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Vietnam News




Highest-ever foreign reserves help stabilise money market 

Many banks exceed full-year profit target 



Casino finds itself in royal mess at Vietnam’s top resort town 

GDP growth benefits for the poor lessening: economist 



Foreign investment hit over US$28 billion in 10 months 

Japan invests big in Binh Duong 



Officetels, condotels need regulations 

5 Seasons: condotel of choice for long-term living 



SolarBK first local firm licensed to build solar farm 

PV Oil ready to roll out E5 bio-fuel nationwide 



NA deputies call for consistency and feasibility of planning law 

Asset registration brought up for discussion 


Dr. Oliver Massmann

International Attorney at Law
Certified Financial Accountant and Auditor
General Director of Duane Morris LLC
Partner of Duane Morris LLP
Member to the Supervisory Board of PetroVietnam Insurance Holdings Joint Stock Company



  Highest-ever foreign reserves help stabilise money market

The Saigon Times

 Vietnam’s foreign exchange reserves have shot up to an all-time high of $45 billion, which will facilitate the central bank’s effort to stabilise the money market and thereby the economy.

A government report, delivered by prime minister Nguyen Xuan Phuc on the first day of the National Assembly session in Hanoi on Monday, said the State Bank of Vietnam (SBV) had bought an additional $6 billion since the end of last year, taking the total to $45 billion.

In his closing remarks at the sixth plenum of the Party Central Committee on October 11, Party general Secretary Nguyen Phu Trong also mentioned the country’s highest-ever foreign exchange reserves as a major economic achievement.

Nguyen Thi Hong, deputy governor of SBV, was quoted by the Vietnam News Agency as saying on the sidelines of a meeting in Hanoi last week that such high foreign reserves would give the central bank some leeway to keep the local currency dong stable in the rest of the year.

“We are confident we can stabilise the value of the dong” this year, said Hong, as they provide sufficient ammunition for the central bank to intervene in the money market if necessary.

Nguyen Hoang Minh, deputy director of SBV in HCM City, was quoted by the Vietnam News Agency as saying that growing remittances from the Vietnamese abroad had partly helped boost the foreign reserves this year, which has in turn given the central bank room to roll out pro-growth policy.

The government report said the Vietnamese economy struggled in the first quarter with growth lower than in the same period last year, but since the second quarter, gross domestic product (GDP) has steadily expanded.

In the first nine months of the year, GDP grew 6.41 percent, well above 5.99 percent in the same period of 2016, according to the report.

Given this encouraging result, PM Phuc is pinning high hopes that the economy could expand 6.7 percent to VND5,000 trillion (US$220 billion) in all of 2017 as targeted by the government.

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Many banks exceed full-year profit target


Since the beginning of this week, many banks have announced impressive business results in the first nine months of 2017.

In its recent announcement, Orient Commercial Bank (OCB) said it completed the whole year profit plan after the first nine months with the pre-tax profit of 789 billion dong and completion rate of 101 percent.

As of September 30, 2017, OCB had total assets of 70.874 trillion dong, accomplishing 83 percent of the year plan.

The total mobilisation from market 1 was 56.339 trillion dong, reckoning for 85 percent of the plan; the outstanding loans were 46.843 trillion dong, fulfilling 99 percent of the plan; the non-performing loan (NPL) ratio was controlled at less than two percent.

On October 23, Tien Phong Commercial Joint Stock Bank (TPBank) announced its financial statement in Q3/2017 with the 9-month accumulated pre-tax profit of 807 billion dong, exceeding the whole year plan set at 780 billion dong.

As of September 30, 2017, TPBank’s total assets were 114.5 trillion dong, up 28 percent year-on-year; the outstanding loans were 67.056 trillion dong, equal to 97.8 percent of the year plan, growing nearly 20 percent; the capital mobilisation improved nearly 21 percent from the beginning of the year, hitting nearly 95 percent of the year plan; the NPL ratio was less than 0.8 percent.

On October 24, An Binh Bank (ABBank) also posted its business results and became the next member having profit approaching the whole year target only after nine months.

Specifically, in January-September 2017, ABBank attained the pre-tax profit of 429 billion dong, up 122 percent year-on-year and completed 132 percent of the 9-month plan, equal to 95 percent of the 2017 plan.

As of September 30, 2017, ABBank had the total assets of 81.306 trillion dong, up 9.2 percent from the beginning of the year and 16.2 percent year-on-year. Loans to customers touched 44.219 trillion dong, up 11.1 percent from the beginning of the year; customers’ deposits hit 55.498 trillion dong, up 7.1 percent from the beginning of the year.

