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PRIME MINISTER
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SOCIALIST REPUBLIC OF VIETNAM
Independence – Freedom - Happiness
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No. 242/QD-TTg
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Hanoi, February, 28, 2019
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DECISION
APPROVING THE SCHEME FOR “RESTRUCTURING SECURITIES AND
INSURANCE MARKETS BY 2020 AND VISION TO 2025”
PRIME MINISTER
Pursuant to the Law on
Organization of the Government dated June 19, 2015;
Pursuant to the Law on
Securities dated June 29, 2006; Law on amending some articles of the Law on
Securities dated November 24, 2010;
Pursuant to the Law on
Insurance Business dated December 09, 2000 and the Law on amending some
articles of the Law on Insurance Business dated November 24, 2010;
Pursuant to the Law on
Investment dated November 26, 2014;
Pursuant to the
Resolution No. 05-NQ/TW dated November 01, 2016 of the Fourth Plenum of the
Twelfth Communist Party's Central Committee on major policies for renovation of
growth models and improvement of growth quality, economic productivity and
competitiveness;
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Pursuant to the
Resolution No. 27/NQ-CP dated February 21, 2017 on the Government's action
program for implementing the Resolution No. 05-NQ/TW dated November 01, 2016 of
the fourth plenum of the twelfth communist party’s central committee on major
policies for renovation of growth models and improvement of growth quality,
economic productivity and competitiveness and the Resolution No. 24/2016/QH14
dated November 07, 2016 of the National Assembly on economic restructuring plan
from 2016 to 2020;
Pursuant to the
Government’s Resolution No. 01/NQ-CP dated January 01, 2017 on main methods for
managing the implementation of the social-economic development plan and state
budget estimates for 2017;
Pursuant to the Resolution
No. 11-NQ/TW dated June 03, 2017 of the fifth plenum of twelfth communist
party’s central committee on development of the socialist regulated market
economy; the Government’s Resolution No. 99/NQ-CP dated October 03, 2017 on the
Government’s action program for implementing the Resolution No. 11-NQ/TW;
At the request of the
Minister of Finance,
HEREBY DECIDE:
Article
1. Approving the scheme for restructuring securities and insurance markets by
2020 and vision to 2025" (hereinafter referred to as "Scheme")
enclosed with this Decision.
Article
2. Implementation
1. Ministry of Finance
a. Direct the State
Securities Commission to focus on consistency in methods for restructuring the
commodities business, investor mechanism, securities trading organizations in
the market and the market organization.
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c. Promulgating mechanism
and policies specified in the Appendix hereto.
d. Develop and promulgate
the mechanism and policies on “Road map to development of the bond market in
Vietnam from 2017 to 2020, and vision to 2030". Such mechanism and
policies are approved by the Prime Minister and specified in the Decision No.
1191/QD-TTg dated August 14, 2017.
dd. Establish the
Department of Stock Exchange of Vietnam based on the model and road map which
have been approved by the Prime Minister and specified in the Decision No.
32/QD-TTg dated January 07, 2019.
e. Take charge and
cooperate with related ministries and sectors in establishing the Securities
Market Management Team.
g. Take charge and
cooperate with the State Bank of Vietnam in issuing the Circular on guidelines
for debt securitization based on the Decision No. 1058/QD-TTg of the Prime
Minister dated July 19, 2017.
h. Take charge and
cooperate with the State Bank of Vietnam in guiding the commercial bank on how
to participate in providing clearing services in the derivative securities
market.
i. Cooperate with the
State Bank of Vietnam in enhancing the exchange of information on capital flow
monitoring between the securities market and the currency market, foreign
investment, and capital raise through issuance of cybercash and crypto-assets.
k. Cooperate with the
Ministry of Health, Vietnam Social Security and related agencies in studying
and suggesting the method for strengthening the cooperation between social
health insurance and commercial health insurance. Such strengthened cooperation
aims to protect, care for and improve the health of citizens and to implement
the Resolution No. 20-NQ/TW dated October 25, 2017 of the Communist Party’s
Central Committee on strengthening protection, healthcare and improvement of
the health of citizens in new circumstances and the Resolution No. 139/NQ-CP
dated December 31, 2017 of the Government on the Government's action program
for implementing the Resolution 20-NQ/TW.
l. Develop and implement
the scheme for applying international accounting standards in Vietnam.
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n. Take charge and
cooperate with the Ministry of Labor, Invalids and Social Affairs in developing
the establishment method for the voluntary and additional pension funds in
Vietnam, and guiding the agreements on participation in the above-mentioned
funds. Such agreements are signed by employers and employees.
o. Take charge and
cooperate with related ministries and sectors in monitoring, promoting and
supervising the equitization and divestiture of state assets at the
enterprises.
p. Take charge and
cooperate with the Ministry of Planning and Investment in issuing the
guidelines for listing shares and registering for stock trading at
foreign-invested enterprises in the Vietnamese market.
q. Take charge and
cooperate with related ministries and sectors in evaluating the implementation
of the Scheme, in order to send a report to the Prime Minister.
2. State Bank of Vietnam
a. Strengthen cooperation
in the exchange of information, inspection and supervision between the Ministry
of Vietnam and the State Bank of Vietnam. Such actions are carried out at the
financial-banking corporations and are related to financial transactions and
capital flows between credit institutions and securities trading organizations,
insurance companies, especially securities trading organizations and insurance
companies which are under the management of credit institutions.
b. Cooperate with the Ministry
of Finance in managing and implementing the monetary financial policy, in order
to create a consistency between the monetary, credit and securities markets.
c. Carry out the method
for balancing the credit policies and the capital mobilization policies in the
capital market, in order to reduce risks for the banking system by complying
with the capital adequacy ratio of credit institutions and limiting credit
supply.
d. Study and amend the
regulations on opening and use of indirect investment capital account towards
creating more benefits for foreign investors and foreign investment funds when
they open and use the payment account.
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3. Ministry of Labor,
Invalids and Social Affairs
a. Cooperate with the
Ministry of Finance in developing the legal framework and method for establishment
of the voluntary and additional pension funds and guiding the agreements signed
between employers and employees on participation in the above-mentioned funds.
b. Cooperate with the
Ministry of Finance in developing the method for connecting and sharing
existing information and database to serve the management and supervision
activities.
4. Ministry of Planning
and Investment
Cooperate with the
Ministry of Finance in guiding the listing of shares and registration of stock
trading of foreign-invested enterprises in the Vietnamese securities market.
