There are 3 mains forms of ownership under Vietnam Law. Let’s find out this issue with Lawyer X through the following situation: “Dear Lawyer! I want to ask what does the people’s ownership defined in Vietnam? What are regulations on private ownership and property under private ownership in Vietnam?”
Legal grounds
Vietnam Civil code
Regulations on the people’s ownership
Property under the people’s ownership
Land, water resources, mineral resources, resources in the waters, airspace and other natural resources and the assets invested and/or managed by the State belong to the entire people with the representation and centralized management of the State.
Exercise of right of owner with respect to the people-owned property
– The State of the Socialist Republic of Vietnam is a representative that exercises the rights of the owner with respect to the people-owned property.
– The Government shall manage centrally and ensure the appropriate, efficient and economic use of the people-owned property.
Possession, use and disposal of the people-owned property
The possession, use and disposal of the people-owned property shall be performed within the scope and in accordance with the procedures provided by law.
Exercise of the people ownership rights with respect to property invested in enterprises
– Where the people-owned property is invested in an enterprise, the State shall exercise the rights of the owner with respect to such property in accordance with the law on enterprises, management and use of state capital investing in business at enterprises and relevant laws.
– Enterprises have the right to manage and use capital, land, natural resources and other property invested by the State in accordance with the relevant laws.
Exercise of the people ownership rights with respect to property allocated to regulatory agencies and units of armed forces
– Where property in the category of the people-owned property is allocated to a regulatory agency or unit of the armed forces, the State shall exercise the right to inspect the management and use of such property.
– The regulatory agency or unit of the armed forces shall manage and use the property allocated by the State for the correct purpose in accordance with law.
Exercise of the people ownership rights with respect to property allocated to political organizations, socio-political organizations, and socio-political professional organizations, social organizations and socio-professional organizations
– Where property in the category of the people-owned property is allocated to a political organization, socio-political organization or socio-political professional organization, social organization or socio-professional organization, the State shall exercise the right to inspect the management and use of such property.
– The political organization, socio-political organization or socio-political professional organization, social organization or socio-professional organization has the right to manage and use the property allocated to it by the State for the correct purpose, within the scope and in accordance with the methods and procedures provided by law, and consistent with the functions and duties of such organization as provided in its charter.
Rights of natural and juridical persons with respect to use of property in category of the people-owned property
Natural and juridical persons may use land and extract aquatic resources, natural resources and other properties in the category of the people-owned property for the correct purpose and effectively and must fulfill all of their obligations to the State in accordance with law.
Property in category of the people-owned property not having been allocated to natural and juridical persons for management
With respect to property in the category of the people-owned property which has not been allocated to a natural and juridical person for management, the Government shall organize protection, investigation and survey, and formulation of zoning in order to make such property available for use.
Regulations on private ownership
Private ownership and property under private ownership
– Private ownership means the ownership by a natural person or a juridical person.
– The quantity and value of a property under lawful private ownership shall not be restricted.
Possession, use and disposal of property under private ownership
– An owner has the right to possess, use and dispose of property under his or her ownership for the purpose of satisfying the needs of daily life, consumption or business activities and other purposes in accordance with law.
– The possession, use and disposal of property under private ownership must not cause damage to or adversely affect the interests of the State or the public or the legal rights and interests of other persons.
Regulations on multiple ownership
Multiple ownership and types of multiple ownership
– Multiple ownership means ownership of property by more than one owner.
– Multiple ownership comprises ownership in common and joint ownership.
Establishment of multiple ownership rights
Multiple ownership rights shall be created as agreed by the owners or in accordance with provisions of the law or in accordance with customary practice.
Ownership in common
– Ownership in common is multiple ownership whereby each owner’s share of the ownership rights with respect to the multiple ownership property is specified.
– Each of the owners in common has rights and obligations with respect to the multiple ownership property corresponding to its share of the ownership rights, unless otherwise agreed.
Joint ownership
– Joint ownership means multiple ownership whereby each owner’s share of the ownership rights with respect to the multiple ownership property is not specified.
Joint ownership includes divisible joint ownership and indivisible joint ownership.
– Joint owners have equal rights and obligations with respect to the multiple ownership property.
Multiple ownership between communities
– Multiple ownership between a community is the ownership by a family line, hamlet, village, tribal village, mountainous hamlet, ethnic hamlet, religious community or other community of property which is formed in accordance with customary practice, which is jointly contributed to and raised by the members of the community or which was given to the whole community, and property which is obtained from other lawful sources for the purpose of satisfying the common lawful interests of the entire community.
– Members of a community shall jointly manage, use and dispose of multiple ownership property in the interests of the community as agreed or in accordance with customary practice, but not inconsistent with the law or social morals.
– Multiple ownership property by a community is indivisible joint property.
Multiple ownership between family members
– Property of family members living together includes property that they contributed or made together and other properties whose ownership rights are established in accordance with Civil Code and relevant laws.
– The possession, use and disposal of multiple ownership property by family members shall be conducted as mutually agreed. With respect to disposal of an immovable property, a movable property required registration, or a property being the primary income of the family, the agreement between all family members being adults with full legal capacity is required, unless otherwise prescribed by law.
If there is no agreement, the regulations on ownership in common prescribed in Civil Code and relevant laws shall apply, except for the case prescribed in Article 213 of Civil Code.
