Foreign branches are prohibited in life insurance and reinsurance services. Concerning non-life insurance, foreign branches are only allowed with restrictive conditions: - The source of capital for establishing a foreign branch must not use loans or entrusted investment sources in any form; - Have been profitable in the 3 preceding years and there are no accumulated losses - Having at least 10 years of operational experience in the field expected to be conducted in Vietnam (the condition is loosen to 7 years from 2018) - Having total minimum assets equivalent to USD 2 billion in the preceding year. For the purposes of the OECD FDIRRI, these conditions are considered for prudential reasons and, hence, are not taken into account.
"Article 3. Definitions
For the purposes of this Law, the terms below are construed as follows: 
1. Investment policy approval means the competent/authorized State agency approves the objectives, location, scale, schedule and duration/term of project implementation; and the investor or form of investor selection and special mechanisms or policies (if any) in order to implement the investment project [...]
10. "market access conditions applied to foreign investors" mean those which must be satisfied by foreign investors to make investment in the List of business lines with prohibited and restricted market access (hereinafter referred to as "the Negative List for Market Access") specified in Clause 2 Article 9 of this Law. 
11. Investment registration certificate ["IRC"] means a written or electronic document recording information registered by an investor about an investment project. [...]
19. "foreign investor" means an individual holding a foreign nationality or an organization established under foreign laws and carrying our business investment activities in Vietnam.
20. "domestic investor" means an individual holding Vietnamese nationality or a business organization whose members or shareholders are not foreign investors. 
[...]
Article 4. Application of the Law on Investment and relevant laws
1. Business investment activities in the territory of Vietnam [must] comply with the Law on investment [this Law] and other relevant laws.
2. If there is any discrepancy between the provisions of this Law and those of another law issued before the effective date of this Law in relation to the industries and trades in which business investment is prohibited, or industries and trades in which business investment is conditional, then the provisions of the Law on investment [this Law] shall prevail. [...]
3. If there is any discrepancy between the provisions of this Law and those of another law issued before the effective date of this Law in relation to the sequence and procedures for business investment and investment security [guarantee], then implementation shall accord with this Law except for the following cases: [...]
(d) Implementation of investment projects for construction, for residential housing and for urban zones are implemented in accordance with the provisions of the Law on Construction, the Law on Residential Housing and the Law on Real Estate Business after the competent agency has approved the investment policy or the amended investment policy in accordance with the provisions of this Law;
(dd) Authority, sequence, procedures and conditions for business investment implemented in accordance with the Law on Credit Institutions, the Law on Insurance Business, and the Law on Petroleum;
(e) Authority, sequence, procedures and conditions for business investment and activities on the securities market implemented in accordance with the Law on Securities.
[...]
Article 9. Business lines with prohibited and restricted market access and market access conditions applied to foreign investors
1. Market access conditions applied to foreign investors are the same as those applied to domestic investors, except for the case specified in Clause 2 of this Article.
2. Pursuant to Laws and Resolutions of the National Assembly, Ordinances and Resolutions of the Standing Committee of the National Assembly, Decrees of the Government and international treaties to which the Socialist Republic of Vietnam is a signatory, the Government shall promulgate a Negative List for Market Access, including:
a/ Prohibited business lines;
b/ Restricted business lines.
3. Market access conditions applied to foreign investors specified in the Negative List for Market Access include:
a/ Holding of charter capital by the foreign investor in a business organization;
b/ Investment method;
c/ Scope of investment;
d/ Capacity of the investor; partners participating in the investment activities;
dd) Other conditions specified in the Laws and Resolutions of the National Assembly, Ordinances and Resolutions of the Standing Committee of the National Assembly, Decrees of the Government and international treaties to which the Socialist Republic of Vietnam is a signatory. [...]" (Law on Investment No. 61/2020/QH14 of 17 June 2020 [google translation])
------------------------------------
"Section 2. SECTORS, LINES AND MARKET ACCESS CONDITIONS FOR FOREIGN INVESTORS
Article 15. Sectors and trades restricted from market access for foreign investors
1. Sectors and trades with restrictions on market access for foreign investors and restrictions on market access for such industries and trades are prescribed in laws and resolutions of the National Assembly, ordinances and resolutions. of the National Assembly Standing Committee, Government decrees and international treaties on investment. The list of industries and trades with restrictions on market access for foreign investors is published in Appendix I of this Decree.