5. Ministry of Health
Take charge and cooperate
with the Ministry of Finance, Vietnam Social Security and related agencies in
developing and suggesting the method for strengthened cooperation between
social health insurance companies and commercial insurance companies. Such
strengthened cooperation aims to protect, care for and improve the health of
citizens and to implement the Resolution No. 20-NQ/TW dated October 25, 2017 of
the Communist Party's Central Committee on strengthening protection, healthcare
and improvement of the health of citizens in new circumstances and the
Government’s Resolution No. 139/NQ-CP dated December 31, 2017 on the
Government’s action program for implementing the Resolution No. 20-NQ/TW.
6. Ministries, sectors
and localities
a. Cooperate with the
Ministry of Planning and Investment in guiding the scope of investment,
investment field, proportion of capital shares of foreign investors in
Vietnamese enterprises and other specific fields.
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7. The State Securities
Commission
a. Focus on consistency
in methods for restructuring commodities business, securities trading
organizations in the market and the market organization as guided by the
Ministry of Finance.
b. Review and amend the
regulations on ranks of securities trading organizations, establishment and
operation of the risk management system of such organizations and their company
management; direct and guide the business securities organizations on how to
develop the restructuring plan, as well as carrying out regular inspection and
supervision for the plan’s implantation process and results.
c. Strengthen supervision
and inspection for public companies, securities issuance institutions,
securities trading organizations, securities trading practitioners, auditing
agencies and auditors making financial reports for public interest
organizations in terms of securities field; take charge and cooperate with
related agencies in imposing strict penalties for entities who violate the law
regulations;
d. Carry out methods,
strengthen exchange of information and establish regular relations with related
organizations, in order to raise Vietnamese securities market to a higher rank.
dd. Promote the
application of information technology in management and supervision of the
securities market; develop and implement the general scheme for information
technology of the State Securities Commission.
e. Direct the Department
of Stock Exchange and Vietnam Securities Depository to improve the quality of
current ratios; develop and implement new regulations and widen the trading
band based on each classification table of listed shares; develop a corporate
bond information portal; accelerate the process for transferring information
technology system in the whole market; develop the central model of clearing
services; strengthen supervision to detect any controlling, spying and
fraudulent actions against the regulations on information disclosure.
g. Strengthen exchange of
information and periodical counseling with professional associations, such as
disseminating information, providing training, issuing regulations on
professional ethics, carrying out inspection and supervision to improve the
practice quality and professional ethics of organizations and individuals participating
in the securities market; develop plans and step by step transfer the
activities for administrating tests and issuing certificates of securities
business practice for professional associations on the basis of satisfying the
potential requirements of each association.
h. Take charge to
cooperate with media companies, enhance the provision of information for the
public, disseminate the policies on securities and securities market, in order
to reassure people and create a high consensus in the society and prevent
negative impacts to the development of the market.
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Article
3. Implementation
Ministry of Finance,
State bank of Vietnam, Ministry of Labor, Invalids and Social Affairs, Ministry
of Justice, Ministry of Planning and Investment, Ministry of Health and other
ministries, sectors, localities shall implement the Appendix and road map which
are enclosed with this Decision.
Article
4. This Decision shall come into force from the date of
signing.
Article
5. Minister of Finance, Ministers and Heads of ministerial
agencies, Heads of governmental agencies, Chair-persons of the People’s
Committees of provinces and central-affiliated cities, Chair-persons of Members
Councils of corporations and state corporations, and Heads of related agencies
shall implement this Decision./
PRIME MINISTER
Nguyen Xuan Phuc
SCHEME
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A.
OBJECTIVES AND RULES FOR RESTRUCTURING THE SECURITIES AND INSURANCE MARKETS BY
2020 AND VISION TO 2025
I.
OBJECTIVES
1. For securities market
a. General objective:
continue to restructure the overall securities market to make it become an
important channel of medium- and long-term capital for the economy; develop a
reasonable and balanced structure between the monetary market and the capital
market, between the securities market and the bond market, between government
bonds and corporate bonds; provide positive support for the restructuring
process of state enterprises, renew the economic growth model and enhance the
development of private economic zones; and increase openness and integration
with regional and international markets.
b. Specific objectives:
- The scale of securities
market shall reach 100% of GDP by 2020 and 120% of GDP by 2025, the scale of
bond market shall reach 47% of GDP by 2020 and 55% of GDP by 2025. The quantity
of listing companies shall be increased by 20% than 2017.
- The quantity of
investors in the market shall reach 3% of the population by 2020 and 5% of the
population by 2025. There must be a reasonable structure between the private
investors and institutional investors, between domestic and foreign investors,
and the development of professional investors in the securities market shall be
greatly enhanced.
- Diversify products in
the securities market; launch covered warrants, corporate bond futures
contracts and futures contracts based on indexes other than VN30 by 2020;
develop stock-based options and future contracts by 2025.
Diversify the bond
products to satisfy the demands of investors; establish the standard yield
curve in the financial market; inspect the ability to issue new bonds based on
a suitable road map; bonds with floating rates, bonds of which the principles
and interests are traded separately, or bonds attached to inflation index; and
restructure the list of Government bond debts through swap pay and buyback.
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- By 2020, renew and
synchronize the overall transaction technology and clearing service payment in
the securities market.
- By 2025, the management
quality of listing companies in Vietnam shall reach the average number of
ASEAN-6.
- Before 2025, raise the
rank of Vietnamese securities market in the list of new securities markets.
2. For insurance market
a. General objectives:
develop the overall insurance market towards a safe, sustainable and effective
market that satisfy the diversified insurance requirements of organizations and
individuals, as well as ensuring social security; the insurance enterprises
shall have a sustainable financial capability and management ability that
satisfy the international standards. Also, these enterprises shall have the
ability to participate in domestic and regional competitions.
b. Specific objectives:
- The average growth
speed of the total assets, total investments, total provisions, total own funds
and total revenues shall be increased by 20% by 2020 and 15% from 2021 to 2025.
- By 2020, 11% of the
population shall have life insurance and by 2025, this number shall be
increased by 15%.
- The revenues from
average insurance premiums shall increase to a maximum of 3% of GDP by 2020 and
3.5% by 2025.
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II.
RULES
1. Be fully aware of and
strictly implement the points of view and policies of the Communist Party, laws
and the Government, as well as the Resolutions of the National Assembly and the
Government and Decisions of the Prime Minister on securities and insurance
fields associated with the new growth model, restructured economy and financial
market.
2. The securities and
insurance markets shall be restructured towards development of both the scale
and the quality; to develop and enhance competitiveness of organizations
participating in the market and create a connection between the activities of
securities and insurance markets and the monetary - credit market, in order to
balance the compositions of the financial market towards satisfying the best
international standards and general rules. Such balance must be suitable to the
actual conditions. And the innovation and application of science and technology
shall be focused on, as well as the efficiency of the fourth technology
revolution.
