Decree 220/2026/ND-CP amend Decree 67/2023/ND-CP compulsory insurance for motor vehicle owner’s civil liability, compulsory insurance in construction investment activities

DECREE

Amending and supplementing a number of articles of the Government’s Decree No. 67/2023/ND-CP dated September 06, 2023, on compulsory insurance for motor vehicle owner’s civil liability, compulsory fire and explosion insurance and compulsory insurance in construction investment activities

Pursuant to the Law on Organization of the Government No. 63/2025/QH15;

Pursuant to the Law on Construction No. 135/2025/QH15;

Pursuant to the Law on Insurance Business No. 08/2022/QH15, amended and supplemented under Law No. 139/2025/QH15;

At the proposal of the Minister of Finance;

The Government hereby promulgates the Decree amending and supplementing a number of articles of the Government’s Decree No. 67/2023/ND-CP dated September 06, 2023, on compulsory insurance for motor vehicle owner’s civil liability, compulsory fire and explosion insurance and compulsory insurance in construction investment activities.

Article 1. To amend and supplement Article 32

“Article 32. Insured object

Project owners shall buy compulsory insurance for underway works for:

1. Works that greatly affect the community safety and interests as prescribed by the law on construction.

2. Construction works that are likely to exert significant adverse environmental impacts or adverse environmental impacts as prescribed by the law on environmental protection.

3. Works with large scale and complex techniques specified by the law on construction.”

Article 2. To amend and supplement Article 33

“Article 33. Minimum insurance sum

The minimum insurance sum for compulsory insurance for an underway work is the full value of such work when completed, including costs of all materials, labor cost, costs of equipment installed therein, transportation costs, other taxes and charges, and other items provided by the project owner. The minimum insurance sum for an underway work must not be lower than the total value of the construction contract, including the adjusted value or added value (if any).

The minimum insurance sum shall be specified in the insurance contract. In case the minimum insurance sum changes due to an adjustment to the value of the construction work, the insurance buyer shall notify the insurance enterprise within 5 working days from the date of adjustment of the value of the construction work or as agreed in the insurance contract.”

Article 3. To amend and supplement Points m and n, Clause 2, Article 34

“m) Losses caused by decay under normal pressure and temperature conditions.

n) Losses caused by the hardening process such as rust, scaling and the like.”

Article 4. To amend and supplement Article 37

1. To amend and supplement Points a and b, Clause 1, Article 37 as follows:

“1. Premium rates and deductibles for compulsory insurance for underway works are as follows:

a) For a construction work valued at under VND 1 trillion, excluding the installation of construction equipment and technological equipment (hereinafter referred to as equipment installation), or including equipment installation where the equipment installation value is less than 50% of the total value of the insured construction work item, the premium rates and insurance deductibles are provided in Clause 1, Section I of Appendix III to this Decree.

b) For a construction work valued at under VND 1 trillion, including the equipment installation value which is equal to 50% or higher of the total value of insured work items, the premium rates and insurance deductibles are provided in Clause 1, Section II of Appendix III to this Decree.”

2. To amend and supplement Clause 2, Article 37 as follows:

“2. For the construction works specified at Points a and b, Clause 1 of this Article:

The insurance enterprise shall, based on the risk level of the insured object, determine an increase or decrease in the insurance premium of up to 25%.

The insurance enterprise shall establish underwriting and assessment procedures for compulsory insurance in construction investment activities, clearly specifying the grounds and criteria for assessing the level of risk of insured objects, the authority and delegation of authority to increase or decrease premiums, and ensuring that, in all cases, any premium increase or decrease based on such grounds does not exceed 25% of the insurance premium. Such underwriting and assessment procedures shall be certified by an actuary and, on an annual basis, shall be subject to an internal audit on compliance, safety, and effectiveness.”

3. To add Clause 2a after Clause 2, Article 37 as follows:

“2a. An insurance enterprise shall not reduce the premium below the premium rates specified in Appendix III to this Decree for construction works in the following cases:

a) Construction works located in provinces or cities within areas at risk of flash floods, landslides, or land subsidence caused by heavy rain, flooding, or water flows, as prescribed by the regulations on natural disaster forecasting, warning, communication, and natural disaster risk levels;

b) The insurance enterprise has incurred a net underwriting loss from property insurance business for 3 consecutive fiscal years, as determined in accordance with Form No. 3 in Appendix X to this Decree.”

