Ministries of Finance and Justice have issued a joint circular about the collection, management and use of notarisation fees that will take effect the middle of next month.

Circular 08/2012/TTLT-BTC-BTP replaces the current one, coded 91/2008/TTLT-BTC-BTP from October, 2008. This is also a move to follow a Governmental decree simplifying administrative procedures.

Accordingly, there will be seven fee levels instead of the current four for notarising contracts of asset transfer or land use rights; economic, commercial, investment and business contracts, loan contracts, mortgage or guarantee contracts (calculated by contracts).

The seven new categories of contract values are: less than VND50 million (US$2,300), from VND50 million to VND100 million ($4,700); more than VND100 million to VND1 billion ($47,000); more than VND1 billion to VND3 billion($142,000); more than VND3 billion to VND5 billion($238,000); more than VND5 billion to VND10 billion; more than VND10 billion.

Meanwhile, current four categories are: less than VND100 million ($4,700), from VND100 million to VND1 billion($47,000), fromVND1 billion to VND5 billion($238,000), more than VND5 billion.

The notarisation fees range from VND50,000 ($2.4) to less than VND10 million($470) per contract.

Moreover, the circular regulates notarisation fees for contracts on land use leases, and housing lease. The fees are VND40,000 ($2) as a minimum and VND8 million ($380) as a maximum.

There will be no fee change for contracts in which notarisation fees are not determined according to asset value or value stated in contracts, including those on transferring agriculture land use rights, notarisation of proxy contracts, notarisation of authorisation letters, notarisation of cancellation of contracts or transactions.

Source: VNS