I. INTRODUCTION1

A. In general

Vietnam continues to make economic progress. Economic growth has already lifted many Vietnamese out of poverty. At the same time, the middle class is expanding. World Trade Organization (WTO) membership, the ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership ("CPTPP"), The European Union ("EU")-Vietnam Free Trade Agreement ("EVFTA"), Investment Protection Agreement ("EVIPA") and several other significant free trade agreements, and membership in the ASEAN Economic Community ("AEC") have given Vietnam access to foreign markets and capital, while making Vietnamese companies, particularly Vietnamese insurance enterprises, stronger through increased competition.

Many foreign insurance companies (particularly in the life segment) operate in Vietnam and treat Vietnam as a natural extension of their regional or global footprints. New products are being developed. Agency networks are being built. In the non-life segment, local companies have generally shown more pricing discipline than have their counterparts elsewhere in the region. Motor insurance--so often a thankless and profitless line in emerging markets--accounts for about one third of the premiums written in the non-life segment.

Companies are also beginning to provide innovative products tailored to Vietnam. The Ministry of Finance estimates the total posted premiums for 2021 to have been VND 214.9 trillion (US$ 9.3 billion)2, which is 15.59% higher than that of 2020. Total value of the insurance sector in 2021 was around VND 710 trillion (US $30.9 billion), up by 23.86% compared to 2020. Insurance companies invested around VND 577 trillion (US $25.1 billion), up by 22.24% from 2020. This includes investment in government bonds.3

B. History and Relevant Laws

The Vietnamese legal system operates hierarchically. The National Assembly passes law. The particular ministries then issue Decrees, Ordinances and Circulars to interpret and administer those laws. All of these are relevant in the regulation of the Vietnamese insurance industry.

When Vietnam became unified and was a planned economy, insurance was not considered a business activity. It was viewed as a means to share risk among state-owned enterprises and to satisfy Vietnam's insurance obligations in international business transactions. The Vietnam Insurance Corporation ("BaoViet") monopolized the insurance industry. BaoViet, itself a state-owned enterprise, was formed under the authority of, and is supervised by, the Ministry of Finance ("MOF"). The MOF permitted BaoViet to divest specific lines of insurance products. This was a sign of a shift in the way state-owned enterprises were viewed.

In late 1993, Vietnam began to recognize insurance as a business activity, and therefore subject to business regulation, including competition laws. Early attempts to regulate the insurance industry set forth basic rules governing insurance enterprises. Decree No. 100/CP dated December 18, 1993, authorized the formation of insurance enterprises other than state-owned enterprises. The Law on Insurance Business dated December 9, 2000 ("LOIB") replaced early attempts to regulate insurance providers, and developed a comprehensive approach to the insurance business. After 20 years of operation, some parts of the LOIB were amended and have been amended and supplemented by Law 61/2010/QH12 which was adopted by the National Assembly on November 24, 2010 ("Law 61") and subsequently by Law 42/2019/QH14 which was adopted by the National Assembly on June 14, 2019 ("Law 42") (a reference to the LOIB includes a reference to Law 61 and Law 42)4. In July 2016, the Government's Decree 73/2016/ND-CP ("Decree 73/2016") which implements the LOIB and Law 61 came into effect and replaced all previous implementing regulations of the LOIB. On May 15, 2017, the MOF issued Circular 50/2017/TT-BTC ("Circular 50/2017") which implements Decree 73/2016. Decree 72/2016 and Circular 50/2017 underwent changes when Decree 151/2018/ND-CP5, Decree 80/2019/ND-CP6, Circular 01/2019/TT-BTC7, Circular 89/2020/TT-BTC8 and Circular 14/2022/TT-BTC9 were promulgated. In September 2021, the Ministry of Finance proposed a plan to overhaul the LOIB, which was approved by the National Assembly. The new LOIB is expected to be adopted by the end of 2022.

