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Viet Trung Nguyen

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Viet Trung Nguyen is an Associate in Baker McKenzie, Hanoi office.

In November 2023, the National Assembly of Vietnam addressed the draft law on credit institutions (“Draft Law”) in its sixth session. The Draft Law proposes significant changes to the current Law on Credit Institutions and will have a major impact on the development of Vietnam’s financial market. The Draft Law will be submitted and is expected to be approved at the National Assembly’s next session.

On 1 July 2023, the Government officially issued the new Decree No. 46/2023/ND-CP for implementing a number of articles of the new Law on Insurance Business 2022 (“Decree No. 46”). Decree No. 46 takes effective from 1 July 2023 (except for certain clauses, which take effect from 1 January 2023) and replaces the previous Decree No. 73/2016.
Among other things, Decree No. 46 provides detailed guidelines on the licensing requirements and process for participants in the insurance market, the operation of insurance agencies, insurance brokers and insurance ancillary service providers, and supplying cross-border services.