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Pushback on compulsory motorbike insurance surfaces in Vietnam

Vietnam’s Ministry of Finance has received pushback on compulsory motorcycle insurance which was codified in Decree 67 back in 2023. The pushback has centered around challenges getting paid out in the event a claim is made, according to a write-up in VietnamNet.

VN Express also notes that just 6.5 million motorbikes were insured in the first six months of last year or about 9 percent of motorbikes on the road. It notes that motorbike insurance over the same period generated revenue of VND 430 billion on which payouts were made to the tune of VND 41.9 billion.

Ngoi Sao, on the other hand, tackles questions about motorcycle insurance sold on the streets for only VND 10,000 a year, and points out that this is voluntary insurance and is not sufficient to satisfy the compulsory insurance requirement. It says the minimum insurance requirement costs around VND 66,000 for a year.

See also: Vietnam’s Auto-Insurance Industry

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