In addition to the LOIB, the Maritime Law10,contains a section that governs marine insurance purchased for marine contracts.11

Various laws have recognized the importance of maintaining competition in the marketplace and streamlining the role of government in the insurance industry. Moreover, an increased emphasis on promoting competition has resulted in laws that expressly forbid anti-competitive activities. The Commercial Law, passed in June 2005, prohibits inappropriate competitive practices in general.

The Competition Law12, which became effective on July 1, 2019 ("Competition Law"), introduced comprehensive legislation which deals with anti-competitive products. It covers anti-competitive practices and practices that may restrain competition, such as agreements in the restraint of trade, abuse of dominant market position, and unfair competitive practices, including coercion, defamation, and deceptive advertising. The Competition Law takes the view that competitive practices may have both positive and negative effects on the market. Therefore, a competitive activity should only be prohibited if it "has or potentially has a significant competition-restraining impact on Vietnam's market". The Competition Law also established exemptions from its own regulations. This translates into the insurance sector in two ways. First, the general application of its principles prevents insurers from misrepresenting the coverage terms of policies to potential customers, and requires transparency as a systemic necessity for the industry. Second, practical considerations suggest that while particular aspects of the industry may technically breach competition laws, limited exemptions are provided for activities that provide an advantage to customers. Those activities should satisfy one of the following conditions: (i) promote technical or technological progress, improving the quality of goods and services; (ii) increase the competitiveness of Vietnamese enterprises in the international market; (iii) promote applicability of uniform quality standards and technical norms of certain types of products; (iv) unify conditions on trading, delivery of goods and payment but does not relate to price or pricing factors; and (v) other cooperative arrangements as provided for in industry-specific legislation. As such the Competition Law's rules on co-operation and competition may be modified by the LOIB which addresses both the types of cooperation which are permitted, as well as the specific types of conduct which are prohibited--for example collusion aimed at carving up the insurance market.

Finally, the LOIB specifically prohibits the provision of untruthful information and false advertising related to insurance terms and policies, and intimidating customers or employees of other insurance enterprises.13

The Law on Health Insurance, dated November 14, 2008 and the amended law dated June 13, 2014 are applicable to all individuals and organizations, both domestic and foreign, and govern the eligibility and the scope of insurance coverage, health insurance funding, rights and obligations of insurers and insureds, and provide a road map for universal health insurance. These laws have had a considerable impact on enterprises, which are obligated to provide health insurance coverage for all employees working under indefinite-term labour contracts or labour contacts with a definite term of three months or more, as well as for managers who receive wages.

C. International Agreements

The U.S.-Vietnam Bilateral Trade Agreement ("BTA") came into effect in December 2001. Five years later, American insurance companies were permitted to establish 100% foreign invested enterprises to provide both compulsory and non-compulsory insurance products.

Vietnam's accession to the World Trade Organization in January of 2007 opened the market to all other foreign investors.

Under its WTO Commitments, beginning January 1, 2008, Vietnam began giving equal treatment to both foreign and domestic insurance enterprises. Foreign insurance enterprises may provide insurance services to companies with foreign-invested capital and foreigners working in Vietnam. They may also provide reinsurance, international transport insurance, and insurance brokerage services. Foreign invested insurance enterprises may also deal in compulsory insurance products, such as liability insurance for vehicle owners.

The AEC was officially established on December 31, 2015 and Vietnam is part of the community. The AEC aims to create a single free market in ASEAN. This means that an insurance enterprise in ASEAN would be able to provide insurance services to clients in other ASEAN countries on a cross-border basis; a client in an ASEAN country can freely choose to purchase insurance services from another ASEAN country; and an insurance expert can work freely in the ASEAN region.