Prior to the above mentioned members, the market also recorded the unexpected profit increase that exceeds the whole year plan after nine months at Hochiminh City Development Bank (HDBank) along with the whole year profit progress to be almost completed at LienVietPostBank.

With the announced business results, the year 2017 becomes different when, for the first time since the demand stimulation period of 2009-2012, the system of Vietnamese commercial banks has achieved such a rapid profit generation progress.


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Casino finds itself in royal mess at Vietnam’s top resort town


The owners have reported multi million dollar losses, blaming a drop in Chinese gamblers visiting Ha Long Bay. The company running the only casino in Vietnam’s famous Ha Long Bay appears to have been dealt a bad hand. The Royal International Corporation said in a new financial report that its losses in the third quarter had jumped 23 times from a year ago to more than VND69 billion ($3.04 million). That added to a VND100 billion ($4.4 million) loss in the first nine months, a fourfold increase from 2016, the company said. Most of the losses were incurred by its casino operation, but its villa business also played a small part, it said. The casino was opened in 2003 but the business has bled red ink since 2013. The company reported a VND154 billion loss in 2014. Managers said most gamblers come from Taiwan and mainland China, but fewer have been showing up of late. Vietnam has six casinos that open exclusively to foreigners, and four of them are reporting losses. Earlier this year the government lifted a long-time ban on Vietnamese nationals to allow them to gamble in two casinosone on the southern resort island of Phu Quoc and the other at the Van Don Special Economic Zone in the northern province of Quang Ninh Province, close to the loss-making Ha Long casino. Both casinos are under construction. 

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GDP growth benefits for the poor lessening: economist


The gap between the top 20 percent of the richest people and the lowest 20 per cent of the poor in Vietnam was 4.4 times in 1993, but the figure was 10 times in 2016.

The real figure could be even higher as it is now difficult to measure the wealth of the rich, according to the Mekong Development Institute.

Dr Phung Duc Tung, head of the Mekong Development Institute, said that the high GDP growth rate that Vietnam has always been striving for will not solve all the problems in the country.

Tung said the GDP growth rate is an important index that measures the development of the economy, but it is also necessary to think about who will benefit from growth.

GDP has been growing with a great contribution from the foreign invested economic sector. Formosa and Samsung, for example, are major factors that helped contribute to the impressive 7.46 percent growth rate in the third quarter.

However, Tung pointed out that FDI does not bring many benefits to the economy compared with what it can receive.

He said that the export-based economic growth makes the economy vulnerable. “Any uncertainties from outside or from large foreign-invested conglomerates will have serious impact on Vietnam’s economy,” he said.

Minister and Chair of the government’s Office Mai Tien Dung emphasized that the record high growth rate of 7.46 percent in the third quarter was not generated from the exploitation of natural resources.

However, this has been the ‘pillar’ for Vietnam’s GDP for many years. That was why the government once considered exploiting an additional 1 million tonnes of oil to obtain the targeted growth rate.

“Mining doesn’t create added value. We just unearth and sell what our ancestors have not exploited,” Tung said.

Real estate also makes a great contribution to GDP growth rate. Some businesses fully exploit legal loopholes to obtain land plots at low prices and seek profits from dubious transactions.

Tung believes that despite the high GDP growth rate, people won’t get many benefits from it.

The UNDP encourages countries to strive for ‘inclusive growth’, i.e. all people in a country benefiting from GDP growth.

“In 1990-2005, the growth brought benefits to the majority of people,” Tung said. In the period, people’s income mostly came from their jobs, while the gap in income was from the difference in labourers’ skills.

But since 2010, the difference in income of different groups of people no longer depends on income from their work, but from assets (real estate, shares, deposits, and production tools). The gap between the poor and the rich has widened.

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Foreign investment hit over US$28 billion in 10 months



As of October 20, Vietnam has attracted US$28.24 billion in foreign direct investment (FDI) capital, a year-on-year increase of 37.4%, according to the Foreign Investment Agency under the Ministry of Planning and Investment.

Of the figure, US$16.3 billion was put into 2,070 new projects (up 32.9%), US$7.27 billion (up 35.9%), into 1,001  operational projects that demand additionally increased investment capital and US$4.67 billion into 4,156 capital contribution and share buying projects.