3. Improve the risk
management ability; promote management, supervision and inspection activities
of the management agency; strictly impose penalties for any violations against
the law regulations in the securities and insurance markets; ensure the legal
rights and benefits of investors and customers and ensure safety for the whole
system; reduce social expenditures; ensure that the market can maintain a safe,
positive and sustainable operation.
4. Methods must ensure
consistency and comprehensiveness and specific plans and roadmaps must be
developed; transparency must be ensured; enterprises shall apply the mechanism
of self-reliant and self-responsibility based on the market principles; activities
of the stock and insurance markets shall not be disordered; and State Budget
shall not be used.
B.
RESTRUCTURING THE STOCK AND INSURANCE MARKETS BY 2020 AND VISION TO 2025
I.
METHODS FOR RESTRUCTURING THE SECURITIES MARKET
1. Improve the legal basis
- By 2019, submit the Law
on Securities, which is amended as follows, to the National Assembly: diversify
and improve the service and commodities quality of the listing enterprises;
attract foreign investors; develop functions, tasks and power of the state
regulatory agencies in the securities field and the securities market.
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- Develop and amend the
documented guidelines for activities of the securities trading organizations.
Such guidelines shall specify the financial safety index and methods for handling
organizations that do not satisfy such index; specify the regulations on
classification of securities trading organizations which are issued to classify
and timely notice about these organizations’ poor-performance activities that
are facing high risks, as well as developing methods for handling such
organizations; specify the regulations on guiding the establishment and
operation of the risk management system for securities trading organizations.
- Promulgate the
legislative documents to guide the online trading, AI asset management and
robo-advisory; digitalize the main assets in the securities market by applying
Fintech.
- Provide legal framework
for crowdfunding.
2. Restructure
commodities
a. Diversify commodities
business in the market
- Promote the
equitization plan and the state capital withdrawal plan from 2017 to 2020
according to the portfolio approved by the Prime Minister; carry out inspection
and timely handle enterprises that do not comply with the regulations on
listing/registration for transactions after equitization.
- Joint-stock commercial
banks shall list their shares and register to have their shares traded until
the end of 2020. All commercial banks shall carry out the above-mentioned
activities in the official market.
- Issue the road map for
selling derivative products from the simple to the complex: in 2019, develop
covered warrants and futures contracts based on the new index and the
Government bond futures contract; step by step sell the products specified in
the futures contracts and option contracts based on odd lots or round lots
whenever possible.
- Develop VN30 Securities
Index Principles in compliance with international treaties; develop more index
numbers to use them as the basic assets for the derivative securities market.
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- Issue green bonds to
mobilize capital for serving the green economic development and sustainable
development, and attracting foreign investors.
- Simplify requirements
for application documents and procedures for issuance of corporate bonds to the
public and issuance of separate bonds, in order to enable enterprises to raise
capital through the issuance of corporate bonds.
- Develop Exchange-Traded
Funds (ETF) and real estate investment funds, in order to diversify the
fundraising products.
b. Enhance transparency
and improve product quality
- Strengthen inspection
and supervision for the capital raising activities and utilize the raised
capital in the securities market; timely detect and handle the cases where the
virtual capital is increased and the capital is used for the wrong purposes.
- Classify the listed
shares, improve listing conditions and conditions for maintaining the listed
shares of each classification table; establish additional criteria for the
company management, proportion of transferable shares and return on capitals.
- Set additional
requirements for capital scale, quantity of shareholders, percentage of shares
owned by minority shareholders in the public companies.
- Strengthen the
inspection of financial reporting quality and the audit activities of auditing
units and auditors; closely cooperate with the Association of Practicing
Auditors in providing trainings and evaluating the financial reporting quality,
supervision and handling of violations of auditing units and practicing
auditors.
- Develop and implement
the scheme for applying international accounting standards; encourage listing enterprises
with large scale to publish the financial reports based on international
financial reporting standards (IFRS);
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- Encourage credit rating
organizations with good reputation to establish enterprises with good
reputation in Vietnam, work towards having enterprises with good reputation (as
required) issuing and listing bonds to the public.
3. Restructure investor
mechanism in the securities market
a. For individual
investors
- Issue the norms and
standards for professional investors, in order to classify investors and move
towards restructuring the products and the market based on the classified
groups of investors.
- Promote the activities
for providing trainings and knowledge and disseminating information about
securities and security market.
- Enable small investors
and foreign investors to get access to the market by giving the securities companies
the permission to form e-contract and establish electronic Know Your Customer
(eKYC).
b. For organization
investors
- Promulgate the policies
for encouraging the development of the voluntary pension scheme (pension
insurance products and pension funds).
- Permit credit
institutions to partially use the compulsory reserves which are
government-issued bonds; develop the regulations on the portion of
government-issued bonds held by credit institutions.
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- Develop the legal framework
for foreign ownership ratios at enterprises, moving towards spreading foreign
ownership in the fields of which the shares are not held by the state as
regulated by laws and according to the international treaties.
- Strengthen
administrative procedures reforms and enable foreign investors to get access to
the Vietnamese securities market.
4. Restructure the
securities trading organizations
a. General methods for
securities companies and fund management companies
- Require all securities
companies and fund management companies to develop and implement the
restructuring plan, in order to renew the operation model, improve the
financial ability, strengthen the risk management ability and company
management ability, as well as enhancing transparency and professionalism in
operating the companies.
- Develop the risk
evaluation and classification system and send early notification to securities
companies and fund management companies; classify these companies for
management and supervision.
- Evaluate and classify
account receivables and financial assets of securities companies and fund
management companies.
- Carry out inspection
and supervision for the unofficial funding activities pertaining to the
securities trading in the market; impose penalties to the securities companies
that violate the regulations on margin trading and participate in supporting
the unofficial funding activities that pertain to securities trading.
- Apply the highest
principles and standards for professional ethics and require the managers of
securities companies and fund management companies and the securities
practitioners to satisfy such principles and standards.
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- For the group of
securities companies that safely operate (the financial safety index must be
higher than 180%, the equity must be more than 1.000 billion VND and there must
be no accumulative loss):
+ Enable the expansion of
scale, scope and domestic and regional business locations, in order to ensure
financial safety and quality of risk management and company management.
+ Develop strategic
orientation and provide specific guidelines to support the application of
financial technology in renewing and diversifying products and services which
are provided for investors.
+ Those who are allowed
to participate are members of the bond market and derivative market and shall
provide new products and services such as warrants, options and day trading;
perform the function as the market establishment organization of the Department
of Stock Exchange and participate in providing the services related to
equitization and state divestment.