The Trans-Pacific Partnership Agreement ("TPP") was signed on February 4, 2016, in Auckland, New Zealand. After the withdrawal of the US, the TPP was replaced by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership ("CPTPP"), which was signed on March 8, 2018 in Santiago, Chile. CPTPP and its predecessor, the TPP, are comprehensive agreements, with the aim to create a new potential market for goods and services which in turn will create a great opportunity and also a challenge for insurance enterprises. Vietnam ratified the CPTPP on January 14, 2019. Under the CPTPP, an insurance enterprise in one of the eleven member countries can expand its businesses to another member country, subject to certain conditions.

The European Union ("EU")-Vietnam Free Trade Agreement ("EVFTA") and Investment Protection Agreement ("EVIPA") were ratified by the National Assembly of Vietnam on June 8, 2020. The EVFTA came into effect on August 1, 2020 and the EVIPA is expected to come into effect after it has been approved by the Parliament of each EU member state, which may take 3 more years. The EVFTA looks to foster a transparent and open partnership with a focus on trade liberalization and economic integration. In terms of the insurance market, the EVFTA does not offer any significant advantage in comparison to the WTO. However, insurance enterprises from the EU may take advantage of other aspects of the EVFTA, such as the dispute settlement mechanism and protection of intellectual property rights, which surpass the standards provided by the WTO.

D. Internal and External Supervision

The Government is responsible for providing guidelines to explain and implement the law, and the MOF is responsible for implementing state regulations and supervising insurance activities. The MOF grants and withdraws licenses to establish and operate insurance enterprises.14

Insurance enterprises must make periodic reports to the MOF. Additional reporting requirements apply if there are unusual developments within the enterprise, or if the enterprise fails either to meet its financial requirements or to fulfill commitments to its customers.15 Liquidation of or mergers between insurance enterprises must be carried out under the supervision of the MOF, and changes in management structure or intended investment overseas require MOF approval. The MOF also carries out financial inspections of insurance enterprises once a year.

The MOF acts both as a government regulator of insurance enterprises, and as an owner of several joint stock companies formed from the equitization of state-owned insurance enterprises. This dual role continues to pose a conflict of interest in terms of administrative enforcement.

In addition to the regulatory role of the MOF, insurance enterprises must also adopt a system of internal supervision and control. The MOF's Circular 195/2014/TT-BTC dated December 17, 2014, as amended by Circular 89/2020/TT-BTC ("Circular 195/2014") provides guidance to evaluate and classify insurance enterprises. Circular 195/2014 replaces the system of supervisory criteria for insurance enterprises that was introduced by Decision 153/2003/QD-BTC dated September 22, 2003. Insurance enterprises are evaluated and classified based on four categories of criteria: (i) Solvency, operation reserves and business efficiency; (ii) Insurance business activities; (iii) Capital, asset and investment quality; and (iv) Business administration and information transparency. Each category of criteria varies among life and non-life insurance enterprises, life or non-life. This evaluation and classification system can be used as a consistent and systematic analytical tool by the MOF, as well as for internal supervision by an insurance enterprise to determine its business status and to detect and prevent insolvency. An insurance enterprise must file an evaluation report and the annual financial report with the MOF within 90 days from the last day of each fiscal year.

Insurance enterprises create internal control systems to ensure that their operations comply with the law. Records and results of internal audits must be in writing and filed at the enterprise's office. Circular 50/2017 provides further guidance on the financial regimes to manage internal control, including decentralizing and maintaining internal control activities independent from the executive and professional activities of the enterprise; preserving the objectivity of the internal auditors; and ensuring that the internal auditors have the necessary professional skills and qualifications to conduct such audits. Internal auditors must also assess the internal audit system itself, and verify the efficacy of existing rules for identifying risks and of methods for measuring and managing those risks. They must also check the flow of information within the firm, and assess compliance with the law, with regulations on the establishment of reserves and with professional ethics.

The Vietnam Insurance Association ("VIA") was established in 1999 as a professional association. The VIA has a role in oversight, since an enterprise must inform the VIA of any agents with whom the enterprise has terminated its relationship due to legal or professional malfeasance. As the market expands, the VIA may play a greater part in establishing professional and ethical rules, and providing a forum in which market participants can communicate with each other and with the Government.