Foreign investment is concentrated on 19 fields, with the processing and manufacturing industry ranking first with US$13.75 billion, accounting for 48.7% of total investment. Electricity production and distribution came second with US$5.63 billion, followed by real estate with US$2.04 billion.

The Republic of Korea topped 112 countries and territories investing in Vietnam with US$7.62 billion, trailed by Japan with US$6.07 billion, and Singapore with US$5.59 billion.

Foreign businesses provided capital to 59 provinces and cities nationwide. Ho Chi Minh City led in FDI attraction with US$5.03 billion, followed by Bac Ninh at US$3.19 billion, and Thanh Hoa at US$3.16 billion.


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Japan invests big in Binh Duong 


Japan remains the second-biggest investor in the southern province of Binh Duong with a total of 249 projects, worth US$5.2 billion, according to the provincial People’s Committee.

Nguyen Thanh Truc, director of the province’s Department of Planning and Investment, said during a meeting on Wednesday with Japanese investors that investment from Japanese enterprises accounted for nearly 19 per cent of total foreign direct investment in the province.

Following Taiwan, Japan remains the second biggest investor in the province, he said.

Japanese companies have invested in the Tokyu Binh Duong property project with capital of $1.2 billion and Wonderful Saigon Electrics has received $450 million investment from the Sun-S group at the Viet Nam – Singapore Industrial Park. Aeon Mall, a trade centre project, has received investment of $95 million.

“The Japanese have continued to invest in Binh Duong, which is a positive sign proving that Binh Duong remains attractive to foreign investors in general and Japanese investors in particular,” Truc said.

Kawaue Junichi, General Consul of Japan in HCM City, said that along with relations between Viet Nam and Japan, relations between Japan and Binh Duong Province had developed strongly.

With a high development growth rate, Binh Duong has attracted many foreign investors, he said, adding that Japan is also investing in many infrastructure and transportation projects in HCM City.

Binh Duong is expected to become an important hub for Japanese enterprises in the coming time, he added.

On Wednesday, the provincial authorities met with Japanese investors who have projects in the province to help them overcome obstacles they are facing.

This is the second time this year that the province has organised this kind of meeting with Japanese investors.

At the meeting, investors spoke about difficulties, including social insurance for foreign labourers, customs issues, provisional stays, transportation, machine imports, human resources training, kindergartens for kids of labourers, time needed to grant investment certificates, and wages.

All of the questions were answered at the meeting by local officials.

The People’s Committee of the province holds regular meetings with enterprises. It aims to solve difficulties that companies face and to create an advantageous investment environment for investors.

At the meetings, representatives from sectors answer questions and give guidance to companies about legal issues relating to their operation and investment in the province.

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Officetels, condotels need regulations  


The HCM City Real Estate Association (HoREA) has urged the Government to ensure condotels and officetels are not used primarily as apartments, warning that would cause problems for urban planning and infrastructure and transport.

HoREA chairman Le Hoang Chau said there are no design standards for projects that include both apartments and officetels-condotels.

There are no regulations on the number of occupants at these projects either meaning there would be unbearable pressure on infrastructure and transportation, he said.

The association suggested to the city Department of Architect Plans that the size of officetels should be 25-50sq.m while condotels should be of similar size as a room in a hotel or resort.

In terms of population, HoREA said it must be capped at half of that of a pure housing project.

In projects combining apartments and officetels-condotels, the latter should be in a specific area and separated from the apartments, it said.

Apartment projects with condotels or officetels have seen strong growth in the city in recent years.

They have been approved by the Ministry of Construction, but it is difficult for authorities to manage them since there are no regulations related to their planning or design.

Tran Vinh Tuyen, deputy chairman of the HCM City People’s Committee, was quoted by Tin Tuc (News) newspaper as saying that condotels and officetels are new products but there are no projects with officetels only.

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5 Seasons: condotel of choice for long-term living



A pioneer in Hanoi’s high-end condotel market, 5 Seasons has introduced unprecedented investment opportunities.

Long-term luxury

Over the past years, condotel projects have been flourishing in Vietnam due to the great potential of the resort industry.

Nguyen Hoang Vinh of Hanoi, who has invested in a series of condotel projects over the past three years, said: “I have invested in a lot of condotel projects in Danang and Nha Trang cities, and on Phu Quoc Island. I think this type of property has huge potential both in profit earnings and to cashflow generation.”

