Ministry of Finance Proposes New Regulations on Compulsory Insurance in Construction Investment |
The Ministry of Finance announced that on September 6, 2023, the Government issued Decree No. 67/2023/NĐ-CP, regulating compulsory civil liability insurance for motor vehicle owners, compulsory fire and explosion insurance, and compulsory insurance in construction investment activities. Essentially, the provisions for compulsory insurance in construction investment under Decree No. 67/2023/NĐ-CP largely inherit those from Decree No. 119/2015/NĐ-CP, Decree No. 20/2022/NĐ-CP, and Circular No. 50/2022/TT-BTC.
Based on three years of implementation, the contract-based statistics for compulsory insurance in construction investment activities from 2023 to 2025 (updated as of December 31, 2025) are as follows:
Total insured projects: 8,088, with 95.9% valued below VND 1 trillion and 4.1% valued above VND 1 trillion.
Total insurance premium revenue (original and reinsurance): VND 1,052 billion. Premiums from projects under VND 1 trillion account for 63.4%, while those above VND 1 trillion account for 36.6%. Reinsurance premiums represent 58% of total revenue.
Total compensation costs (including provisions) amount to VND 270.3 billion. Insurers also cover commissions, loss prevention, and operational expenses as required by law.
Despite comprehensive revisions in 2022 under Decree No. 20/2022/NĐ-CP and the inheritance of provisions in Decree No. 67/2023/NĐ-CP, the dynamic insurance market and changes in construction investment laws—such as the 2025 Construction Law (effective July 1, 2026)—have prompted feedback. The Ministry of Finance received submissions from the Insurance Association, State Audit, and local project management boards, summarizing key recommendations:
The Insurance Association suggests amending Article 37, Clause 1(c) to remove minimum premiums for projects over VND 1 trillion and revising Clause 2 to eliminate the 25% discount. They also propose clarifying certain Decree No. 67/2023/NĐ-CP provisions.
State Audit recommends guidelines for premium rates on projects over VND 1 trillion to ensure consistency in cost estimation and insurance tender management. Some provincial project boards seek guidance on deductibles and discounts for various construction tiers.
Additionally, the 2023-2025 data highlights the need to reassess the VND 1 trillion threshold, especially after recent severe storms in Vietnam. This ensures insurers’ solvency and financial stability in compulsory construction insurance.
Revising the legal framework for compulsory insurance is essential to align with the Insurance Business Law, ensure coherence with broader legislation, and meet market demands.
The Ministry of Finance has drafted amendments to Decree No. 67/2023/NĐ-CP, comprising 10 articles:
Amendments
The draft expands the definition of third-party beneficiaries in construction insurance to exclude contractual parties, ensuring compliance with insurance principles.
Aligning with the 2025 Construction Law, the draft updates insured objects, minimum coverage, premium rates, and purchasing responsibilities for consistency.
Terminology changes include replacing “construction investment activities” with “construction activities” in Chapter IV and revising professional liability insurance titles to match the amended Insurance Business Law and Construction Law.
Additions
New premium rates and deductibles for metro projects are introduced, reflecting their critical impact on public safety as per Decree No. 175/2024/NĐ-CP.
Investors may now authorize contractors to purchase insurance, aligning with the 2025 Construction Law.
Removals
Exclusions for projects with installation components (regardless of installation cost percentage) are standardized, removing brackets from Clauses m and n of Article 34 in Decree No. 67/2023/NĐ-CP.
The draft is open for public consultation on the Ministry of Finance’s e-portal.
– 16:00 24/01/2026
Four Localities Lag in Handling Surplus Land and Property Facilities
According to the Ministry of Finance, four localities have yet to complete the processing of surplus land and property assets, with 36 facilities remaining unaddressed.
Finance Ministry Clarifies Tax Threshold for Gold Bullion Transfers
The Ministry of Finance has announced the timeline for submitting regulations on the gold bar value threshold subject to personal income tax upon transfer.
Minister Nguyễn Văn Thắng: 2026 Fiscal Management Demands Greater Resolve to Achieve 10% Growth Target
The ambitious growth target of 10% or higher demands a robust and strategic financial and budgetary policy, especially amidst an economy still fraught with underlying challenges.
Ho Chi Minh City to Establish Urban Railway Corporation
Speaking at the Ho Chi Minh City teleconference, Vice Chairman of the City People’s Committee Nguyen Cong Vinh announced the establishment of the Urban Railway Corporation by Ho Chi Minh City.
Proposed Policy Adjustment: Aligning Salaries with Market Rates
According to the Ministry of Finance, price management has been consistently implemented in alignment with market principles, under the regulatory oversight of the State as stipulated by the Law on Prices.