The procedures and documents necessary to establish an insurance enterprise are provided in Decree 73/2016. Potential shareholders of an insurance enterprise must prepare three sets of application documents, one set of originals and two sets of copies, which must include all the documents required by Decree 73/2016. Within 21 days of receipt of the application, the MOF is required to notify the applicant in writing if it needs to supplement the application documents. Within 6 months of notice, if the applicants fail to satisfy the MOF, the MOF will dismiss the application and notify the applicants in writing. If the application is successful, the MOF will issue an Establishment and Operation License ("Business License") within 60 days from the date of receiving the application. If the MOF determines not to issue a Business License, it will provide a written response with explanation to the applicant.16

E. Sanctions

Decree 98/2013/ND-CP17, dated August 28, 2013 ("Decree 98/2013"), lists sanctions for administrative violations by insurance enterprises. They include violation of rules that relate to the establishment and operation of insurance companies. Decree 98/2013 includes sanctions on unlawful management and operation of insurance companies; unlawful competition, including providing false information or advertising which damages policy holders; competing for customers by interfering with other enterprises or intimidating their employees; and agreeing to restrict competition. The fine for violating these rules, with respect to individuals is up to VND100 million (US$4,400), and is up to VND200 million (US$9,200) with respect to an enterprise. The Decree also provides a set of penalties for failing to adhere to financial requirements, such as compulsory reserve requirements. A decision to sanction an insurance enterprise for administrative violations will expire one year after the date it is issued. Some sanctions depend on the specific administrative violation, such as: (i) revocation of the certificate of one or more insurance agents; (ii) suspension of an insurance enterprise's operation; and (iii) confiscation of means used to commit an administrative violation.18

II. PRINCIPLES OF INSURANCE LAW IN VIETNAM

A. Meaning of Insurance

The LOIB defines insurance as a profit-oriented activity carried out by an insurance enterprise, in which the enterprise assumes certain defined risks of the insured in return for an insurance premium paid by the insurance buyer to secure the enterprise's indemnity to the insured.19 It contemplates payment to a beneficiary of a benefit according to terms of a policy concluded between the enterprise and the buyer upon the occurrence of an agreed-upon insured event.

Insurance-related regulations, including the LOIB, do not specifically define the terms "insurance" or "assumption of risk". Under the LOIB, however, an "insured event" is an objective event defined by the parties or stipulated by law. Upon the occurrence of the insured event, the enterprise must pay to the beneficiary or indemnify the insured the contractual sum that represents the value of the insurance policy.

B. The Insurance policy

1. General

An insurance policy is an agreement reached between the insurance buyer and an insurance enterprise under which the enterprise must pay insured amounts to the beneficiary or in which it agrees to indemnify the insured upon the occurrence of an insured event, provided that the insurance buyer maintains the premium payment obligations.20

There are two basic forms of insurance policies: compulsory and non-compulsory. The MOF has legislated form policy terms that enterprises must use for each kind of compulsory insurance, including life insurance and accident insurance. Insurance enterprises that provide non-compulsory products enjoy more flexibility in the structure and content of their contracts. They must nevertheless register their terms and premium tables with the MOF.

An insurance policy must be made in writing and must include certain information: the name and address of the insurance enterprise, the insurance buyer, and the insured or the beneficiary; the subject matter of the insurance policy; the value of the insured property or the sum insured; the scope of coverage, and applicable terms and conditions; exclusions; duration of coverage; premium rates and acceptable payment methods; time limit for payment of the insurance benefits or indemnity and acceptable payment methods; rules for dispute settlement; and the date on which the contract is executed.21

Insurance legislation, particularly recent regulations, has emphasized the responsibility of the insurance enterprise to create clear policies that buyers can understand, as well as the duty of agents who market these policies to ensure that the consumer understands the terms.22 Insurance policies are mainly regulated by the LOIB. Additionally, civil contracts, including insurance policies are regulated by the Civil Code23.