“The tourism market has been showing signs of saturation. Meanwhile, I have learnt that my condotels can serve not only as resorts for a short period, but also as accommodation for longer durations. Therefore, I have been looking for condotel projects in Hanoi that were developed under the model of "building for living," rather than for just short-term relaxation,” Vinh said.

Vinh is just one of the many trendy investors who have quickly caught on to the trend of the condotel segment gradually moving from tourist hubs to the big cities to welcome customers who want to rent luxury apartments for a long duration.

Following a period of study and careful consideration, Vinh was finally convinced by 5 Seasons’ qualified services in terms of design and utilities, along with sustainable profitability opportunities.

Five-star facilities and services

5 Seasons is located within the TNR GoldSeason luxury apartment complex, managed by TNR Holdings Vietnam. There are 400 condotels at 5 Seasons, built with the purpose of long-term living.

The project was directly executed by Hoa Binh Construction Group JSC, using modern construction technology. Each apartment is designed after the irrefutably metropolitan style of apartment buildings in Manhattan, New York. Apartment space is expanded thanks to the reasonable room layout and the sizeable glass surfaces which ensure ample natural light and a panoramic view of the city at the same time.

This five-star condotel also provides a great variety of exclusive services. In addition to several local amenities, 5 Seasons offers nine free lifetime utilities that only residents can access.

The project also looks forward to helping residents make the most of their precious free time and enjoy luxurious living at their own homes by offering several home-related services, such as housekeeping, food services, and laundry.

Sustainable profit

Considered a new move in real estate investment, 5 Seasons fully converts the conditions to ensure profitability for investors.

Firstly, with a price of only VND1.6 billion ($70,300), customers can own a two-bedroom apartment in the centre of Thanh Xuan district with full facilities and imported high-end furniture.

Moreover, profit generated by leasing a condotel can reach 12.7 per cent of the apartment value per year, potentially earning back buyers’ capital within eight years. 

With the lease price of VND15-25 million per condotel per month, investors can earn at least VND300 million in profit per year. With this profit, 5 Seasons is considered by many investors as the leading real estate project in Hanoi in terms of profitability.

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SolarBK first local firm licensed to build solar farm



The leading renewable energy solutions provider in Vietnam, SolarBK, has just received a licence to develop a 4.4-megawatt peak solar farm in Danang, acting not only as the project owner, but also the first Vietnamese engineering, procurement, and construction firm for a solar project.

Located on a 6.7-hectare plot in Lien Chieu district, SolarBK’s solar farm project is expected to become operational in the first quarter of 2018, helping to reduce nearly 5,000 tonnes of carbon emissions annually. This is a part of SolarBK’s strategy to make Vietnam green.

“Our first solar farm will soon be realised. It is a small project for its kind but a giant leap for SolarBK. SolarBK will not only be the project owner, it will also become the first Vietnamese engineering, procurement, and construction (EPC) company for a solar farm – while the IREX panels used will be the first bankable Vietnamese-made module,” said Nguyen Duong Tuan, CEO of SolarBK.

IREX’s solar panel factory is also a member company of SolarBK. Founded in 2012, IREX is the factory with the most modern production lines with a potential capacity of 300 megawatts (MW) and solar cells f 200MWp per year.

Currently, SolarBK is actively working to “green” many projects in Danang, as the firm inked a co-operation contract with Empire Group on lighting up the latter’s entertainment mega-complex with its energy-efficient solar-powered electrical system. The total capacity of this system touches a 1.5 megawatt peak (MWp). The firm will also supply a total of 75,000 kilowatt-hours (kWh) of electricity annually from 160 rooftop solar panels – cutting carbon emissions each year by 48,000 tonnes in total.

SolarBK is one of few companies in Vietnam that is capable of professionally and efficiently performing EPC.

“SolarBK believes that everything should start from its core. We hope that our solar power solutions will continue to be widely spread, especially in the education field. We hope that it will stimulate the youth into working together for a future of Vietnam becoming the global leader of renewable energy,” reads the firm’s website.

More than 1.5MWp of solar photovoltaic rooftop systems have been signed for and deployed nationwide by SolarBK up to now.

Vietnam’s potential for solar power generation is great, with 1,600-2,700 sunlight hours per year and an average direct normal irradiance of four-to-five kWh per square metre, comparable to Thailand, the Philippines, Spain, and Italy.

According to the Ministry of Industry and Trade, hundreds of solar projects have registered to invest in Vietnam – at a total planned capacity of more than 15,000MW by 2030, a higher solar power capacity target than listed in the revised Power Development Master Plan VII.

