Professional liability insurance for notaries is a mandatory insurance type in Vietnam from July 1, 2025

Professional liability insurance for notaries is a mandatory insurance type in Vietnam from July 1, 2025​ (Image from Internet)

Professional liability insurance for notaries is a mandatory insurance type in Vietnam from July 1, 2025

According to the provisions of Article 39 of the Notary Law 2024, the professional liability insurance for notaries is regulated as follows:

- Professional liability insurance for notaries is a mandatory type of insurance.

- Notary practice organizations are obliged to purchase professional liability insurance for notaries practicing within their organization. The purchase of professional liability insurance for notaries must be maintained throughout the operation period of the notary practice organization.

No later than 10 working days from the date of purchase of insurance or from the date of change, extension of the insurance contract, the notary practice organization is responsible for notifying and sending a copy of the insurance contract, the amendment, extension of the professional liability insurance contract for notaries to the Department of Justice.

- The Government of Vietnam stipulates detailed conditions, insurance rules, insurance premiums, and the minimum insured amount for the professional liability insurance of notaries.

What is notarization? Who is a notary?

- According to the provisions of Clause 1, Article 3 of the Notary Law 2024, notarization is a public service performed by notaries of notary practice organizations to certify the authenticity and legality of transactions that the law requires to be notarized, the law assigns the Government of Vietnam to regulate must be notarized or that individuals and organizations voluntarily request to be notarized.

Diplomatic missions, consular missions of the Socialist Republic of Vietnam abroad are allowed to notarize transactions as specified in Article 73 of the Notary Law 2024:

“Article 73. Notarization by Diplomatic Missions of the Socialist Republic of Vietnam Abroad

1. Diplomatic missions, consular missions of the Socialist Republic of Vietnam abroad are allowed to notarize wills, disclaimers of inheritance, types of power of attorney, and other transactions as prescribed by this Law and the law on consular and diplomatic affairs, except for contracts of purchase, exchange, transfer, donation, lease, mortgage, or capital contribution with real estate in Vietnam.

2. Consular officers, diplomatic public employees assigned to perform notarization must have a bachelor's degree in law, a master's degree in law, or a doctorate in law, or must have undergone notarial training.

3. Consular officers, diplomatic public employees performing notarization are subject to the procedures stipulated in Chapter V of this Law and have the rights stipulated in points c, d, and dd of Clause 1 and obligations stipulated in points a, b, d, dd, e, i, and l of Clause 2, Article 18 of this Law..”

- A notary is a person possessing the qualifications as prescribed by this Law, appointed by the Minister of Justice to practice notarization and perform certain certification tasks according to the legal provisions on certification. (According to Clause 2, Article 3 of the Notary Law 2024)

Refer to more details in the Notary Law 2024 effective from July 1, 2025.

The Notary Law 2014 is no longer effective from the date the Notary Law 2024 takes effect, except for cases specified in Clauses 1, 2, 3, 6, 7, 9, 11, 12, and 14 of Article 76 of the Notary Law 2024.

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