause 15, Article 1 of the Government’s Decree No. 11/2012/ND-CP of February 22, 2012, amending and supplementing a number of articles of the Government’s Decree No. 163/2006/ND-CP of December 29, 2006, on secured transactions, and other relevant regulations.
2. To implement lawfully established agreements on disposal of security assets, and other relevant regulations.
3. To refrain from obstructing or resisting the lawful custody of security assets; concealing or dispersing security assets or shirking the performance of secured obligations.