+ Encourage the
participation in handling the securities companies that are classified as
poor-performing companies.
- For the group of
securities companies that normally operate (the financial safety index must be
higher 180%, the equity must be less than 1.000 billion VND or there is still
accumulative loss):
+ Continue to restructure
the business operation towards focusing on the fields, locations, professions,
products and types of profitable customers; restructure the investment list and
limit the investments with high risks and focus on service provision
activities.
+ Support the internal re-structuring
activities by encouraging the domestic and foreign financial institutions and
banks with good reputation to participate in stock ownership and capital
contribution.
- For the group of
poor-performing companies (with the financial safety index of less than 180%):
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+ The amount of money for
securities trading of investors shall not be directly managed.
+ Suspend some or all
professional activities of the companies of which the equity is lower than the
legal capital and that do not satisfy the requirements for maintaining their
other activities.
+ Strengthen the
supervision of the activities for handling debts and bad assets, and request
100% of their values to be provided according to the regulations on account
receivables overdue or extended under all forms of trading with related
parties.
+ Limit investment
activities and activities for paying dividends, buying-back shares and contributing
capital; the securities companies of this group are not allowed to perform any
trading activities that face high risks.
+ Enable securities
trading organizations that have accumulation loss and bad assets to reduce the
charter capital on the basis of re-evaluating the reasonable values of such
assets and complying with the current regulations.
+ Limit the trading
rights of the members of securities companies which are currently under control
or special control.
+ Only approve the
transfer of shares by partners or shareholders so the potential to restore
financial capability and the operation capability of securities companies in
this group after the transfer can be proved.
- For the group of
securities companies that no longer have the potential to restore their
capability (after the termination decision or the dissolution approval is
received):
+ Promptly resolve the
interests of customers and investors. Cooperate with inspection agency and the
court to handle the accounts of customers that are related to the cases and
disputed accounts.
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c. Methods for the system
of fund management companies
- For the group of
securities companies that safely operate (the financial safety index must be
higher than 180%; the scale of portfolio management and entrusted capital
management must be more than 100 billion VND):
+ Enable the companies
under this group to mobilize and establish different types of investment funds.
+ Step by step
professionalize the service provision based on international standards.
+ Enable the expansion of
scale, scope and business location, especially the activities for providing
services for the international market.
+ Encourage the
application of advanced technology in order to improve the service quality.
- For the group of
securities company that normally operates (the financial safety index must be
higher than 180%, the scale of portfolio management and entrusted capital
management must be more than 100 billion VND):
Encourage the companies
in this group to carry out consolidation and acquisition and internal
restructuring by transferring the contributed capital to the leading shareholders
which are domestic and foreign banking financial institutions.
- For the group of
poor-performing companies (the financial safety index must be less than 180%):
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+ Strengthen annual inspection
and impose administrative penalties on the organizations that carry out
inspection for specific contents, such as inspecting the conditions for
maintaining the permission status in professional activities and inspecting the
risk management activities and internal control.
+ Request the
organizations in this group to strengthen their financial capability: increase
capital without distributing profits and buying treasury shares, but
restructuring the investment portfolio and business activities by reducing
investment items and services with high risks.
- For the group of
companies that is no longer able to restore their capability (after the
permissions to terminate and dissolve the company are received)
+ Request the companies
to promptly resolve the interests of customers and investors; cooperate with
the inspection agency and the court to handle the accounts of customers that
are related to the cases and disputed accounts.
+ Withdraw the
establishment and operation permissions and request the heads of the company,
including the legal representatives and members of the Management Board and the
Members’ Council to take responsibility for the dissolution of such company
after the above-mentioned permissions are revoked.
5. Restructure the market
organization
a. Restructure the market
organization
- Establish the
Department of Stock Exchange of Vietnam based on the model and road map which
have been approved by the Prime Minister and specified in the Decision No. 32/QD-TTg
dated January 07, 2019; divide the market based on the scale, operation quality
and liquidity without disordering the organization but maintaining a
consecutive operation and market stability.
- Develop and bring the
new information technology system into a synchronized operation at two
Departments of Stock Exchange and Vietnam Securities Depository in 2019, in
order to modernize the technology infrastructure to serve the trading
management and supervision and make clearing payments for the whole market.
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- Change the operation
model of the custodian banks in compliance with the international treaties:
consider permitting the commercial banks to provide clearing services in the
derivative securities market.
- Study the possibility
to apply block chain in some segments of the market or in some stages of the
trading and payment process, in order to improve efficiency, transparency and
integrity of the data of investors.
b. Strengthen market
liquidity
- Implement new
regulations in the securities market, especially the regulations that are
suitable to the needs of professional investors.
- Carry out transaction
activities within the day to satisfy the requirements of the market.
- Widen the daily
permitted trading band, based on the characteristics of each classification
table of listed shares; apply the circuit breaker measure in case there are
fluctuations in the market and extend the transaction period for some special
transactions.
- Develop the securities
lending and borrowing model in compliance with the financial capability and the
risk management ability of the securities trading organizations.
- Improve the market
organization model and the bond trading system in compliance with the trading
agreement, in order to timely make an accurate report and develop the standard
yield curve in the market.
- Issue additional bonds,
swap and buy-back bonds to establish the standard bonds and thus improve
liquidity, stabilize the market, minimize risks to the government pond
portfolio.
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- Build a central
information center to issue corporate bonds at the Department of Stock Exchange
and provide information to the investors and enterprises when they participate
in raising the capital through issuance of bonds.
6. Strengthen the ability
to carry out supervision management and improve enforcement
a. Establish the
securities management group under the guidance of the Ministry of Finance and
cooperation with related ministries and sectors.
b. Step by step change
the management and supervision model of the State Securities Commission from
compliance monitoring model to management and supervision model which is
risk-based, in order to optimize the resources and improve the management and
supervision efficiency.
c. Develop the securities
market supervision system on the basis of clearly determining the
responsibilities, and developing securities trading organizations to become a
supervision unit at first level in the market.
d. Strengthen application
of information technology in managing and monitoring the securities market,
especially the supervision carried out for public companies and trading
supervision in the market.
dd. Strengthen the
regular exchange of information and cooperation between the securities market
management agency and the monetary market management agency. Such cooperation
is carried out to manage and supervise the cash flow between the securities
market and the monetary market, as well as supervising the foreign investment
capital; mobilizing capital through issuance of cybercash and crypto-assets.
e. Develop the
cooperation mechanism between the State Securities Commission and the
Department of Stock Exchange. Such cooperation is carried out to supervise, detect
and handle the violations related to controlling, spying and fraudulent
behaviors and violations against the obligation to announce information;
cooperation between the State Securities Commission and presiding agencies in
the fight against criminals in the securities field, especially 04 securities
crimes specified in the Criminal Code.
g. Fulfill the
international commitments on cooperation in the exchange of information and the
cross-border investigation between securities market surveillance authorities.
