Eligibility

Originators

Outside licensing considerations, are there any restrictions on which entities can be originators?

There are no restrictions on which entities can act as originators in a Vietnamese securitisation transaction. The most active organisations in Vietnam are credit institutions that perform lending operations to individuals, households and enterprises.

Receivables

What types of receivables or other assets can be securitised?

Securitised receivables or other assets in Vietnamese securitisation transactions include:

  • trade receivables;
  • credit card receivables;
  • (customer) loan portfolios;
  • residential mortgage loan portfolios; and
  • commercial real estate loans.
Investors

Are there any limitations on the classes of investors that can participate in an offering in a securitisation transaction?

There are no such restrictions.

Custodians/servicers

Who may act as custodian, account bank and portfolio administrator or servicer for the securitised assets and the securities?

There are no specific requirements under Vietnamese law with respect to the person acting as custodian, account bank and portfolio administrator or servicer in any securitisation transactions.

Public-sector involvement

Are there any special considerations for securitisations involving receivables with a public-sector element?

No special considerations apply for securitisations involving receivables with a public-sector element. However, depending on the status of the relevant originator, it may be necessary to address certain additional questions in the due diligence process. For example, the originator’s immunity may affect the enforceability of the securitised assets.