Insurance

Update: Schedule on compulsory civil liability insurance of motor vehicle users in Vietnam from March 01, 2021

08:20, 22/01/2021

Recently, the Ministry of Finance of Vietnam issued the Circular No. 04/2021/TT-BTC elaborating to the Decree No. 03/2021/NĐ-CP on compulsory civil liability insurance of motor vehicle users.

Annex I on compulsory civil liability insurance of motor vehicle users is issued together with the Circular No. 04/2021/TT-BTC of the Ministry of Finance of Vietnam, takes effect from March 01, 2021 and replaces the Annex V attached to the Circular No. 22/2016/TT-BTC. Specifically as follows:

No.	Vehicle	Insurance premiums (VND)
I	Motorbikes
1	50 cc or lower	55,000
2	Above 50 cc	60,000
II	Motorized tricycles	290,000
III	Mopeds (including electric mopeds) and similar vehicles
1	Electric motorbikes	55,000
2	Other vehicles	290,000
IV	Non-commercial automobiles
1	Automobiles under 6 seats	437,000
2	Automobiles with 6 to 11 seats	794,000
3	Automobiles with 12 to 24 seats	1,270,000
4	Automobiles with more than 24 seats	1,825,000
5	Vehicles for both passenger and cargo transport (pickup trucks, minivans)	437,000
V	Commercial automobiles
1	Under 6 seats by registration	756,000
2	6 seats by registration	929,000
3	7 seats by registration	1,080,000
4	8 seats by registration	1,253,000
5	9 seats by registration	1,404,000
6	10 seats by registration	1,512,000
7	11 seats by registration	1,656,000
8	12 seats by registration	1,822,000
9	13 seats by registration	2,049,000
10	14 seats by registration	2,221,000
11	15 seats by registration	2,394,000
12	16 seats by registration	3,054,000
13	17 seats by registration	2,718,000
14	18 seats by registration	2,869,000
15	19 seats by registration	3,041,000
16	20 seats by registration	3,191,000
17	21 seats by registration	3,364,000
18	22 seats by registration	3,515,000
19	23 seats by registration	3,688,000
20	24 seats by registration	4,632,000
21	25 seats by registration	4,813,000
22	More than 25 seats	[4,813,000 + 30,000 x (number of seats - 25 seats)]
23	Vehicles for both passenger and cargo transport (pickup trucks, minivans)	933,000
VI	Cargo automobiles (trucks)
1	Less than 3 tonne	853,000
2	From 3 to 8 tonne	1,660,000
3	From 8 to 15 tonne	2,746,000
4	Above 15 tonne	3,200,000

* Insurance premiums in other cases

1. Vehicles for driving lessons

Equal 120% of insurance premiums applicable to vehicles of the same types specified under Section IV and Section VI.

2. Taxis

Equal 170% of insurance premiums applicable to commercial vehicles with the same seat number specified under Section V.

3. Specialized vehicles

- Insurance premiums of ambulance equal 120% of those of vehicles that transport both passengers and cargoes (pickup trucks, minivans) for commercial purposes.

- Insurance premiums of money trucks equal 120% of those of vehicles with under 6 seats specified under Section IV.

- Insurance premiums of other specialized vehicles mandated by the laws in terms of design weight equal 120% of those of cargo vehicles with the same weight specified under Section VI; insurance premiums of specialized vehicles not mandated by the laws in terms of design weight equal 120% of those of cargo vehicles under 3 tonnes (Currently, the premium is equal to 120% that of an under-3-tonne vehicle for the transport of goods specified in Section V of the Circular No. 22/2016/TT-BTC).

4. Trailer towing vehicles

Equal 150% of insurance premiums applicable to vehicles above 15 tonnes. Insurance premiums of vehicles towing trailers apply to both towing vehicles and trailers.

5. Tractors and heavy-duty vehicles (Currently, there is just provision on heavy-duty vehicles)

Equal 120% of insurance premiums of cargo vehicles under 3 tonnes specified under Section VI (insurance premiums of tractors apply to both towing vehicles and trailers).

6. Buses

Equal insurance premiums applicable to non-commercial vehicles with the same seat number specified under Section IV.

Note: Insurance premiums mentioned above do not include VAT

It can be seen that the compulsory insurance premium for civil liability of motor vehicle owners in Circular No. 04/2021/TT-BTC has basically not changed much compared to the provisions of Circular No. 22/2016/TT-BTC of the Minister of Vietnam, most fees are remained the same as current provisions.

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Circular No. 04/2021/TT-BTC

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