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Develop and implement the
strategy for training the public officials to carry out management, supervision
and inspection, as well as enforcement. Strengthen the cooperation with
international economic organizations and foreign securities management agencies
in the provision of supports and trainings for public officials of the State
Securities Commission.
7. Method for raising the
rank of the market
a. Ensure equal rights
for foreign investors to get access to information by developing and regularly
updating the English websites of the State Securities Commission and
Departments of Stock Exchange. Encourage public companies to publish
information in English.
b. Continue to reduce and
simplify the administrative procedures for issuance of trading codes and
registration procedures for sale of open-end fund certificates. Provide
guidelines for electronic voting and online meeting.
c. Amend the regulations
on opening and use of indirect investment account, in order to continue to
enable foreign investors and foreign investment funds to open and use payment
accounts.
d. Hold regular dialogues
between the management agency and the index providers, in order to develop methods
and policies which are suitable to the actual conditions of Vietnam.
dd. Promote the
activities for disseminating information about the Vietnamese securities market
to foreign countries.
8. Enhance the roles of
professional associations.
a. Periodically exchange
information and consult professional associations about the mechanism, polices
and methods for developing the securities market.
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c. Cooperate with the professional associations
to promulgate professional and ethical standards and carry out supervision for
the implementation of these standards, in order to improve the professional
quality and ethics of organizations and individuals participating in the
securities market.
d. Strengthen the
cooperation with professional associations in disseminating information and
providing professional trainings and legal knowledge about securities and
securities market for the public.
dd. Develop plans and
step by step transfer the activities for administering and issuing the certificates
of securities business practice for the professional associations. Such
transfer is done on the basis of satisfying the ability requirements of each of
these associations.
e. Develop the set of
principles for company management which apply to listing companies in the
securities market.
II.
METHODS FOR RESTRUCTURING THE INSURANCE MARKET
1. General methods
a. Improve the legal
basis
Develop the Law on
Insurance Business and submit it to the Government for the Government to submit
it to the National Assembly for approval in 2020. At the same time, develop the
documented guidelines for risk management and how to satisfy the international
integration requirements, as well as strengthening the initiation ability and
self-responsibility of insurance companies in business and while making capital
contribution, managing risks and personnel. Also, develop the regulations on
insurance contracts; develop the state management method towards simplifying
administrative procedures, strengthening post-inspection through inspection,
boosting connectivity with international management, integration and
cooperation agencies.
b. Improving information
transparency
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c. Develop and
professionalize the insurance distribution channels
- Develop diversified
channels in order to promote the development of insurance business activities
towards professionalism and catch up with the development of 4.0 technology
revolution, provide the best service to the insurance buyers and enable
customers to get insurance access easily and in the most professional way.
- Carry out management
under principles for the insurance backup service providers by regulating the
operation requirements and standards for such providers in compliance with each
type of service (counseling service, risk management service; actuary service,
compensation management service, loss assessment service, etc.).
d. Improve the
effectiveness of state management and the efficiency of inspection, supervision
and administrative penalty activities.
- Change the state
management model of Insurance Supervisory Agency to risk-based management and
supervision model according to the new Law on Insurance Business to be
submitted to the National Assembly for approval in 2020.
- Continue to simplify
the administrative procedures and enable and give business opportunities for
insurance enterprises.
- Improve the role and
responsibilities of the Ministry of Finance in managing and supervising
inspection, supervision and penalty activities related to the violations in the
insurance field and of the insurance brokerage enterprises.
dd. Develop and improve
the personnel quality
- Study and apply
potential framework which is suitable to the actual conditions and the development
of the market; issue the regulations on personnel quality standardization,
focusing on professional certificates and the compliance with the above
potential framework; strengthen training for officials of the insurance sector.
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e. Strengthen the roles
of professional associations
Strengthen the roles of
professional associations as the centers of the whole market for collecting the
opinions, feedbacks and suggestions of members of such associations on
mechanism, policies and methods for developing the insurance market and
connecting with related agencies to efficiently implement the policies.
g. Strengthen the
interconnection between the social health insurance with commercial health
insurance.
Develop and suggest the
plan for sharing information and strengthening the interconnection between social
health insurance and commercial health insurance as specified in the Resolution
No. 20-NQ/TW dated October 25, 2017 of the Party Central Committee, as well as
encouraging the development of the insurance products that are in high demand
by the society, and ensuring efficiency and bringing the maximum benefits to
the insurance users.
h. Promote dissemination
of insurance information
Disseminate information
about the role, meaning and necessity of insurance, as well as the law on
insurance business to agencies, sectors, organizations, individuals and the
citizens.
i. Establish information
technology system and technical infrastructure; develop database for the
insurance market.
Develop the information
system project to carry out systematization for all data of the insurance
sector in a synchronous and comprehensive manner, in order to serve the
management and supervision activities and develop the basis for calculating the
net premium, controlling risks and insurance frauds, reducing unfair competition,
and catching up with the 4.0 technological revolution.
2. For non-life insurance
sector
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- Fully develop the risk
control system at insurance companies and timely detect the risks that occur
from professional activities, financial activities and enterprise management
activities. On that basis, measure, evaluate, control and eliminate risks, as
well as supervising and re-evaluating the risks of each activity and the risks
related to these activities.
- The insurance companies
shall carry out self-evaluation and self-classification and take initiative to
develop the methods for controlling, preventing and reducing risks. Also, they
shall reduce loss and timely intervene and adjust the operation process, in
order to prevent the risk of not being able to make payments and enhance the
business efficiency.
- Improve financial
capability and strengthen financial management. From there enhance the
competition ability to satisfy the requirements of the market.
b. Strengthen the ability
to comply with the regulations of non-life insurance companies
Strengthen inspection,
supervision and strict handling of violation against the law, in order to warn
these companies and strengthen their ability to comply with the law.
c. Strengthen business
cooperation between non-life insurance companies.
Strengthen the
cooperation in non-life insurance business, in order to promote healthy
competition; strengthen cooperation in information sharing, in order to develop
the basis of net premium and prevent the decrease of premiums that may affect
financial safety, as well as reducing the risks of insurance fraud.
3. For life insurance
sector
- Encourage the development
of new and diversified product. Have mechanism and policies for encouraging the
development of products which carry community meaning and social security
meaning, such as micro-insurance, health insurance and pension insurance.
