Market overview
Member of IAIS? Yes, Vietnam became a member of IAIS in
2007.
Global regulators, bodies and legislation applicable to the
country
The project “ComFrame” was set up by the
Internationally Active Insurance Groups (IAIG, related to IAIS) to
establish a regulatory framework with mandatory standards. It came
into effect at the end of 2019. Vietnam, as a member of the IAIS,
has to comply with its regulations.
As a member of the WTO and WHO, Vietnam must also comply with
the regulations of these organisations with respect to insurance.
In its bilateral/multilateral agreements such as Korea –
Vietnam FTA, EU- Vietnam FTA, Hong Kong – ASEAN FTA, ASEAN-
China FTA, ASEAN – Australia – New Zealand FTA, CPTPP
and EU-Vietnam Free Trade Agreement, commitments on insurance are
also binding on Vietnam.
