Vietnam: The minimum sum assured for construction workers’ compensation insurance shall be VND 100,000,000/person

15:15, 19/01/2017

The minimum sum assured for construction workers’ compensation insurance shall be VND 100,000,000/person/occurrence.

The Ministry of Finance of Vietnam recently issued Circular No. 329/2016/TT-BTC on guidelines for implementation of a number of certain articles of Decree No. 119/2015/NĐ-CP dated November 13, 2015 of Vietnam’s Government on compulsory insurance for construction activities.

This Circular provides guidelines for the policy wording, conditions, schedules of premiums, financial regime and reporting regime for compulsory insurance for construction activities including construction works insurance, professional liability insurance for construction consultants and construction workers’ compensation insurance.

According to this Circular, the minimum sum assured for construction workers’ compensation insurance shall be VND 100,000,000/person/occurrence. The period of insurance shall commence from the date an insured worker starts working on a construction site until the end of the construction works warranty period as stipulated by Law.

Circular No. 329/2016/TT-BTC of the Ministry of Finance of Vietnam takes effect from March 01, 2017.

Nguồn: CafeF

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