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APPENDIX
ROAD MAP FOR IMPLEMENTING THE
RESTRUCTURING METHODS OF SECURITIES AND INSURANCE MARKETS
(Enclosed with the Decision No. 242/QD-TTg dated February 28, 2019 of the
Prime Minister)
No.
Contents
Unit in charge
Cooperation unit
Implementation period
2018
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2020
2025
A. FOR SECURITIES
SECTOR
I. DEVELOPMENT OF
THE LEGAL FRAMEWORK
1
Develop the amended Law
on Securities and submit it to the National Assembly for approval in 2019
Ministry of Finance
Ministry of Justice,
Ministry of Planning and Investment, State Bank
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2
Develop the legal
framework to carry out effective implementation of the "Road map for
developing the Vietnamese bond market from 2017 to 2020, and vision to 2030.”
Such road map is approved by the Prime Minister in the Decision No.
1191/QD-TTg dated August 14, 2017.
Ministry of Finance
State Bank, Ministry of
Planning and Investment, Ministry of Justice
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3
Develop and issue the
guidelines for digitalization of main assets in the securities market; issue
guidelines for standardization of activities for opening online accounts and establishing
eKYC, online-trading, AI asset management and robo-advisory, and digitalizing
main assets in the securities market with Fintech.
Ministry of Finance
4
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Ministry of Finance
5
Provide legal framework
for crowdfunding.
Ministry of Finance
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6
Review and amend the Regulation
on classification of securities trading organizations, in order to carry out
early classification and give early warning.
The State Securities Commission
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7
Amend the Regulation on
guiding the establishment and operation of the risk management system of
securities trading organizations.
The State Securities Commission
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II. RESTRUCTURING
COMMODITY BUSINESS IN THE SECURITIES MARKET
1
Promote the equitization
plan and the state capital withdrawal plan from 2017 to 2020 according to the
portfolio approved by the Prime Minister; carry out inspection and timely
handle enterprises that do not comply with the regulations on
listing/registration for transactions after equitization.
Ministry of Finance
Related ministries and
sectors
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Commercial banks shall
list their shares and register to have their shares traded until the end of
2020. 100% of commercial banks perform the above-mentioned activities in the
official market.
Ministry of Finance
State Bank
3
Issue the road map for
selling derivative products from the simple to the complex: in 2019, develop
covered warrants and futures contracts based on the new index and the
Government bond futures contract; step by step sell the products specified in
the futures contracts and the option contracts based on odd lots or round
lots whenever possible.
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4
Develop VN30 Securities
Index Principles in compliance with international treaties; develop more
index numbers to use them as the basic assets for the derivative securities
market.
State Securities Commission
Departments of Stock
Exchange
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5
Diversify the bond
products to satisfy the demands of the investors; establish the standard
yield curve in the financial market; inspect the ability to issue new bonds
based on a suitable road map; bonds with floating rates, bonds of which the
principles and interests are traded separately, or bonds attached to
inflation index; restructure the list of Government bond debts through swap
pay and buyback.
Ministry of Finance
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6
Issue green bonds to
mobilize funds for serving the green economic development and sustainable
development and attracting foreign investors.
Ministry of Finance
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Simplify requirements
for application documents and procedures for issuance of corporate bonds to
the public and issuance of separate bonds, in order to enable enterprises to
raise capital through the issuance of corporate bonds.
State Securities Commission
8
Develop different types
of investment funds, in order to diversify the fund products for the investors.
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9
Strengthen inspection
and supervision for the capital raising activities and utilization of the
raised capital in the securities market; timely detect and handle the cases
where the virtual capital is increased and the capital is used for the wrong
purposes.
State Securities Commission
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10
Classify the listed
shares, improve listing conditions and conditions for maintaining the listed shares
of each classification table; establish additional criteria for the company
management, proportions of transferable shares and return on capital.
Ministry of Finance
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11
Set additional requirements
for capital scale, quantity of shareholders, percentage of shares owned by
minority shareholders in the public companies.
Ministry of Finance
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Strengthen the
inspection of financial reporting quality and the audit activities of auditing
units and auditors; closely cooperate with the Association of Practicing
Auditors in providing trainings and evaluating the financial reporting
quality, supervision and handling of violations of auditing units and
practicing auditors.
State Securities Commission
Association of
Practicing Auditors
13
Develop and implement
the scheme for applying international accounting standards; encourage listing
enterprises with large scale to publish the financial reports based on
international financial reporting standards (IFRS);
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14
Strengthen the
management training of the company and the dissemination of information about
such management and the annual program for ranking the management of listing companies;
improve the role and responsibility of the Department of Stock Exchange in
supervising the implementation of regulations on disclosure of information
about the company's management.
State Securities Commission
Department of Stock
Exchange
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15
Encourage credit rating
organizations with good reputation to establish enterprises with good
reputation in Vietnam, work towards having enterprises with good reputation
(as required) issuing and listing bonds to the public.
Ministry of Finance
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III. RESTRUCTURE
INVESTOR MECHANISM IN THE SECURITIES MARKET
1
Issue the norms and
standards for professional investors, in order to classify investors and move
towards restructuring the products and the market based on the classified groups
of investors.
Ministry of Finance
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2
Promote the activities
for providing trainings and knowledge and disseminating information to raise
the society awareness of securities and securities market.
State Securities Commission
3
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State Securities Commission
4
Permit credit institutions
to partially use the compulsory reserves which are government-issued bonds;
develop the policy regulations on the portion of government-issued bonds held
by credit institutions.
Ministry of Finance
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5
Develop and promulgate
the incentive policies to promote the development of voluntary pension scheme
(pension insurance products and pension funds)
Ministry of Finance
Ministry of Labor,
Invalids and Social Affairs
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6
Develop the legal
framework for foreign ownership ratios at enterprises, moving towards
spreading foreign ownership in the fields of which the shares are not held by
the state as regulated by laws and according to the international treaties.
Ministry of Planning and Investment
Ministry of Finance and
related ministries and sectors
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IV. RESTRUCTURING
THE SYSTEM OF INTERMEDIARY ORGANIZATIONS
1
Request all securities
companies and investment management companies to develop the restructuring plan.
State Securities Commission
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Evaluate and classify
account receivables and financial assets of securities companies and fund
management companies.
State Securities Commission
3
Develop the risk
evaluation and classification system and send early notification to
securities companies and fund management companies. Classify these companies
for management and supervision.
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4
Strengthen inspection
and supervision of the unofficial funding activities pertaining to securities
trading in the market. Strictly impose penalties to the securities companies
that violate the regulations on margin trading and participate in supporting
the unofficial funding activities that pertain to securities trading.
