Vietnam Today

According to National Assembly Chairman Vuong Dinh Hue, current amendments to the Law on Insurance Business aim to remove obstacles and help the insurance market develop faster and more sustainably.

Prime Minister Pham Minh Chinh chaired a meeting on October 24 discussing a draft socio-economic recovery and development program. The program emphasizes requirements such as strengthening national governance capacity, perfecting institutions, boosting administrative reform, promoting decentralization, and flexibly adjusting monetary policy.

The Ministry of Industry and Trade has forecast that if the pandemic can be controlled, then total import-export turnover in 2021 will reach the targeted $600 billion and trade may be in surplus.

The Ministry of Industry and Trade and Switzerland’s State Secretariat for Economic Affairs (SECO) have signed an exchange document on implementing the “Trade Policy and Export Promotion” (SwissTrade) project. Implementation is from 2021 to 2024 with total capital of CHF5.627 million ($6.5 million), of which grants from the Swiss Government total CHF5 million ($5.8 million).

The National Assembly (NA) is discussing a draft Resolution on piloting a number of specific mechanisms and policies for the development of cities and provinces around the country. Northern Hai Phong city and north-central Thanh Hoa and Nghe An provinces are allowed to decide on changes in the land-use purpose of rice-growing land under 500 ha. Nghe An and central Thua Thien-Hue province are allowed to borrow funding of up to 40 per cent of their budget revenue, and Hai Phong and Thanh Hoa up to 60 per cent.

A draft Law on Insurance Business submitted to the National Assembly (NA) on October 22 features amendments and supplements and new regulations, such as expanding the target customers of foreign investors and dividing types of insurance.