Vietnam: Failure to buy insurance for vehicles serving petroleum activities shall be fined up to VND 100 million

Specifically, according to Article 13 of the Decree No. 99/2020/NĐ-CP of Vietnam’s Government, a fine ranging from VND 80,000,000 to VND 100,000,000 shall be imposed for failure to buy insurance for vehicles and works serving petroleum activities, environmental insurance and other types of insurance in accordance with Vietnamese laws and Good International Petroleum Industry Practices.

Moreover, according to Article 12 of the Decree No. 99/2020/NĐ-CP of Vietnam’s Government, fines for violations against regulations on reporting and provision of information are specified as follows:

1. A fine ranging from VND 20,000,000 to VND 30,000,000 shall be imposed for any of the following violations:

- Failure to provide one of the following documents as prescribed: Quarterly or annual reports on the extracted output, composition and proportion of petroleum extracted from each field and by petroleum, and volume of petroleum removed;

- Failure to report the execution of projects petroleum activities or report important events and incidents related to petroleum activities;

- Failure to report the management of safety and precautions;

- Failure to report incidents and accidents as prescribed in the event of incidents and accidents.

2. The Government’s regulations on penalties for administrative violations against regulations on security, and social order and safety shall apply to imposition of penalties for failure to provide documents or provide inadequate documents thereby obstructing the petroleum-related inspection by law enforcers and competent authorities.

View more details at the Decree No. 99/2020/NĐ-CP of Vietnam’s Government, effective from October 11, 2020.

Le Vy

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