2. Market access conditions for foreign investors shall be applied in the forms specified in Clause 3, Article 9 of the Law on Investment and posted and updated according to the provisions of Article 18 of this Decree.
3. In addition to the market access conditions for the industries and trades specified in Clauses 1 and 2 of this Article, foreign investors and foreign-invested economic organizations when conducting business investment activities Businesses in Vietnam must satisfy the following conditions (if any):
a) Use of land and labor; natural resources, minerals;
b) Producing and supplying public goods and services or goods and services that are monopolistic in the state;
c) Owning and trading in houses and real estate;
d) Applying forms of support and subsidies of the State to a number of branches and fields or developing regions or territories;
dd) Participating in the program and plan for the equitization of state-owned enterprises;
e) Other conditions as prescribed in laws and resolutions of the National Assembly, ordinances and resolutions of the National Assembly Standing Committee, decrees of the Government and international treaties on investment that do not allow allow or restrict market access for foreign-invested economic organizations.
Article 16. Subjects of application of the List of industries and trades restricted from market access
1. The list of industries and trades with restricted market access applies to:
a) Foreign investors as prescribed in Clause 19, Article 3 of the Law on Investment ;
b) The economic organization specified at Points a, b and c, Clause 1, Article 23 of the Law on Investment when investing in the establishment of other economic organizations; make capital contribution, purchase shares, purchase capital contribution portion of other economic organizations; investment in the form of BCC contract.
(In this Section, the subjects specified at Points a and b of this Clause, hereinafter collectively referred to as foreign investors, unless otherwise provided for by this Decree).
2. For business investment activities carried out in Vietnam, investors who are Vietnamese citizens and hold foreign citizenship are entitled to choose to apply market access conditions and investment procedures as follows: regulations applicable to domestic or foreign investors. In the case of choosing to apply market access conditions and investment procedures as prescribed for domestic investors, investors who are Vietnamese citizens and have foreign nationality are not entitled to exercise their rights. and regulatory obligations for foreign investors.
Article 17. Principles of applying restrictions on market access for foreign investors
1. Except for the industries and trades on the List of industries and trades with restricted market access for foreign investors specified in Appendix I of this Decree, foreign investors are entitled to market access as prescribed. for domestic investors.
2. Foreign investors are not allowed to invest in industries and trades that have not yet been able to access the market as prescribed in Section A, Appendix I of this Decree.
3. For industries and trades with conditional market access for foreign investors as prescribed in Section B, Appendix I of this Decree, foreign investors must satisfy the conditions for market access. Schools are posted according to the provisions of Article 18 of this Decree.
4. Market access conditions for industries and trades that Vietnam has not yet committed to market access to for foreign investors are applied as follows:
a) Where laws and resolutions of the National Assembly, ordinances and resolutions of the National Assembly Standing Committee, decrees of the Government (hereinafter referred to as Vietnamese law) do not contain provisions restricting access to the market for that industry or trade, foreign investors may access the market as prescribed for domestic investors;
b) Where Vietnamese law already contains provisions on restricting foreign investors' market access for such industries or trades, the provisions of Vietnamese law shall apply. [...]
7. Foreign investors belonging to countries or territories that are not members of the WTO and conducting investment activities in Vietnam are entitled to the same market access conditions as those applicable to national investors. a territory that is a member of the WTO, unless otherwise provided for by Vietnamese law or an international treaty between Vietnam and that country or territory.
[...]
APPENDIX I - LIST OF INDUSTRY AND LINES LIMITED MARKET ACCESS FOR FOREIGN INVESTORS [...]