2. The Parties

The LOIB mentioned three parties to an insurance policy: the insurance enterprise, the insurance buyer and the insured.24 However, it attaches contractual obligations to only two of these parties: the insurance buyer and the insurance enterprise.25 The insurance enterprise receives premium payments and assumes the obligation to pay to the beneficiary or to indemnify the insured the insured amount upon the occurrence of the insured event. The insurance buyer pays premiums and provides information related to the insured object.

The definition of an "insured" in the various laws is slightly inconsistent. In general, the term "insured" refers to an insurance buyer when she is also the insured party. In that case, she is the party obligated to pay the premiums, disclose information, and prevent damages, and is entitled to be indemnified or to receive the insurance proceeds.

3. Insurable Interests

A valid insurance policy requires an "insurable interest".26 Different insurance policies have different insurable interests. According to the LOIB, there are six types of insurance policy: life insurance policy, property insurance policy, civil liabilities insurance policy, health insurance policy, retirement insurance policy and marine insurance policy.

4. Formation

In order to comply with the LOIB, the policy must be in writing.27 The policy is not effective until it is executed. The LOIB, however, provides that the liability will arise if there is evidence the parties have accepted the policy, for example, the insurance enterprise issues a written acceptance of the application for insurance, and the insurance buyers have started to pay premiums.28 The parties may agree otherwise in the policy. Similarly, an application by the insured for an extension, renewal, or amendment of the policy must be in writing.

An insurance buyer is permitted to assign the policy, subject to the terms of the policy. Assignment of an insurance policy by the buyer becomes valid only when a written notice of assignment is given to the insurance enterprise, and the enterprise provides written notice of acceptance of the assignment. The LOIB permits an exception when the assignment is undertaken in accordance with international trade practices.29 This general provision on the assignability of the insurance policy may create ambiguity around the assignment of life insurance policies. There is no guidance on when a life insurance policy can be assigned, conditions of assignment, involvement of the insured in the assignment, or obligation of the insurance buyer post-assignment.

5. Void and Voidable

The LOIB states that an insurance policy is deemed to be void if:

  • The insurance buyer has no insurable interest upon entering into the contract;
  • The subject matter of the insurance policy no longer exists;
  • The insurance buyer knows an insured event has occurred at the time the parties enter into the contract; or
  • The insurance buyer or the insurance enterprise was deceived at the time the parties entered into the contract.30

A civil contract such as an insurance policy may be declared to be only partially void, in which case the other provisions remain valid. When a civil contract is declared void, the parties must be restored to their original positions. They must return to each other the assets they have received as a result of the agreement. If they cannot return the assets, they must pay the equivalent cash value.31

In addition to the circumstances outlined in the LOIB, while the Civil Code does not explicitly distinguish between a contract that is void and one that is voidable, a civil contract can be declared void by a court or competent government authority if any of the following conditions applies:32

  1. The parties to the contract lack the capacity to take part in civil acts.
  2. The parties have not acted voluntarily.
  3. There is a deception or mistake relating to one or more of the essential elements of the contract. In a civil transaction, a deception or mistake relates to an intentional act of a party with the purpose of misleading the other party with regard to the identity of the parties, the nature of the subject matter, or the contents of the transaction.
  4. The purpose and contents of the contract are contrary to law and social morality.
  5. The form of the contract does not adhere to the requirement that certain types of contracts, including insurance policies, be made in writing. Either party may file a request with the court not to declare such contract void if one or both parties have completed at least two-thirds of their contractual obligations, and if non-adherence of the contract is limited to the required form, notarization or certification of the contract.

