Online registration system for secured transactions makes its debut

Present at the event were Deputy Minister of Justice, Nguyen Thuy Hien, and representatives from ministries, departments and the International Finance Corporation (IFC) as well as local departments of justice.

Addressing the ceremony, Vu Duc Long, Director of the Department of Exchange Guarantee and National Registration, under the Ministry of Justice, said in recent years, registration and secured transaction had gradually affirmed its role in assisting the operation of the economy.

Since 2001, the State had applied many methods to strengthen this work and gained some good results, in 2006 the Ministry of Justice and the IFC signed a cooperation agreement, and also the Government’s decrees on registering secured transaction were published, Mr. Long noted.

Meanwhile, Deputy Minister of Justice, Nguyen Thuy Hien, said the registration system for secured transactions played an important role in protecting investors, strengthening the capacity for approaching capital sources in credit, trade and ensuring legal safety for partners in doing transactions.

At the event, delegates agreed that the online registration system for secured transaction showed a positive cooperation result between the Ministry of Justice and the IFC. Its establishment helped to reduce the time of registration, and the process of approaching credits of businesses and people is safer and saves on costs.