According to experts, Vietnam needs to develop a separate law on property registration to help fight corruption, money laundering, tax evasion and the protection of property rights of individuals and organizations.

“Scattered, lack of coupling, unclear”. This is the opinion of experts at the workshop on international experience sharing on asset registration and policy improvement proposals for Vietnam. The seminar was jointly organized by the Vietnam’s Ministry of Justice and the USAID on 30 March 2018.

Many constraints

Ms. Nguyen Chi Lan, Deputy Director of the National Registration Agency for Secured Transactions ( Ministry of Justice), said that regulations on trading, transferring, registering and announcing the right to property are located in about 64 legal documents, including the Constitution. All these documents have provisions on registration of assets but articulation is not clear, making it difficult to implement.

Some current inadequacies include lacks of: General principles and direction when building the property law, especially the separation between administrative and public services;  Legal basis for registration of some other types of rights such as tenure rights and surface rights; Uniformity in ownership registration; Consistence in notarization of real estate; Unified provisions on the timing of transfer of rights, establishment of property rights; Registration mechanism required for some types of assets, etc.

Need a separate law on property registration

Mr. Nguyen Hung Quang of NHQuang & Associates  emphasized that Vietnam was in the low rank of corruption prevention benchmark (113/170). Despite regulations on declaration property in the Law on Corruption Prevention, and high rate of asset declaration by far at 99.5%, the quality of declaration is still a big question.

Mr. Dang Truong Son from ACB Bank claimed that enterprises poured much investment into the property, having trust on the property registration, but not being protected.

Nguyen Chi Lan also said that the current asset registration has not clarified the origin of asset formation, leading to insecure asset transactions. She suggested that insurance on property rights should be considered accordingly, which constituted a fund to compensate for mischievous assets.

From diverse discussion and analysis, many experts and managers agreed that Vietnam should develop a separate law on property registration as it not only helps to promote publicity and transparency of assets and income to fight corruption, money laundering, tax evasion, but also contribute to the protection of property rights of individuals and organizations.

Source: Plo.vn 

Note: Content have been edited and translated by OGPvietnam’s editor.