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THE
GENERAL DEPARTMENT OF LAND ADMINISTRATION - THE STATE BANK
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No:
772/2001/TTLT/TCDC-NHNN
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Hanoi, May 21, 2001
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JOINT-CIRCULAR
GUIDING THE
PROCEDURES FOR THE MORTGAGE OF THE LAND USE RIGHT VALUE AND ASSETS AFFIXED TO
LAND BY FOREIGN-INVESTED ENTERPRISES AT CREDIT INSTITUTIONS
Pursuant to the provisions in Clause 3, Article
92 of the Government’s Decree No. 24/2000/ND-CP of July 31, 2000 detailing the
implementation of the Law on Foreign Investment in Vietnam and other law
provisions, the General Land Administration and Vietnam State Bank hereby
jointly guide the procedures for the mortgage of the land use right value by
foreign-invested enterprises (including joint-venture enterprises and 100%
foreign-capital enterprises) at credit institutions (including Vietnamese
credit institutions, foreign banks’ branches operating in Vietnam and
joint-venture banks between Vietnam and foreign countries operating under the
Law on Credit Institutions) as follows:
I. DOSSIERS OF MORTGAGE OF THE LAND USE RIGHT
VALUE AND ASSETS AFFIXED TO LAND
1. For foreign-invested enterprises which have
been leased land by the State and already paid the land rents for the whole
lease term or paid the land rents in advance for many years, if the lease term
remains for at least five years, the mortgage dossiers shall include the
following papers:
1.1. The contract on the mortgage of the land
use right value:
The contents of a land use right
value-mortgaging contract shall be agreed upon by the involved parties
according to law provisions, but there must be space for certification by the
provincial/municipal Land Administration Service or Land Administration and Housing
Service (hereafter referred collectively to as Land Administration Service) of
the locality where such land exists, of the land user, land use papers, the
current land-use situation and mortgage registration; as well as space for
deletion of registration; and changes in mortgage registration;
1.2. The land use right certificate (original);
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1.4. Voucher on the payment of land rents (copy
certified by agency competent to make notarization and/or authentication).
2. For joint-venture enterprises to which
the Vietnamese parties contribute their capital with the land use right value,
if the duration of capital contribution with the land use right value remains
for at least five years, the mortgage dossiers shall include the following
papers:
2.1. Papers prescribed at Points 1.1, 1.2 and
1.3 of this Section;
2.2. Copy of the contract on capital
contribution with the land use right value, certified by agency competent to
make notarization and/or authentication.
3. For foreign-invested enterprises which
mortgage the land use right value and assets affixed to land (including
machinery and equipment installed at workshops, construction works and other
assets affixed to land), the mortgage dossiers shall include the following
papers:
3.1. Papers prescribed at Points 1 or 2 of this
Section;
3.2. Papers on the registration of the ownership
over the assets;
3.3. Papers evidencing that the assets are under
the lawful ownership of such foreign-invested enterprises while the
registration of the ownership over such assets is not yet required by law as
prescribed at Point 1.3 of Joint-Circular No. 12/2000/TTLT-NHNN-BTP-BTC-TCDC of
November 22, 2000 of Vietnam State Bank, the Ministry of Justice, the Ministry
of Finance and the General Land Administration.
4. When mortgaging the land use right
value according to the provisions in this Circular, the competent State
agencies shall not have to issue written decisions to permit the mortgagers to
mortgage their land use right value, but only carry out the procedures therefor
and make certification on the land use right value-mortgaging contracts.
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6. When being mortgaged, the land use right
value shall be determined according to the land prices announced by the
People’s Committees of the provinces and centrally-run cities where such land
exists for application at the time of mortgage.
For cases where land is leased by the State, the
land use right value shall comprise: The land rents already paid in advance to
the State minus the land rents already paid for the use duration; compensations
for damage (if any); expenses for ground leveling and improvement (if any).
II. ORDER FOR MORTGAGING THE LAND USE RIGHT
VALUE
1. Foreign-invested enterprises shall submit
dossiers of mortgage of the land use right value as provided for in Section I
of this Circular to the provincial/municipal Land Administration Services.
2. Within 15 days as from the date of receiving
complete and valid mortgage dossiers, the Land Administration Services shall
expertise such mortgage dossiers and make certification of fully meeting the
law-prescribed mortgage conditions on the land use right value-mortgaging
contracts; register the mortgage on the land use fluctuation-monitoring books
and the register of secured transactions; then return the mortgage dossiers to
such foreign-invested enterprises.
In cases where the foreign-invested enterprises
fail to fully meet the mortgage conditions, the Land Administration Services
shall return the dossiers and notify the enterprises of the reasons therefor.
3. Foreign-invested enterprises and credit
institutions shall have to pay fees according to law provisions.
4. The land use right-mortgaging contracts shall
be valid as from the time the Land Administration Services register the mortgage
of the land use right.
5. In the course of mortgaging the land
use right value, if foreign-invested enterprises and credit institutions reach
agreements other than the contents of the land use right-mortgaging contracts
already signed, the Land Administration Services shall register changes in the
land use right value mortgage according to law provisions.
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1. When foreign-invested enterprises
fulfill their debt-repayment obligation under the credit contracts or the land
use right value-mortgaging contracts already signed, they shall file the land
use right-mortgaging contracts to the provincial/municipal Land Administration
Services for the deletion of the land use right mortgage registration;
2. The provincial/municipal Land Administration
Services shall delete the mortgage registration and affix stamp on the land use
right value-mortgaging contracts; and delete the mortgage registration in the
land use fluctuation-monitoring books and the register of secured transactions
according to law provisions.
3. The settlement of the mortgaged land use
right and assets affixed to land for debt retrieval shall comply with the
provisions of Joint-Circular No. 03/2001/TTLT/NHNN-BTP-BCA-BTC-TCDC of April
23, 2001 of Vietnam State Bank, the Ministry of Justice, the Ministry of Public
Security, the Ministry of Finance and the General Land Administration.
IV. IMPLEMENTATION ORGANIZATION
1. For cases where the land use right value
has been mortgaged before the effective date of this Circular, the procedures
therefor shall not be re-carried out according to the provisions of this
Circular.
2. For foreign-invested enterprises which have
been fully qualified for the granting of land use right certificates under the
provisions of legislation on land, but not yet granted such certificates, the
mortgage dossiers and procedures shall not comply with this Circular, but with
the provisions at Point 1.1, Joint-Circular No. 12/2000/TTLT-NHNN-BTP-BTC-TCDC
of November 22, 2000 of Vietnam State Bank, the Ministry of Justice, the
Ministry of Finance and the General Land Administration.
3. The entries in the register of secured
transactions shall be made only when the concerned ministries or branches issue
guiding documents.
4. The People’s Committees of the
provinces and centrally-run cities shall, within the ambit of their tasks and
powers, have to organize the implementation of this Circular.
The provincial/municipal Land Administration
Services and Land Administration-Housing Services, the State Bank’s
provincial/municipal branches, credit institutions, foreign-invested
enterprises and concerned units shall have to implement this Circular.
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5. This Circular takes effect 15 days
after its singing.
FOR THE GENERAL DIRECTOR
OF LAND ADMINISTRATION
DEPUTY GENERAL DIRECTOR
Trieu Van Be
FOR THE GOVERNOR OF VIETNAM
STATE BANK
DEPUTY GOVERNOR
Duong Thu Huong