Conditions for granting license to establish insurance enterprise

The Government has issued Decree No. 46/2023/ND-CP detailing the implementation of a number of articles of the Law on Insurance Business. In particular, the Decree clearly stipulates the financial conditions for being granted a License to establish and operate an insurance enterprise, reinsurance enterprise, or foreign branch in Vietnam.

According to regulations, organizations contributing 10% or more of charter capital to establish insurance enterprises or reinsurance enterprises must satisfy the conditions specified in Articles 64, 65, 66 of the Law on Insurance Business and the following financial conditions:

Nam Dinh mobilizes people to participate in voluntary social insurance. Photo: Nguyen Lanh/VNA

a- Organizations contributing capital operating in business lines that require legal capital or minimum charter capital or minimum capital must ensure that the owner's equity minus the legal capital or minimum charter capital or minimum capital is greater than or equal to the expected contributed capital.

b- In case the capital contributing organization is an organization established and operating under the provisions of the Law on Credit Institutions, the Law on Insurance Business, and the Law on Securities, these organizations must ensure the maintenance and satisfaction of financial safety conditions and be approved by a competent authority to participate in capital contribution in accordance with the provisions of law. In case the relevant law does not require the competent authority to have written approval, the capital contributing organization must have written confirmation of this.

c- In case the capital contributing organization is an insurance enterprise, reinsurance enterprise, financial group, or foreign insurance company, it must ensure the maintenance and satisfaction of financial safety conditions and be permitted by the competent authority of the country where these organizations have their headquarters to establish an insurance enterprise or reinsurance enterprise in Vietnam. In case the regulations of the country where this organization has its headquarters do not require a written approval, there must be a written confirmation from a competent agency, organization, or individual according to the laws of that country.

d- Have audited financial statements for the 3 consecutive years prior to the year of application for a License to establish and operate with an opinion of full acceptance.

Enhance international economic integration, promote rapid and sustainable economic development

The Government issued Resolution No. 93/NQ-CP dated July 5, 2023 on improving the effectiveness of international economic integration, promoting rapid and sustainable economic development in the 2023-2030 period.

The general objective of the Resolution is to successfully implement major guidelines and policies set out at the 13th National Party Congress in the context that our country is implementing the 5-year Socio-Economic Development Plan 2021 - 2025 and the Socio-Economic Development Strategy for the period 2021 - 2030, focusing on: Building an independent and self-reliant economy, improving the effectiveness of international economic integration; ensuring rapid and sustainable economic growth on the basis of macroeconomic stability, science and technology development and innovation; quickly recovering the economy to overcome the negative impacts of the COVID-19 pandemic; proactively integrating comprehensively, deeply and effectively into the international community to attract external resources for development, strengthen the connection of interests with partners and enhance Vietnam's position and prestige in the international arena, ensuring national security.

Safety in design, manufacture, construction and operation of oil and gas projects

The Government issued Decree 45/2023/ND-CP detailing a number of articles of the Petroleum Law, including regulations on safety in the design, manufacture, construction and operation of petroleum works.

Specifically, oil and gas projects must be designed, manufactured and constructed in accordance with national technical regulations, national standards or international standards, regional standards, and foreign standards that are widely recognized and applied, in compliance with the provisions of Vietnamese law and international treaties to which Vietnam is a member, ensuring the following requirements: Technological safety; construction safety; fire and explosion safety; safe zones and corridors; environmental protection regulations; withstand expected loads during operation and when incidents occur; not create chain incidents from single incidents.

Strengthening solutions to promote rice production and export

Prime Minister Pham Minh Chinh signed and issued Official Dispatch No. 610/CD-TTg dated July 3, 2023 on strengthening the implementation of tasks and solutions to promote rice production and export.

The dispatch requested the Ministry of Industry and Trade to preside over and coordinate with relevant ministries, agencies and localities to diversify rice export markets in a stable, sustainable and effective manner; flexibly organize and implement trade promotion activities, combining traditional and online forms to maintain and consolidate traditional rice export markets; promote market research, assessment and forecast of import demand and the ability to promote rice trade in import markets; promptly update information for the Vietnam Food Association and rice exporters to serve business and export orientations...

Review and complete plans to arrange administrative units at district and commune levels for the period 2023 - 2030

Prime Minister Pham Minh Chinh signed and issued Official Dispatch No. 616/CD-TTg dated July 4, 2023 on reviewing and completing plans to implement the arrangement of district and commune-level administrative units in the 2023-2030 period.

The telegram requests the Ministers of the Ministries of Home Affairs, Planning and Investment, Construction, and Chairmen of the People's Committees of provinces and centrally run cities to thoroughly grasp and strictly implement the provisions of Resolution No. 37-NQ/TW dated December 24, 2018 on the arrangement of administrative units at district and commune levels, Conclusion No. 48-KL/TW of the Politburo and Resolution No. 595/NQ-UBTVQH15 dated September 12, 2022 of the National Assembly Standing Committee on continuing to implement the policy of arranging administrative units at district and commune levels; especially the planning work, considering this an important task that needs to be completed soon to ensure the timely implementation of the arrangement of administrative units at district and commune levels in the 2023-2025 period and the 2026-2030 period.

5 public service units under the Ministry of Justice

Deputy Prime Minister Tran Luu Quang signed Decision 792/QD-TTg dated July 4, 2023 promulgating 5 public service units under the Ministry of Justice, including:

1- Hanoi Law University.

2- Justice Publishing House.

3- Northern College of Law.

4- Central College of Law.

5- Southern College of Law.

Task of making a plan to preserve and restore the special national relic Buon Ma Thuot Prison

Deputy Prime Minister Tran Hong Ha signed Decision No. 806/QD-TTg dated July 6, 2023 approving the Task of developing a Plan for the preservation, restoration and rehabilitation of the special national relic Buon Ma Thuot Prison, Buon Ma Thuot city, Dak Lak province.

According to approval, the scope and scale of planning includes the entire protected area of ​​the special national relic Buon Ma Thuot Prison, Buon Ma Thuot city, Dak Lak province according to Decision No. 1820/QD-TTg dated December 24, 2018 of the Prime Minister.

The planning scale has an area of ​​23,481.7 m2; of which, Protection Area I is 16,361.7 m2 and Protection Area II is 7,120 m2.

Establishment of the Institute of Environmental, Marine and Island Sciences under the Ministry of Natural Resources and Environment

Deputy Prime Minister Tran Hong Ha signed Decision 815/QD-TTg dated July 7, 2023 to establish the Institute of Environmental, Marine and Island Sciences under the Ministry of Natural Resources and Environment on the basis of reorganizing the Institute of Environmental Sciences under the General Department of Environment and the Institute of Marine and Island Research under the General Department of Vietnam Seas and Islands.

According to VNA/Tin Tuc Newspaper