Multiple ownership between husbands and wives
– Multiple ownership between a husband and wife is divisible joint ownership.
– A husband and wife jointly create and develop their marital property through their efforts and have equal rights to possess, use and dispose of such property.
– A husband and wife shall discuss, agree on or authorize each other in relation to the possession, use and disposal of the marital property.
– The marital property may be divided as agreed or pursuant to a decision of a court.
– If a husband and wife select the regulations on property under agreement as prescribed in law on marriage and families, the marital property shall apply those regulations.
Multiple ownership in apartment buildings
– The areas, equipment and furnishings which are for common use in an apartment building prescribed in the Law on Housing are under multiple ownership of all owners of the apartments in the apartment building and are indivisible, unless otherwise provided by law or unless all of the owners reach some other agreement.
– The owners of the apartments in an apartment building have equal rights and obligations with respect to the management and use of common areas and equipment prescribed in Clause 1 of Article 214, unless otherwise agreed or prescribed by law.
– Where an apartment building is destroyed, the rights of the owners of the apartment building shall be exercised in accordance with law.
Mixed multiple ownership
– Mixed multiple ownership means ownership of property in respect of which owners from different economic sectors contribute capital for the purpose of conducting production and business for profit-making purposes.
– Property which is formed from sources being capital contribution by owners, lawful profits derived from production and business activities or other lawful sources in accordance with law is mixed multiple ownership property.
– The possession, use and disposal of property under mixed multiple ownership must comply with the provisions of Article 209 of Civil Code and other relevant laws relating to capital contribution; to the organization and operation of production and business activities; to the administration and management of property; and to the liability for property and distribution of profits.
Use of multiple ownership property
– Each owner in common has the right to exploit, and to enjoy the yield and income derived from, the multiple ownership property in proportion to its share of the ownership rights, unless otherwise agreed or otherwise provided by law.
– Joint owners have equal rights to exploit and to enjoy the yield and income derived from, the multiple ownership property, unless otherwise agreed.
Disposal of multiple ownership property
– Each owner in common has the right to dispose of its share of the ownership rights.
– Disposal of joint property shall be implemented as agreed by the owners of the property or as provided by law.
– Where an owner of multiple ownership property sells its share of the ownership rights, the other owners of the property have the right of first refusal to purchase such share.
Such owner may sell such share to other persons if no other owner purchases within three months in the case of immoveable property, or within one month in the case of moveable property, from the date on which the other owners received notice of the sale and the conditions of the sale. The notice must be made writing and conditions for sale applying to other owners in common shall be similar to those applying to non-owners in common.
In the case where there is a sale of a share of the multiple ownership rights in breach of this regulation on priority purchase right, within the time limit of three months from the date of discovery of the breach, any one of the multiple owners has the right to request a court to transfer to it the rights and obligations of the purchaser; and the party at fault which caused damage shall be liable to compensate for damage.
– Where one of the owners of immovable property renounces its share of the ownership rights or where such person dies without leaving an heir, its share of the ownership rights shall belong to the State, except in the case of multiple ownership between communities where the share of ownership rights shall belong to the remaining members.
– Where one of the owners of movable property renounces its share of the ownership rights or where such person dies without leaving an heir, its share of the ownership rights shall belong to the remaining members.
– Where all owners renounce their ownership rights with respect to multiple ownership property, the ownership rights shall be established as prescribed in Article 228 of Civil Code.
Division of multiple ownership property
– Where multiple ownership property is divisible, each owner has the right to request the property to be divided. If the property must be maintained within a certain period of time as agreed by all owners or as prescribed by law, each owner only has the right to request the property to be divided upon expiry of that period. Where the property is not able to be divided in kind, it shall be valued in terms of money for the purposes of division, unless otherwise agreed.
– Where a person requests one of the owners of multiple ownership property to fulfill a payment obligation and such owner does not have private property or sufficient private property to make the payment, the requesting person has the right to request that the multiple ownership property be divided in order to receive monetary payment and such person shall be entitled to participate in the division of the property, unless otherwise provided by law.
If the shares of ownership rights are not able to be divided in kind or if such a division is opposed by the remaining owners, the requesting person has the right to request the owner with the obligation to sell to sell its share of ownership rights in order to fulfill the payment obligation.
Termination of multiple ownership
Multiple ownership shall terminate in any of the following circumstances:
– The multiple ownership property has been divided;
– One of the owners of the multiple ownership property is entitled to enjoy the property in its entirety;
– The multiple ownership property no longer exists;
– Other cases as provided by law.
Please see more:
- Instructions for exclusive registration of company logos in Vietnam
- Service of changing the legal representative of Vietnamese enterprises
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Frequently asked questions
Each owner in common has the right to exploit, and to enjoy the yield and income derived from, the multiple ownership property in proportion to its share of the ownership rights, unless otherwise agreed or otherwise provided by law.
Joint owners have equal rights to exploit and to enjoy the yield and income derived from, the multiple ownership property, unless otherwise agreed.
Each owner in common has the right to dispose of its share of the ownership rights.
Conclusion: So the above is What are the forms of ownership in Vietnam?. Hopefully with this article can help you in life, please always follow and read our good articles on the website: lsxlawfirm.com
