Vietnam’s insurance sector displays a number of compelling strengths. The insurance market has seen high growth, contributing to a transparency of financial backgrounds as well as in the macro-economy.

Insurance industry in Vietnam is highly regulated with the Ministry of Finance (the “MoF”) being responsible for overseeing and regulating the insurance market (through the Insurance Supervisory Authority). The MoF also supervises the operation and activities of players in the sector, such as insurers, insurance agents, brokers, reinsurers and insurance ancillary service providers. As such, insurance businesses in Vietnam are subject to a more complex legal framework, leading to various unique issues that require both expertise and experience to navigate.

DNA lawyers place clients at the center of everything that we handle. We combine specialist market experience with solid legal knowledge in insurance sector to provide clients with practical advice. Our Partner, Mr. Chi Lieu Dang, has been consistently ranked as a Leading Individual in insurance practice area by the Legal 500 given various high-profile transactions that he has involved.

Focus Areas:

  • Market Assess and Regulatory Advice
  • Establishment of Insurance Companies
  • M&A in Insurance Companies
  • Bancassurance
  • Data Protection
  • Product Compliance
  • Corporate Governance

Work Highlights Of Our Lawyers:

  • Advised a number of insurance companies on data privacy and cybersecurity matters
  • Advised a New York City-based insurance company on a business model to provide an extended warranty to mobile phone users in Vietnam
  • Advised a British multinational life insurance on terms and conditions for its new insurance product sales platform in Vietnam
  • Assisted a global insurance service provider in setting up a life insurance JV in Vietnam
  • Assisting a global insurance provider in selling its regional business in the region through an auction sale and expending its investment in Vietnam
  • Advised a life insurance company on the conversion of sale employees to individual insurance agents and on completion of the equity acquisition in a JV company in Vietnam
  • Assisted a credit insurance company in developing broker group rules for its brokers in Vietnam
  • Advised a major UK insurer on Vietnamese legal feasibility on cross-border insurance and reinsurance brokerage services, as well as Vietnamese law localization of the Terms of Business Agreement (TOBA) for such services
  • Advised a U.S. insurance company on the establishment of a third-party administration company in Vietnam to provide insurance related services and to facilitate its reinsurance business
  • Advised a Thai insurance company on the acquisition of shares in a Vietnamese reinsurance company
  • Advised a Japanese investor on the acquisition of majority shares in a local subsidiary
  • Advised a leading Vietnamese bank on regulatory issues relating to different insurance products
  • Assisted a leading Vietnamese bank in reviewing and negotiating a number of bancassurance agreements
  • Advised a Vietnamese bank on the auction process for distributing insurance products to potential bidders on an exclusivity basis