B. BUSINESS LINES WITH RESTRICTED MARKET ACCESS [...]
4. Insurance, banking, securities trading and other related services [...]"(Government Decree on the Elaboration of Some Articles of the Law on Investment No. 31/2021/ND-CP of 26 March 2021 [google translation] (Decree 31), which provides guidance on the implementation of the new Law on Investment [google translation])
---------------------------
"INDUSTRY, SECTOR | CONDITIONS LIMITED MARKET ACCESS | LEGAL BASIS [not reproduced here] [...]
4. Insurance, banking, securities trading and other related services: 4.1. Insurance and insurance-related services (a) Original insurance (Life insurance, excluding health insurance; Non-life insurance); b) Reinsurance and ceding reinsurance; c) Insurance intermediaries (such as insurance brokers and insurance agents); d) Insurance support services (such as consulting, actuarial services, risk assessment and claim settlement) | 
1. WTO, VJEPA, VKFTA, CPTPP:
No restrictions, except: Permit foreign insurance enterprises to establish non-life insurance branches, based on prudent management regulations.
2. EVFTA: No restrictions, except for the provisions in the general commitment.
- Allow foreign insurance enterprises to establish branches of non-life insurance.
- Branches of foreign reinsurance enterprises may be established after 3 years from the effective date of this Agreement.
- To be more secure, this will be based on prudent management regulations.
3. Vietnamese law:
3.1. Conditions for establishment of an insurance enterprise[1]
a) Rate of ownership of charter capital of foreign investors in economic organizations: There are no restrictions.
b) Investment form: According to the provisions of Article 105 of the Law on Insurance Business in 2000 (amended and supplemented by Clause 12, Article 1 of the Law on Insurance Business in 2010).
c) Scope of investment activities: According to the provisions of Article 60 of the Law on Insurance Business in 2000 (amended and supplemented by the Law on Insurance Business in 2010) and Article 37 of Decree No. 73/2016/ND- CP.
d) Capability of investors and partners participating in investment activities:
- Conditions to be granted the establishment and operation license for foreign-invested insurance enterprises are specified in Article 106 of the Law on Insurance Business 2000 (amended and supplemented by the Law on Insurance Business). insurance in 2010).
- For the establishment of an insurance limited liability company: Article 7 of Decree No. 73/2016/ND-CP (amended and supplemented by
Decree No. 151/2018/ND-CP).
- For the establishment of an insurance joint-stock company: No special conditions are prescribed for foreign investors.
dd) Other conditions: An insurance enterprise is not allowed to conduct business in life insurance and non-life insurance at the same time, except for the case where the life insurance enterprise is engaged in the business of health insurance and accident insurance. Humans complement life insurance.
3.2. Conditions for establishing an insurance brokerage business
a) Rate of ownership of charter capital of foreign investors in economic organizations: None.
b) Investment form: operating according to the provisions of Article 105 of the Law on Insurance Business in 2000 (amended and supplemented by Clause 12, Article 1 of the Law on Insurance Business in 2010).
c) Scope of investment activities: insurance brokerage activities include: Article 90 of the 2000 Law on Insurance Business.
d) Capability of investors and partners participating in investment activities:
- Conditions for issuance of establishment and operation licenses for foreign-invested insurance brokerage enterprises are specified in Article 106 of the Law on Insurance Business 2000 (amended and supplemented by the Law on Business Law). insurance business in 2010).
- Foreign organizations contributing capital to establish insurance brokerage enterprises must satisfy the conditions specified in Articles 6 and 9 of Decree No. 73/2016/ND-CP.d) Other conditions.
