The right of ownership of property is a fundamental right of individuals and organizations, recognized and protected by law.
1. Types of Property under Vietnamese Law
As prescribed in Article 105 of the Civil Code of Vietnam 2015:
– Property comprises things, money, valuable papers, and property rights.
– Property includes immovable property and movable property. Immovable and movable property may be existing property or future property.
Classification of Property:
– Property as “Things”:
+ Principal Things and Auxiliary Things
- A principal thing is an independent thing, the utility of which may be exploited according to its functions.
- An auxiliary thing is a thing that directly serves the exploitation of the utility of a principal thing and is a component of the principal thing, but may be separated from it.
+ Divisible Things and Indivisible Things:
- A divisible thing is a thing that, after being divided, retains its original characteristics and functions.
- An indivisible thing is a thing that, after being divided, does not retain its original characteristics and functions.
+ Consumable Things and Non-consumable Things:
- A consumable thing is a thing that, after one-time use, is lost or does not retain its original characteristics, form, and functions.
- A non-consumable thing is a thing that, after multiple uses, substantially retains its original characteristics, form, and functions.
+ Fungible Things and Specifically Determined Things:
- Fungible things are things that have the same form, characteristics, and functions, and can be identified by units of measurement.
- A specifically determined thing is a thing that is distinguishable from other things by its own characteristics, such as symbols, form, color, material, properties, or location.
+ A Composite Thing is a thing comprising components or parts that fit together and are interconnected to form a whole, wherein if one of the components or parts is missing, or is not of the correct specifications or type, the thing cannot be used or its use value is diminished.
– Property as Money: Money is the common medium of exchange for goods and services.
– Property as Valuable Papers: According to Clause 1, Article 2 of Circular 01/2012/TT-NHNN, valuable papers are evidence confirming a debt obligation between the issuing organization and the holder of the valuable paper for a specified period, with conditions for interest payment and other terms. * Types of valuable papers include bills of exchange, government bonds, various types of securities, etc.
– Property as Property Rights: Pursuant to Article 115 of the Civil Code of Vietnam 2015, property rights are rights that can be valued in money, including property rights over intellectual property objects, land use rights, and other property rights.
2. What is the Right of Ownership of Property?
The right of ownership of property is the right of an owner with respect to their property, comprising the right of possession, the right of use, and the right of disposition. This right allows the owner to perform acts such as selling, leasing, gifting, bequeathing, or destroying the property, subject to the type of property and the provisions of law.
– Possession is the act of a subject holding and controlling a property directly or indirectly as a person entitled to such property. (Clause 1, Article 179 of the Civil Code of Vietnam 2015)
– The right of use is the right to exploit the utility of, and to enjoy the fruits and income derived from, a property. The right of use may be transferred to another person by agreement or in accordance with law. (Article 189 of the Civil Code of Vietnam 2015)
– The right of disposition is the right to transfer the ownership of the property, renounce the ownership, consume, or destroy the property. (Article 192 of the Civil Code of Vietnam 2015)
Furthermore, Article 159 of of the Civil Code of Vietnam 2015 also provides for other rights with respect to property. Accordingly, other rights with respect to property are the rights of a subject to directly hold and control a property belonging to another subject. Other rights with respect to property include:
– The right to an adjacent immovable property (also known as an Easement);
– The right of usufruct;
– The right of superficies.
