On June 20, 2018, the Ministry of Justice issued the Circular No. 08/2018/TT-BTP providing instructions for registration, information provision, contracts and exchange of information about registration of security with the Center for Registration of Transactions and Assets.
The Circular prescribes types of contract for which security may be registered upon request, including the following:
– Property lease contract in effect for either a minimum term of one year or a term of less than one year under which contracting parties must agree on an extension of such term and the aggregate lease term (including that extension) must be at least one year;
– Financial lease contract, subject to legislation on financial lease services;
– Contracts for transfer of the debt collection right, including both the existing and the future debt collection right.
– Any revision of, correction of errors arising from, or elimination of registration of, the security agreement registered for those abovementioned contracts.
(Except civil aircraft purchase contract, financial lease contract for aircraft, sea-going vessel hire-purchase contract, and financial lease contract for a sea-going vessel, etc.).
The Circular No. 08/2018/TT-BTP enters into effect on August 4, 2018.
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