3.3. Conditions for establishing a branch of a foreign non-life insurance enterprise
a) Capability of investors and partners participating in investment activities: Foreign non-life insurance enterprises establishing branches in Vietnam must satisfy the conditions specified in Clause 2, Article 8 of Decree No. Decree No. 73/2016/ND-CP.
b) Other conditions: Legal capital level of the branch of the foreign non-life insurance enterprise:
- Business in non-life insurance (except for the cases specified at Points b and c, Clause 4, Article 10 of Decree No. 73/2016/ND-CP dated July 1, 2016 of the Government guiding the Law on Business) insurance and the revised Law on Insurance Business) and health insurance: VND 200 billion;
- Doing insurance business according to the provisions of Point a, Clause 4, Article 10 of the Government's Decree No. 73/2016/ND-CP dated July 1, 2016 guiding the Law on Insurance Business and the Amended Law on Insurance Business and aviation insurance or satellite insurance: VND 250 billion;
- Doing insurance business according to the provisions of Point a, Clause 4, Article 10 of the Government's Decree No. 73/2016/ND-CP dated July 1, 2016 guiding the Law on Insurance Business and the Amended Law on Insurance Business , aviation insurance and satellite insurance: VND 300 billion.[...]" (Government of Viet Nam, List B: List of occupations with conditional market access for foreign investors, webpage [google translation])
-----------------------------
"GENERAL
Article 1. Scope and regulated entities
1. The Decree defines the details of implementation of the Law on insurance business and the Law on amendments to certain articles of the Law on insurance business, with regard to:
a) The establishment and operation of enterprises providing life insurance, non-life insurance, health insurance and reinsurance (hereinafter referred to as insurance enterprises), branches of foreign non-life insurance enterprises (hereinafter referred to as foreign branches), insurance broker enterprises, insurance agencies, providers of cross border insurance services, representative offices of insurance enterprises, foreign insurance broker enterprises and fund(s) for the protection of the insured;
[...]
Article 8. Requirements for establishment of foreign branches
1. Foreign branches act as a subsidiary of a foreign non-life insurance enterprise, have no judicial personality and are guaranteed by the foreign non-life insurance enterprise to assume liability for all duties and commitments of such branches in Vietnam.
2. A foreign non-life insurance enterprise must meet these requirements to establish branches in Vietnam:
a) The requirements as stated in Point a, Section 1, Article 7 of this Decree;
b) Its head office is based in a country with which Vietnam has signed international trade agreements, particularly on the establishment of branches of foreign non-life insurance enterprises in Vietnam;
c) Permission has been given by foreign insurance-regulating authorities in the home country of the foreign non-life insurance for the establishment of branches in Vietnam to conduct permissible insurance business activities. Moreover, there is no restriction on funding by the foreign non-life insurance enterprise for its branches in Vietnam. Furthermore, every activity of the foreign non-life insurance enterprise can be supervised; [...]" (Decree on details of implementation of the Law on insurance business and the Law on amendments to certain articles of the Law on insurance business [google translation])
Law on Investment No. 61/2020/QH14 of 17 June 2020 [google translation]
Government Decree on the Elaboration of Some Articles of the Law on Investment No. 31/2021/ND-CP of 26 March 2021 [google translation]
Government of Viet Nam, List B: List of occupations with conditional market access for foreign investors: Conditions (updated 2020), webpage [google translation]
Decree on details of implementation of the Law on insurance business and the Law on amendments to certain articles of the Law on insurance business [google translation]
[<a href="https://vbpl.vn/bokehoachvadautu/Pages/vbpqen-toanvan.aspx?dvid=312&ItemID=11133">Law</a>],[<a href="https://vbpl.vn/bokehoachvadautu/Pages/vbpq-toanvan.aspx?ItemID=147720&Keyword=31/2021/ND-CP">Decree</a>],[<a href="https://vietnaminvest.gov.vn/SitePages/News_Detail.aspx?ChuyenMuc=3&ItemId=16">Webpage</a>],[<a href="https://vanbanphapluat.co/decree-73-2016-nd-cp-details-of-implementation-law-on-insurance-business">Decree</a>],[<a href="https://static1.squarespace.com/static/50c0b136e4b01ad287768e06/t/6246f475c7499050ffab3d02/1648817271960/2022+3+30+Decree+31.2021+implementing+Investment+Law+2020+1.2.pdf">Other</a>],[<a href="https://www.allenandgledhill.com/vn/perspectives/articles/18840/vnkh-issues-new-guidance-on-foreign-investment">Other</a>]