In order to overcome the
limitation of Civil Code 2005, The Vietnam Civil Code 2015 provides details and transparent regulations on mortgage
on land use right and property attached on land. In general, The
Vietnam Civil Code 2015 respects
freedom of agreement of the parties, however, in cases where the parties have
not agreed upon or failed to discuss upon, these issues will be handled
according to the law as follows:
In principle, the land owner is
also the owner of property attached on land. In case the property attached on
land is not legally registered under the law of Vietnam, such property shall
not be considered as mortgaged property and shall be executed separately.
- if the land user is also
the owner of the property attached on land; such property shall also part of
the realized property;
- If
the land user is not also the owner of the property attached on land, such
owner may keep using such land within his/her rights and obligations during the
realization of the land use rights. The rights and obligations of the mortgagor
in relation with the owner of the property attached on land shall be
transferred to the transferee of the land use rights.
- If
the owner of the property attached on land is also the land user, such land use
rights shall also part of the realized property;
- if
the owner of the property attached on land is not also the land user, the
transferee of property on land may keep using such property within the
transferred rights and obligations from the owner of the property attached on
land during the realization of the land use rights.
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