WHICH FOREIGN WORKERS ARE SUBJECT TO THE COMPULSORY SOCIAL INSURANCE PROGRAM IN VIETNAM?

Recently, due to many provisions regulating the participation of foreign employees in the compulsory social insurance (the “CSI”) program, the Ministry of Labor, Invalids and Social Affairs (“MOLISA”) has received many inquiries from various enterprises asking which particular foreign workers are subject to the CSI program in Vietnam under Decree No.143/2018/ND-CP dated October 15, 2018 […]

DECREE DETAILING THE IMPLEMENTATION OF THE LAW ON INSURANCE BUSINESS

On July 1st, 2016, the Government promulgated Decree No. 73/2016/ND-CP detailing the implementation of the law on insurance business (“Decree 73”). Some notable provisions of Decree 73 are as follows:

Conditions for the establishment of insurance companies, foreign branches of insurance companies and insurance brokerages:

(a)
(i) Capital contribution for the establishment must not be financed […]

By |December 17th, 2016|Insurance, The Legal Breaking News|0 Comments

NEW GUIDING DECREE ON DEPOSIT INSURANCE

On June 28, 2013, the Government issued Decree No. 68/2013/ND-CP detailing and guiding the implementation of the Law on Deposit Insurance (“Decree 68”)1.

Under Decree 68:

Deposit insurance institutions must operate as a non-profit, with income-expenses offset and revenues will be tax exempt;
Deposit insurance does not cover deposits from social policy banks and microfinance institutions’ compulsory savings […]

By |July 29th, 2013|Insurance|0 Comments

INSURANCE BUSINESS: DECREE 123/2011/ND-CP

On 28 December 2011, the Government promulgated Decree 123 with essential points as follows:

Providing and using cross-border insurance services: providing cross-border insurance services shall be applied to:
Services provider: insurance enterprises, foreign insurance brokerage enterprises having headquarter located at a country that Vietnam and the country has […]

By |February 13th, 2012|Insurance|0 Comments

FINANCIAL MANAGEMENT OF EXPORT CREDIT INSURANCE CIRCULAR No. 99/2011/TT-BTC(VN)

On 07 July 2011, the Ministry of Finance issued Circular No. 99/2011/TT-BTC1 to provide guidance on financial management of launching experimental activities of export credit insurance in the period of 2011-2013 under Decision No. 2011/QĐ-TTg dated 05 November 2010 of the Government.
According to the Circular, launching expenses shall be settled by the State budget […]

By |September 9th, 2011|Insurance|0 Comments

VAT and CIT for Insurance Businesses: Circular No. 09/2011/TT-BTC

Circular No. 09/2011/TT-BTC of the Ministry of Finance provides guidance on VAT and CIT with respect to insurance businesses (“Circular 09”).

VAT

Non-taxable objects:
Life insurance, health insurance, personal accident insurance and other insurance policies related to human beings and personal health care;
Insurance for livestock, plants and other agricultural insurance services;
Reinsurance;
Training of insurance agents;
Insurance for petroleum […]

By |February 24th, 2011|Insurance|0 Comments