State Securities Commission
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5
Implement the
restructuring methods for the group of companies with safe operation, group
of companies with normal operation, group of companies with poor performance
and group of companies that no longer be able to restore their capability.
State Securities Commission
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V. RESTRUCTURING THE
ORGANIZATION OF SECURITIES MARKET
1
Establish the Department
of Stock Exchange of Vietnam based on the model and road map which have been
approved by the Prime Minister and specified in the Decision No. 32/QD-TTg
dated January 07, 2019; divide the market based on the scale, operation
quality and liquidity without disordering the organization but maintaining a
consecutive operation and market stability.
Ministry of Finance
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2
Develop and bring the
new information technology system into a synchronized operation at two
Departments of Stock Exchange and Vietnam Securities Depository in 2019, in
order to modernize the technology infrastructure to serve the trading
management and supervision and make clearing payments for the whole market.
State Securities Commission
3
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Ministry of Finance
4
Change the operation
model of the custodian banks in compliance with the international treaties:
consider permitting the commercial banks to provide clearing services in the
derivative securities market.
State Securities Commission
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5
Study the possibility
to apply block chain in some segments of the market or in some stages of the
trading and payment process, in order to improve efficiency, transparency and
integrity of the data of investors.
State Securities Commission
Department of Stock
Exchange, Vietnam Securities Depository
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6
Implement new
regulations in the securities market, especially the regulations that are
suitable to the needs of professional investors.
State Securities Commission
Departments of Stock
Exchange
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7
Carry out trading
activities within the day to satisfy the requirements of the market.
State Securities Commission
Departments of Stock
Exchange
8
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State Securities Commission
Departments of Stock
Exchange
9
Develop the securities
lending and borrowing model in compliance with the financial capability and the
risk management ability of the securities trading organizations.
State Securities Commission
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10
Improve the market
organization model and the bond trading system in compliance with the
transaction agreement, in order to timely make an accurate report and develop
the standard yield curve in the market.
Ministry of Finance
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11
Issue additional bonds,
swap and buy-back bonds to establish the standard bonds and thus improve liquidity,
stabilize the market, minimize risks to the government bond portfolio.
Ministry of Finance
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12
Hire market makers and
provide them with full benefits and obligations to carry out their duties in
the primary and secondary markets according to the international treaties.
Ministry of Finance
13
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State Securities Commission
Departments of Stock
Exchange
VI. STREGHTHEN THE
ABILITY TO CARRY OUT SUPERVISION MANAGEMENT AND IMPROVE ENFORCEMENT
1
Establish the
Securities Market Management Team.
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Ministry of Justice,
State Bank of Vietnam, Ministry of Planning and Investment, and National
Financial Supervisory Commission
2
Step by step change the
management and supervision model of the State Securities Commission from compliance
monitoring model to management and supervision model which is risk-based, in
order to optimize the resources and improve the management and supervision
efficiency.
State Securities Commission
...
...
...
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3
Develop the securities
market supervision system on the basis of clearly determining the
responsibilities, and developing securities trading organizations to become a
supervision unit at first level in the market.
State Securities Commission
...
...
...
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4
Strengthen application
of information technology in managing and monitoring the securities market,
especially the supervision activities carried out for the public companies
and trading supervision in the market.
State Securities Commission
...
...
...
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Strengthen the
regular exchange of information and cooperation between the securities market
management agency and the monetary market management agency. Such cooperation
is carried out to manage and supervise the cash flow between the securities
market and the monetary market, as well as supervising the foreign investment
capital; mobilizing capital through issuance of cybercash and crypto-assets.
State Securities Commission
6
Develop the cooperation
mechanism between the State Securities Commission and the Department of Stock
Exchange. Such cooperation is carried out to supervise, detect and handle the
violations related to controlling, spying and fraudulent behaviors and
violations against the obligation to announce information; cooperation between
the State Securities Commission and presiding agencies in the fight against
criminals in the securities field, especially 04 securities crimes specified
in the Criminal Code.
...
...
...
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Departments of Stock
Exchange
7
Fulfill the
international commitments on cooperation in the exchange of information and
the cross-border investigation between securities market surveillance
authorities.
State Securities Commission
...
...
...
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8
Effectively fulfill the
commitments on international economic integration in the securities field,
and carry out the cooperation programs with international organizations and
partners, especially securities services specified in FTAs to which Vietnam
is a signatory.
State Securities Commission
...
...
...
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Pro tại đây để xem toàn bộ văn bản tiếng Anh.
9
Strengthen the
cooperation with international economic organizations and foreign securities
management agencies in the provision of supports and trainings for public
officials of the State Securities Commission.
State Securities Commission
...
...
...
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1
Ensure equal rights for
foreign investors to get access to information by developing and regularly
updating the English websites of the State Securities Commission and Departments
of Stock Exchange; encouraging public companies to announce information in
English.
State Securities Commission
Departments of Stock
Exchange, public companies
2
...
...
...
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Pro tại đây để xem toàn bộ văn bản tiếng Anh.
State Securities Commission
Vietnam Securities
Depository, Departments of Stock Exchange
3
Amend the
regulations on opening and use of indirect investment account, in order to
continue to enable foreign investors and foreign investment funds to open and
use payment accounts.
Ministry of Finance
...
...
...
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4
Hold regular dialogues
between the management agency and the index providers, in order to develop
methods and policies which are suitable to the conditions of Vietnam.
State Securities Commission
...
...
...
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5
Promote the activities
for disseminating information about the Vietnamese securities market to
foreign countries.
Ministry of Finance
...
...
...
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VIII. ENHANCING THE
ROLES OF PROFESSIONAL ASSOCIATIONS IN DEVELOPING THE SECURITIES MARKET
1
Periodically exchange information
and consult professional associations about the mechanism, polices and
methods for developing the securities market.
State Securities Commission
Related associations
...
...
...
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Review and develop
training programs for securities practitioners in harmony with the general
standards of ASEAN; regularly update knowledge for securities practitioners;
cooperate with the Broker Association to strengthen management and
supervision of securities practitioners.
State Securities Commission
Securities trading
association
3
Cooperate with professional associations
to promulgate professional and ethical standards and carry out supervision
for the implementation of these standards, in order to improve the
professional quality and ethics of organizations and individuals
participating in the securities market.
...
...
...
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Pro tại đây để xem toàn bộ văn bản tiếng Anh.
Departments of Stock
Exchange, and related associations
4
Develop the set of
company management principles which apply to listing companies in the
securities market.
State Securities Commission
Departments of Stock
Exchange, and related associations
...
...
...
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Pro tại đây để xem toàn bộ văn bản tiếng Anh.