Danang is said to have great renewable energy potential, with 90 kilometres of coastline, 2,000 hours of sunlight per year, and an average wind speed of three metres per second.

According to a report prepared by the Danang Department of Industry and Trade, around 30 per cent of the city’s population use solar power for water heaters, while around 20 five-star hotels and resorts are using solar powered water-heating systems.

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PV Oil ready to roll out E5 bio-fuel nationwide


PetroVietnam Oil Corporation (PV Oil) is willing to switch from RON A92 petrol to bio-fuel E5 on nationwide from January 1, 2018, according to newswire Cafef.

PV Oil has completed the close loop including processing raw material for bio-fuel blending, blending E5 bio-fuel, and transporting E5 bio-fuel from blending stations to transit warehouses, and then to retail stations and distributors nationwide.

PV Oil was considered the pioneer piloting the E5 use programme and officially started retail distribution from August 1, 2010. Since December 1, 2014 E5 bio-fuel was taken into popular use through PV Oil’s distribution systems in seven cities and provinces, including Hanoi, Ho Chi Minh City, Haiphong, Danang, Can Tho, Quang Ngai, and Ba Ria-Vung Tau.

PV Oil upgraded the storage tanks systems and simultaneously took 11 bio-fuel blending stations into operation nationwide, a number that will increase by December this year to ensure the nationwide commercial distribution of E5 bio-fuel.

Besides, the company built plans for processing ethanol E100 to ensure the raw material for E5 bio-fuel blending, which is a mix of 95 per cent A92 petrol and 5 per cent ethanol E100. PV Oil will source all ethanol E100 domestically.

PV Oil has also accelerated the switch fuel pumping facilities from RON A92 petrol to bio-fuel E5 at retail stations and is ready to provide technical support to its agencies and distributors. It plans to complete upgrading and switching processes by the end of the year.

Previously, the Ministry of Industry and Trade (MoIT) and other authorities as well as cities and provinces also announced accelerating the implementation of solutions to switch from RON A92 petrol to E5 bio-fuel.

According to calculations by MoIT, from the beginning of 2018—when RON A92 petrol disappears—the country will need about 5.5 million cubic metres of E5 fuel. This means producing 250,000-270,000 tonnes of ethanol E100 as raw material for bio-fuel blending.

MoIT forecasts that the domestic supply of E100 will reach about 520,000 cubic metres per year, adequate to meet the demand for the blending of the new environmentally friendlier E5 fuel.

In order to ensure the supply of E5 bio-fuel for users, MoIT organised working sessions with bio ethanol manufacturers and Binh Son Refining and Petrochemical Company Limited to urge them to complete the facilities and infrastructure to process ethanol E100.

According to MoIT’s calculations, the domestic ethanol E5 source is currently enough to meet the demand for E5 bio-fuel blending, once it replaces RON 92 from January 1, 2018.

Notably, to date, Vietnam has four ethanol E100 processing factories manufactured by Tung Lam Co., Ltd. with a total annual capacity  of 200 million liters of ethanol, which is enough to blend of 3.9 million cubic metres of E5 bio-fuel.

The Dung Quat and Binh Phuoc bio-ethanol factories, which have suspended their operations, will be restarted by the end of the year.

Besides, MoIT worked with 26 large-scale petroleum trading units to listen to their difficulties and obstacles during the preparation process for trading E5 bio-fuel in early 2018.

Vietnam currently has five petroleum trading firms with E5 bio-fuel blending stations, namely Petrolimex, PV Oil, Saigon Petro Co., Ltd., Military Petroleum Corporation (MIPECORP), and Nam Song Hau Trading and Investment Petroleum JSC.

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NA deputies call for consistency and feasibility of planning law

 National Assembly (NA) deputies called for several points in the draft Law on Planning needed to be revised to ensure its consistency and feasibility during discussion on Wednesday morning at the fourth plenary session of the 14th NA.

Despite generally agreeing with the necessity of issuing the Law on Planning, which is expected to help eliminate overlaps and inconsistencies in planning and prevent wastes of resources, NA deputies expressed concerns as the law, if passed and put into effect from 2019, would require amendments to the dozens of existing laws and codes.

At the previous seating, the NA decided to postpone the passing of the law for more consideration to ensure its feasibility.

In the report of the NA Standing Committee on Tuesday, Chairman of the Economic Committee, Vũ Hồng Thanh, said that the draft law was adjusted towards expanding the vision to ensure inheritability and stability of the planning, 20-50 years for national-level planning and 20-30 years for regional and provincial planning.

