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Vietnam targets insurance market manipulation with new decree

At the 31st National Assembly Standing Committee meeting, Vietnam’s Finance Minister Ho Durc Phoc addressed concerns over unethical practices in the insurance sector. He emphasised that laws strictly prohibit misleading advice, unfair competition, and exploiting individuals’ limited knowledge for insurance sales. This response followed worries expressed by deputies about the aggressive pursuit of clients by insurance consultants, potentially misleading customers and degrading service quality. Minister Phoc noted the legal framework forbids such deceptive tactics, with stringent actions against violations, including investigation and sanctions. Amendments to the insurance business law aim to simplify contracts and enhance transparency, ensuring buyer protection and clarity in insurance dealings.


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