The statute of limitations restricting the time during which parties may request that the court declare a civil contract void is two years. The starting date of this two-year period varies depending on why a civil contract is to be declared void. If the parties fail to request a court to declare a civil contract void within the appropriate two-year period, the civil contract will continue to be binding. However, if any contract is illegal or cruelly immoral, the court can declare it void at any time. No statute of limitation applies under those circumstances.

C. Disclosure Obligations and Misrepresentation

The insured must disclose all information related to the insured object or person, as requested by the insurance enterprise.33 If the beneficiary intentionally provides false information to the insurance enterprise, the insurer may unilaterally terminate the contract and withhold all payments on it.

The buyer's intentional concealment or misrepresentation, or failure to notify the insurance enterprise of a change in circumstances which may increase the enterprise's risk exposure, give an insurance enterprise the option unilaterally to terminate the contract, while still retaining the premiums paid through the date of termination or cancellation. Similarly, where an insurance enterprise intentionally provides untruthful information to a buyer to persuade it to enter into an insurance policy, the buyer may unilaterally suspend performance of the contract. The insurance enterprise must compensate the buyer for any damage caused by its misrepresentations.34

If the buyer does not fulfill her obligation to disclose any new circumstances that may increase the risk or create additional liabilities for the insurance enterprise, the enterprise may unilaterally cancel the contract and refund the prorated balance of the premium due to the buyer upon termination. The enterprise may deduct an amount as compensation for reasonable expenses.35

The buyer has a similar right of unilateral termination if the insurance enterprise has intentionally provided untruthful information in the context of her purchase of the policy. The buyer may claim from the enterprise compensation for damages resulting from the misrepresentation.36

The LOIB does not require that the misrepresentation concern a material fact. In the case of misrepresentation on the part of the enterprise, although the law does not require the buyer to have relied upon the misrepresentation in her decision to purchase the policy in order for her to terminate the contract, she must show that the misrepresentation caused her damages in order for her to receive compensation for her claim.

Finally, changes in the risk factors related to the insured object may lead to an increase in the premiums the buyer must pay. If the buyer refuses to accept and pay the increased premium, the insurance enterprise may unilaterally terminate the performance of the insurance policy after providing written notice to the buyer. Similarly, if the buyer notifies the enterprise of a change leading to a reduced risk to the enterprise, but the enterprise refuses to reduce the premiums accordingly, the buyer may terminate her insurance policy. she must provide written notice to the enterprise of her decision to terminate.37

D. Prevention of Loss

The insurance enterprise has the right to request, and the insurance buyer has the obligation to take, appropriate measures to prevent and mitigate loss.38 38 Furthermore, the insurance enterprise can implement measures to ensure the safety of the insured. Decree 73/2016 provides the followings measures to prevent and mitigate loss:39

  • Educate the insured about the prevention and mitigation of loss;
  • Provide facilities and equipment to prevent and mitigate loss;
  • Construct works or infrastructure to prevent and mitigate loss; and
  • Engage other organizations or individuals to supervise the prevention and mitigation of loss.

Article 46.3 of Decree 73/2016 provides that "The cost of prevention and mitigation of loss shall be calculated based on the premiums paid as per instruction from the MOF". However, it is unclear who pays for such costs.

E. Termination

An insurance policy may terminate for the following reasons, and with the following legal consequences:40

  1. The Civil Code provides for termination under its general rules on civil contracts. If the contract terminates under the rules of the Civil Code, the legal consequences of termination occur as provided by the Civil Code.41
  2. If the insurance buyer no longer has an insurable interest at stake, the contract will terminate. The enterprise must refund the buyer's insurance premium prorated to the amount of time remaining in the insurance policy, after deducting the reasonable costs and expenses it has incurred.
  3. If the insurance buyer fails to make full or timely payments of insurance premiums, the contract will terminate. The buyer must still make full payment of any premium due as of the date on which the contract terminates, unless the policy is one for personal insurance.
  4. If the insurance buyer fails to pay the full amount of the premium within the grace period set in the contract, the contract will terminate. The insurance enterprise must still indemnify the insured if the insured event occurs within the grace period. The buyer must still pay premiums on personal insurance to the end of the grace period. This grace period does not exist for non-personal insurance.

