IFC supports secure transactions in VN
VGP - The International Financial Corporation (IFC) and the Ministry of Justice (MoJ) signed a cooperation agreement, launching the second stage of the project on completing legal framework for the registration of secure transactions in Việt Nam and supporting the purchase, installation and management of e-registration system.
The project will last from August 2008 to December 2009 with the total expense of US$ 540,000.
Accordingly, IFC will continue backing the MoJ’s National Registry of Secure Transactions to develop the financial market in Việt Nam by improving quality of guaranteed loans.
At present, the instability in approaching credits still remains an obstacle to the development of the private economic sector in Việt Nam. Loans must be guaranteed by mortgage.
IFC, through its advisory body – the Mekong Private Sector Development Facility (IFC-MPDF), will helped the Vietnamese Government to extend the range of properties that can be used as security and simplify procedures.
Besides, IFC-MPDF also supports the MoJ to set up a simple and modern registration system for secure transactions.
By Ngọc Vân
