Insurance enterprises have engaged in Vietnam market for a long time. Vietnam Government has issued many regulations on this field with discrimination between resident and foreign investors. Our insurance lawyers in Vietnam always monitor the changes in legal regulations and keep our client up to date.
To establish an insurance enterprise in Vietnam, according to Law on Insurance Business and Law amending law on Insurance Business and Decree No.47/2006/ND-CP, they must apply for business in insurance certificate and achieve the legal capital of 300 billion VND for business in non-life insurance and 600 billion VND for life insurance. They may choose one of the following business types: joint stock company, limited liability company, cooperative, mutual insurance organization. For foreign insurance enterprises, regulations in Decree 123/2011/ND-CP state some difference from local enterprises. Foreign insurance enterprises are permitted to operate in Vietnam under: limited liability company, branch of foreign non-life insurance enterprise. For establishing a branch of foreign non-life insurance enterprise, the foreign enterprise must have the main office in which country that Vietnam signed related business agreement, operate abroad at least 10 years, own the minimum total capital of USD 2 billion. Branch established in Vietnam have to obtain the legal capital of VND 200 billion. A deposit of VND 100 billion at a licensed bank in Vietnam is required for such branch. Besides, foreign insurance enterprises may set up the representative office in Vietnam without operating business.
Our ANT Lawyers’ industry knowledge and expertise allow us to effectively support the insurance sector and insurance legal matters in Vietnam.
At ANT Lawyers, a law firm in Vietnam with offices in Hanoi and Ho Chi Minh City, we are always available to assist clients in various legal matters. We could be reached at email: ant@antlawyers.vn or office tel: +84 28 730 86 529.