F. Subrogation

The LOIB permits subrogation except in the case of personal insurance, such as life insurance, labor accident insurance, and medical insurance.42 After paying the insurance proceeds to the insured, the enterprise has the right to claim compensation from responsible third parties for the amount it has paid out to the insured. The insured must provide the enterprise with all of the necessary information and evidence so that the enterprise can exercise its legal right of subrogation.

Recognition of the insurance enterprise's right to collect compensation is authorized by a letter from the insured authorizing the insurance enterprise to collect from third parties. When a responsible third party has paid damages to the insured, but the damages are lower than the value of the insurance policy, the insurance enterprise need only pay the insured the difference between the policy value and the damages already paid by the third party. The LOIB does not address the enterprise's right of refusal, but it does note that if the insured declines to authorize the enterprise, or waives, fails to reserve, or otherwise loses the right to request third party compensation, the insurance enterprise may deduct the indemnity payable to the insured.43

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Footnotes

1. This book has been written by lawyers in the Vietnam offices of Russin & Vecchi and is current as of May 2022.

2. US$ 1 = VND 23,000

3. Vietnam Finance Magazine, January 5, 2022

4. The MOF is in the process of drafting a new Law on Insurance Business which will replace the LOIB, Law 61 and Law 42 once it becomes effective.

5. Government's Decree 151/2018/ND-CP dated November 7, 2018 on supplements and amendments of the investments and business conditions under the regulatory power of the Ministry of Finance

6. Government's Decree 80/2019/ND-CP dated November 1, 2019 on supplements and amendments of certain articles of Decree 73/2016 and Decree 98/2013;

7. Circular 01/2019/TT-BTC of the MOF dated January 2, 2019 on amendments of certain articles of Circular 50/2017

8. Circular 89/2020/TT-BTC of the MOF dated November 11, 2020 on amendments of several circulars on insurance.

9. Circular 14/2022/TT-BTC of the MOF dated February 28, 2022 on amendments of certain articles of Circular 50/2017 and another circular on mandatory civil liability insurance of vehicle owner.

10. The Maritime Law No. 95/2015/QH13 adopted by the National Assembly on November 25, 2015

11. Maritime Law 2015 arts. 303-336;

12. The Competition Law No. 23/2018/QH14 adopted by the National Assembly on June 12, 2018

13. LOIB art. 10.2.

14. Decree 73/2016 art. 3

15. LOIB art.103.

16. Decree 73/2016 art. 15

17. Decree 98/2013/ND-CP was amended by Government's Decree 48/2018/ND-CP dated March 21, 2018 and Government's Decree 80/2019/ND-CP dated November 1, 2019

18. Decree 98/2013 art 3

19. LOIB art. 3.1.

20. LOIB art. 12.1.

21. LOIB arts. 13, 14.

22. LOIB art. 17.2(a), art. 19.1

23. The Civil Code No. 91/2015/QH13 adopted by the National Assembly on November 24, 2015

24. LOIB art. 12.1

25. LOIB art. 17, 18

26. LOIB art. 13.

27. LOIB art. 14.

28. LOIB arts. 14, 15.

29. LOIB art. 26.

30. LOIB art. 22.1.

31. Civil Code art. 131

32. Civil Code art. 117-118-119

33. LOIB arts. 18.2, 19.1.

34. LOIB art. 19.

35. LOIB arts. 29.2, 20.2.

36. LOIB art. 19.3.

37. LOIB art. 20.

38. LOIB art. 17.1(e).

39. Decree 73/2016 art. 46

40. LOIB arts. 23-24.

41. Civil Code art. 422

42. LOIB art. 17.1(f).

43. LOIB art. 49

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.