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Insurance

Although Vietnam’s insurance market has experienced double-digit growth in recent years, and the sector has opened up since Vietnam joined the World Trade Organization in 2007, insurers are faced with increasing uncertainty due to Vietnam’s economic challenges, as well as legal and regulatory changes. Despite these obstacles, demand for insurance continues to grow.

Vietnam’s non-life insurance providers and life insurance providers are strictly regulated by the Insurance Supervisory Authority (ISA) under the Ministry of Finance (MOF), and together they are working to restructure the insurance sector by issuing legislation that provides an improved framework for insurers and their customers. In July 2011, the Amended Law on Insurance came into force, and since then the MOF has issued a series of new regulations covering not only the establishment, operation and financial management of insurance companies and foreign branches, but also cross-border insurance services. We draw your attention to a legal update which we have previously prepared on the Insurance sector. Please click here if you would like to read this summary.

Recent Work

  • Advising one of the world’s largest multinational companies in the insurance sector on their proposed acquisition of shares in a listed Vietnamese joint stock company.

  • Assisting an existing shareholder in a leading Vietnamese insurance company, in respect of its divestment of a significant shareholding stake.

  • Acting for a multinational resins paint factory with respect to a claim against its insurance company with respect to a fire which severely damaged its premises.

  • Acting on the rebranding of the Vietnam subsidiary of a multinational non-life insurer, the first phase of a multi-phase project which also includes restructuring the ownership of the Vietnam subsidiary with a potential listing on a regional market.

  • Acting as Vietnam legal advisor in relation to the proposed acquisition of a state owned insurance company which was to be equitised. Specifically, the Transaction consisted of undertaking a legal due diligence review of the target company and an overview of the Vietnamese regulatory framework to assist the client in making an informed assessment of its proposed investment.

  • Acting for a well-known US insurance company with global operations on various matters in Vietnam, including a tripartite cooperation agreement with other financial institutions for the setting up of an electronic commerce services network in Vietnam.

  • Advising a foreign insurance company on its operational processes and business implementation plan for compliance with the laws of Vietnam. 

  •  Advising a multinational insurance company in relation to the proposed establishment of a representative office in Vietnam and undertaking the registration process on behalf of the client. 

  • Acting for a leading international insurance organisation in relation to the preparation of a report on the regulatory framework in Vietnam relevant to providing political risks insurance.