NA deputy Nguyễn Thanh Xuân of Cần Thơ City said amending too many relevant laws and codes was unprecedented and not an easy task, urging careful revision to ensure consistency. Xuân added that instructions to implement the law must also be issued timely.

Allocating resources for development was the most important factor in planning, NA deputy Hoàng Văn Cường of Hà Nội, said.

"The planning must be based on development resources and trends, as well as science and technology development trends, to ensure efficiency in allocating resources," Cường said.

To prevent stagnation in planning, deputy Lê Minh Chuẩn of northern Quảng Ninh Province said that the draft law should add regulations about the implementation of planning.

Chuẩn said the agencies, which were in charge of approving the planning, must be of higher levels than the agencies in charge of actually planning to enhance supervision, and prevent inconsistencies and groups of interest.

He added that it’s time the planning took into account the impacts of industry 4.0.

Expressing concerns about airspace and underground planning, deputy Lưu Bình Nhưỡng from the southern Bến Tre Province, said more studies were needed.

He said that airspace and underground planning had not been mentioned adequately in the draft law, while the construction of underground projects was anticipated to increase rapidly.

Deputy Phạm Trọng Nhân of the southern Bình Dương Province said that the core to ensure comprehensive planning was the application of technologies, as well as the capacity of planning makers and appraisers to tackle problems related to conflicts of interests between different planning so as to optimise resources.

“This is definitely a difficult law project, which requires the coordination of a number of ministries and agencies,” Minister of Planning and Investment, Nguyễn Chí Dũng, in charge of compiling the draft, said.

Regarding the planning of special administrative - economic zones, Dũng said that the planning must be based on the scale of the zones. However, scales of the special administrative – economic zones remained unclear because the law regulating this was being drafted.

The ministry’s statistics revealed that in 2011-20, the total number of planning counts on all levels in Việt Nam reached nearly 19,300, in which many were proved overlapping or inconsistent.

The ministry expects to reduce the planning counts to 11,400 if the Law on Planning is passed and comes into force.

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Asset registration brought up for discussion


Regulations on asset registration remain disperse and lack consistency while the ownership registration requested for a number of assets have not yet been ruled, heard a workshop recently held by the Ministry of Justice (MOJ) in Lam Dong province.

At the workshop on improvement of institutional framework for asset registration in Vietnam on September 29, the MOJ’s National Registration Agency for Secured Transactions (NRAST) cited Article 106 of the 2015 Civil Code “ownership rights and other rights over movable property are not required to be registered, unless otherwise prescribed by the law on property registration.”

However, there has been a lack of regulations guiding the registration of ownership rights over high-value movables, such as bonsais (ornamental plants) worth billions of Vietnam dong each, reported the agency.

Nguyen Van Manh from the Government Office’s Legal Department said the specific regulations on registration of high-value assets, particularly immovables, have not only facilitated civil transactions and better protected lawful rights and interests of the State, individuals and organizations but also contributed to the corruption combat.

Asset registration has been set out in various documents, including the Civil Code, Land Law, Housing Law, Law on Intellectual Property and their guiding documents, said Justice Deputy Minister Nguyen Khanh Ngoc.

However, the registration of different types of asset has been viewed from different aspects suitable to functions and state management competence of the ministries and sectors respectively managing those assets. Therefore, some legal documents on asset registration are inconsistent due to lack of general legal principles for their formulation, Ngoc noted.

Experts suggested finalizing the legal framework on asset registration by either enacting a decree to regulate the registration of assets not yet subject to registration or drafting a law on registration of immovable and movable assets, except air craft, ships, motor vehicles, securities and intellectual property objects.

NRAST Deputy Director Nguyen Chi Lan said such a decree should add the function of centers for registration of transactions and assets under the NRAST to register the rights and contracts over assets for which no registration mechanism is available.

Legal expert Nguyen Ngoc Dien from the University of Economics and Law of the Ho Chi Minh National University proposed the law on asset registration to clarify the legal status of immovables and clearly specify immovables subject to registration; rights of registrants; registration principles and provision of asset information, Dien stressed.

Vu Thi Hong Yen from the Hanoi Law University said asset registration should not be agreed among parties to transactions but must be prescribed by the State as compulsory procedures. The asset registration law must prescribe legal consequences to be borne by entities that fail to make asset registration, she added.

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