Vietnam to amend legal documents in insurance business and for radio frequencies

August 17, 2021 | 22:11

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The Vietnamese government on August 17 discussed amendments of some laws and legal documents on insurance business and radio frequencies, among others, to further facilitate business activities.

Vietnam to amend legal documents in insurance business and for radio frequencies

With the rising middle-class in Vietnam, the demand for high-quality insurance also increases

At the meeting, the discussions focused on the amendments of the Law on Insurance Business, a revision of the Law on Radio Frequencies, and a draft decree on collection fees to use these, as well as related bidding, licensing, and transfer of the rights to use radio frequencies.

The government also discussed amendments and supplements for several laws to solve difficulties and challenges in investment and business activities amid the global health crisis.

Prime Minister Pham Minh Chinh said that ministries and agencies have taken actions to complete legal documents and examine current problems. However, some state organs and localities have yet to pay due attention to this.

“It is important to thoroughly assess and review related issues, as well as publish appropriate proposals,” he noted.

Regarding the draft amendments to the Law on Insurance Business, the government aims to cut administrative procedures and establish tools to control the transfer of profits outside the country, as well as encourage Vietnamese firms to join the insurance business. However, new training facilities for human resources in insurance should not be opened. If necessary, training programmes should be added to existing establishments.

In terms of the amendments to the Law on Radio Frequencies and the related draft decree the rights to use these, the PM said that radio frequencies are a national resource. Therefore, they should be used more efficiently. He asked agencies to review the performance of the last 35 years and learn lessons from other countries to ensure national security and defence, while complying with international commitments.

The PM assigned relevant agencies and ministries to gather ideas and complete the draft amendments on both laws.