New points of Decree no. 21/2021/NĐ-CP about collateral, some obstacles and recommendations for law improvement

Abstract

Decree no. 21/2021/NĐ-CP on fulfillment of obligations (hereinafter Decree no. 21) officially took effect on May 15th, 2021 to replace Decree no. 163/2006/NĐ-CP dated December 29th, 2006 of the Government on secured transactions, Decree no. 11/2012/NĐ-CP dated February 22nd, 2012 of the Government on amendments and supplements to Decree no. 163/2006/NĐ-CP on guaranteed translation. Compared to former ones, Decree no. 21 has many new points on security measures, including regulations on collateral. The authors analyze and evaluate new points about collateral in Decree no. 21, forecast difficulties in the implementation and propose some maflers that need to continue for law improvement.