Hanoi (VNA) – Lawmakers on December 10 voted to pass a law amending and supplementing several articles of the Law on Insurance Business during the ongoing 10th session of the 15th National Assembly (NA).
The law received approval from 432 out of 434 deputies present, accounting for 91.33% of the total number of NA deputies.
It adds provisions affirming that organisations and individuals have the right to participating in contributing capital, establishing, managing and controlling insurance enterprises, reinsurance companies, insurance brokerage firms, mutual organisations providing micro-insurance, and foreign branches in Vietnam, except for those not permitted to establish and manage enterprises under the Law on Enterprises. Set to take effect on January 1, 2026, the law also revises Points b and c, Clause 3, Article 63, stipulating that non-life insurance companies and foreign branches of non-life insurance firms may offer health insurance products with a term of one year or less, as well as term life insurance products with a term of one year or less; and health insurance companies may offer term life insurance products with a term of one year or less.
At the same sitting, the NA passed a resolution amending and supplementing a number of provisions of its Resolution No. 81/2023/QH15, dated January 9, 2023, on the national master plan for 2021-2030 with a vision to 2050. All 443 deputies present voted in favour, a 100% approval rate. The resolution takes effect immediately upon adoption.
The resolution sets out overarching objectives for the country to strive to become a modern, industrialised developing one with upper-middle-income by 2030; and to establish a new growth model driven primarily by science and technology, innovation and digital transformation. The objectives also include a wide range of priorities involving national competitiveness, infrastructure networks, energy, food and water security, climate change, human resources and defence and security, among others.
Specific economic targets comprise an average annual GDP growth rate of over 8% for 2021-2030, with expansion of at least 10% per year during 2026-2030. By 2030, per capita GDP at current prices is expected to reach around 8,500 USD.
During the same session, the NA also approved laws amending and supplementing several articles of the Law on Statistics, the Law on Prices, and the Law on Public Debt Management./.
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