Case Study
NRAST
Transforming Secured Transactions in Vietnam: DTN’s Decade-Long Partnership with IFC/World Bank.
Since 2010, DTN has had the privilege of partnering with IFC/World Bank in the NRAST (National Registration Agency Secured Transaction) project, contributing to the effort to modernize secured transactions in Vietnam. In this narrative, we’d like to share DTN’s role in this initiative, acknowledging our part in digitizing the registration system for movable-secured transactions under the Ministry of Justice. The resulting improvements have made the process more accessible and user-friendly for businesses seeking loans.
Before our involvement, Vietnam’s secured transaction registration relied on a manual, localized process, requiring physical visits to registration centers in Ha Noi, Ho Chi Minh City, or Da Nang. The system’s limitations led to delays and hindered real-time data access.
The current homepage of https://dktructuyen.moj.gov.vn/
Milestones Achieved with DTN and IFC
Our collaboration with IFC led to several noteworthy milestones:
- 2012: Launch of the Online Registry: With IFC’s invaluable support, NRAST introduced its first online secured transaction registry, allowing users to register and search agreements online.
- 2016: System Upgrade: A substantial system upgrade aimed at enhancing efficiency and user experience.
- 2020: Online Payment and Digital Signatures: Implementation of online payments and digital signatures, reducing costs and simplifying transactions.
Vietnam National Registration Agency for Secured Transactions (NRAST) – Registry Milestones
Key Features and Benefits
DTN’s role in designing and maintaining the NRAST online platform brought forth key features:
- User-Friendly Interface: We aimed for an intuitive interface to facilitate easy navigation.
- Accessibility: The platform is accessible via modern web browsers and mobile devices.
- Online Payment: Support for international and local bank cards for convenient financial transactions.
- Digital Signatures: Enhanced security and a reduction in paperwork.
- Integration with Vietnam National Public Service Portal: Single Sign-On (SSO) for streamlined user authentication.
Public Search – One of the features of the NRAST website that is available to the public
IFC’s Support and Collaborative Efforts
We’d like to express our gratitude for IFC’s essential role in providing legal guidance, software requirements, financial support, and hands-on assistance, contributing significantly to the project’s success.
The delegation from Africa learned about the NRAST project through the presentation given by Mr. Tony Nguyen – CEO of DTN E-com
Impressive Results
The NRAST project has witnessed a surge in registrations, reflecting growing confidence in the system. This shift from a paper-based to a digital platform has made secured transactions more accessible for businesses.
NRAST’s total registration during 2000-2022
Conclusion
DTN takes pride in our collaborative role with IFC in transforming Vietnam’s secured transaction registration system. This project showcases the significant impact that technology and effective partnerships can have in streamlining processes and fostering economic growth. We are excited to contribute to the ongoing effort to drive innovation in the public sector.
Passionate – Dedicated – Professional
