A meeting hosted by Deputy Prime Minister Nguyen XuanPhuc in Hanoi on July 2 addressed the tasks needed to implement a project on developing a national database on secured transactions with representative of Ministries of Justices, Natural Resources and Environment, Transportation and Finance, the State Bank of Vietnam, Government Office and Vietnam Bank Association, etc.

Representatives State ministries and agencies affirmed the necessity of the project for the transparency of estates and avoid risks in secured estate transactions, and better contribute to implementing administrative reforms.They also want to concentrate on determining the uses of information related to land use rights and other real estate in database on secured transaction.

“The aim of the project is not to recreate a database from the beginning, but to combine existing databases and information about secured property transactions currently maintained by ministries and agencies into one larger database” said Deputy PM Phuc, for the purpose of facilitating and streamlining access of the public and business community as well as to respond to regional and international integration requirements.

He asked ministries and agencies to review and update their databases that will be merged into the new database on secured transactions and to train human resources on how to manage the combined database. He also assigned them to analyze and determine the relevant information to collect and input into the database related to secured transactions of estates, real estate and land use rights to facilitate use by the public and business community.

(Source: Nhandan online)