5
Strengthen the
cooperation with professional associations in disseminating information and providing
professional trainings and legal knowledge about securities and securities
market for the public.
State Securities Commission
Securities trading
association
...
...
...
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6
Develop plans and step by
step transfer the activities for administering and issuing certificates of
securities business practice for professional associations. Such transfer is
done on the basis of satisfying the ability requirements of each of these
associations.
State Securities Commission
Securities trading
association
...
...
...
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GENERAL METHODS FOR
THE INSURANCE MARKET
I. DEVELOPING THE
LEGAL FRAMEWORK
1
Develop the amended Law
on Insurance Business and documented guidelines for risk management and how
to satisfy the international integration requirements, as well as
strengthening the initiation ability and self-responsibility of insurance
companies in business and while making capital contribution and managing
risks and personnel. Also, develop the regulations on insurance contracts;
develop the state management method towards simplifying administrative
procedures, strengthening post-inspection through inspection, boosting connectivity
with international management, integration and cooperation agencies.
Ministry of Finance
Ministry of Justice,
Insurance Association of Vietnam
...
...
...
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II. IMPROVING
INFORMATION TRANSPARENCY
1
Request the insurance enterprises
to timely disclose full, comprehensive and related information, in order to
help the insurance buyers and related organizations to clearly understand the
organization structure, business activities, business results and financial
status of these enterprises.
Ministry of Finance
Insurance Association
of Vietnam
...
...
...
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Pro tại đây để xem toàn bộ văn bản tiếng Anh.
1
Develop diversified channels
in order to promote the development of insurance business activities towards
professionalism and catch up with the development of 4.0 technology
revolution, provide the best service to insurance buyers and enable customers
to get insurance access easily and in the most professional way.
Ministry of Finance
Ministry of Justice
2
...
...
...
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Pro tại đây để xem toàn bộ văn bản tiếng Anh.
Ministry of Finance
Ministry of Justice,
Insurance Association of Vietnam
IV. IMPROVE THE
EFFECTIVENESS OF STATE MANAGEMENT AND THE EFFICIENCY OF INPSECTION,
SUPERVISION AND ADMINISTRATIVE PENALTY ACTIVITIES.
1
Step by step change the
management and supervision model of the Insurance Supervisory Agency from
compliance monitoring model to management and supervision model which is
risk-based and suitable to the capital model.
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
Ministry of Justice,
Insurance Association of Vietnam
2
Improve the role and
responsibilities of the Ministry of Finance in managing and supervising
inspection, supervision and penalty activities of the insurance companies and
insurance brokerage enterprises.
Ministry of Finance
Ministerial inspectors
...
...
...
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3
Continue to simplify
the administrative procedures and enable and give business opportunities for
insurance enterprises.
Ministry of Finance
Ministry of Justice
...
...
...
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V. DEVELOPING AND
IMPROVING THE PERSONNEL QUALITY
1
Improve the personnel
quality of the insurance market; Study and apply potential framework which is
suitable to the actual conditions and the development of the market;
strengthen the training for officials of the insurance market.
Ministry of Finance
Insurance Association
of Vietnam
...
...
...
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Pro tại đây để xem toàn bộ văn bản tiếng Anh.
2
Issue the regulations
on standardization of personnel quality through a professional certificate
system which is suitable to the potential framework.
Ministry of Finance
Insurance Association
of Vietnam
3
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
Ministry of Finance
Insurance Association
of Vietnam
VI. ENHANCING THE
ROLES OF PROFESSIONAL ASSOCIATIONS IN DEVELOPING THE SECURITIES MARKET
1
Strengthen the roles of
professional associations as the centers of the whole market for collecting
the opinions, feedbacks and suggestions of members of such associations on
mechanism, policies and methods for developing the securities market and
connecting with related agencies to effectively implement the policies.
...
...
...
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Pro tại đây để xem toàn bộ văn bản tiếng Anh.
Insurance Association
of Vietnam
VII. STRENGTHEN THE
CONNECTION BETWEEN THE SOCIAL HEALTH INSURANCE WITH COMMERCIAL HEALTH
INSURANCE.
1
Develop and suggest the
plan for sharing information and strengthening the interconnection between
social health insurance and commercial health insurance as specified in the
Resolution No. 20-NQ/TW dated October 25, 2017 of the Party Central
Committee, encouraging the development of the insurance products that are in
high demand by the society, and ensuring efficiency and bringing the maximum
benefits to the insurance users.
Ministry of Finance
...
...
...
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VIII. PROMOTING
DISSEMINATION OF INSURANCE INFORMATION
1
Disseminate information
about the role, meaning and necessity of insurance, as well as the law on
insurance business to agencies, sectors, organizations, individuals and the
citizens.
Ministry of Finance
Insurance Association
of Vietnam
...
...
...
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IX. ESTABLISHING INFORMATION
TECHNOLOGY SYSTEM AND TECHNICAL INFRASTRUCTURE; DEVELOPING DATABASE FOR THE
INSURANCE MARKET
1
Carry out the project
on data information system in the insurance sector, in order to serve the
management and supervision activities
Ministry of Finance
Insurance Association
of Vietnam
...
...
...
Hãy đăng nhập hoặc đăng ký Thành viên
Pro tại đây để xem toàn bộ văn bản tiếng Anh.
METHODS FOR NON-LIFE
INSURANCE SECTOR
ENHANCING THE
COMPETITION ABILITY AND OPERATION EFFICIENCY OF NON-LIFE INSURANCE
ENTERPRISES TO ENSURE SYSTEM SAFETY
1
Develop the risk control
system at the insurance companies
Ministry of Finance
Insurance Association
of Vietnam
...
...
...
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2
Issue legal documents
as guidelines for the risk management framework. Such documents shall specify
the responsibilities of the companies in taking the initiative to apply the
risk prevention, control and reduction methods.
Ministry of Finance
Ministry of Justice
...
...
...
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II. STRENGTHENING
THE ABILITY TO COMPLY WITH THE REGULATIONS OF NON-LIFE INSURANCE COMPANIES
1
Inspect,
supervise and strictly handle violations against the law.
Ministry of Finance
...
...
...
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1
Create a general database
to develop the net fee schedule of some insurance products
Ministry of Finance
METHODS FOR LIFE
INSURANCE SECTOR
...
...
...
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Encourage the
development of new and diversified products. Have mechanism and policies for encouraging
the development of products which carry community meaning and social security
meaning, such as micro-insurance, health insurance and pension insurance.
Ministry of Finance
Ministry of Justice
2
Diversify methods and
develop insurance products in compliance with the business trend which is
associated with 4.0 technology revolution.
...
...
...
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Ministry of Justice
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