4. To amend Point d, Clause 1, Article 37 as follows:

“d) For nuclear power plants and construction works other than those specified at Points a, b and c of this Clause:

The insurance enterprise and the insurance buyer may reach agreement on rules, terms and premium rates and deductible rates on proofs that a leading foreign inward reinsurer confirms its assumption of reinsurance according to the rules, terms, premium rates and deductible rates provided by the insurance enterprise to the insurance buyer. Leading foreign inward reinsurers and foreign insurers assuming reinsurance for 10% or more of the total liability of each reinsurance contract must comply with Clause 9, Article 4 of this Decree.”

Article 5. To amend and supplement Article 38

“Article 38. Responsibility to buy insurance

1. Project owners shall buy compulsory insurance for their works during the construction time in accordance with this Decree. The project owner may authorize the contractor to purchase compulsory insurance for the underway work. The project owner's authorization of the contractor to purchase insurance shall not alter the project owner's responsibility for ensuring that the work is insured in accordance with law, and the project owner shall be responsible for monitoring and supervising such implementation.

2. In case of buying compulsory insurance for a work during the construction time, the project owner shall buy insurance with the minimum insurance sum specified in Article 33 of this Decree.

3. In case of buying insurance for a work item during the construction time, the project owner shall buy insurance with the insurance sum for such work item which must not be lower than the full value of such work item upon its completion and the total insurance sum for work items during the construction time must not be lower than the minimum insurance sum specified in Article 33 of this Decree.

4. For a construction work comprising multiple work items, the project owner shall provide information on the value of each work item as the basis for determining the applicable premium rate in accordance with Appendix III to this Decree.”

Article 6. To amend and supplement Article 45

To add Clauses 3 and 4 after Clause 2, Article 45 as follows:

“3. In case the period of performance of construction works and the warranty period are prolonged compared to that stated in the document issued by an authority with the investment decision competence upon conclusion of the insurance contract, the insurance buyer and the insurance enterprise shall reach an agreement on the premium for the prolonged period. The insurance premium for the prolonged period shall be calculated based on the premium under the compulsory insurance contract for construction consultants’ professional liability at the time of conclusion of the contract and the ratio of the prolonged period to the term of the compulsory insurance contract for construction consultants’ professional liability at the time of conclusion of the contract.

4. The construction survey consultancy contractor and the construction engineering consultancy contractor shall provide information on the value of the construction work specified in Clauses 1 and 2 of this Article as the basis for determining the corresponding insurance premium. The project owner shall coordinate in providing information to the construction consultancy contractor.”

Article 7. To amend and supplement Article 58

To add Clause 3 after Clause 2, Article 58 as follows:

“3. The construction contractor shall provide information on the compulsory insurance premium applicable to the corresponding construction work as specified in Clauses 1 and 2 of this Article as the basis for determining the corresponding insurance premium. The project owner shall coordinate in providing information to the construction contractor.”

Article 8. To replace a number of Appendices and forms in the Appendices to Decree No. 67/2023/ND-CP

1. To replace Appendix III to Decree No. 67/2023/ND-CP with Appendix III to this Decree.

2. To replace Form No. 3 of Appendix X to Decree No. 67/2023/ND-CP with Form No. 3 of Appendix X to this Decree.

Article 9. To replace a number of phrases in Decree No. 67/2023/ND-CP

1. To replace the phrase “third party” with the phrase “third-party” in Clause 5, Article 3; Article 5; Point a, Clause 1, Article 7; Point dd, Clause 2, Article 10; Clause 2 and Point a, Clause 6, Article 12; Clause 5, Article 13; Article 41; Clause 1 and Point dd, Clause 2, Article 43; Clauses 1, 3 and 4, Article 46; Clause 3, Article 47; Articles 54, 55; Clause 1 and Point d, Clause 2, Article 56; Articles 57, 58, 59 and 60; and the title of Section 4, Chapter IV.

2. To replace the phrase “construction investment activities” with the phrase “construction activities” in the title of this Decree; Clauses 1 and 3, Article 1; Clauses 3 and 5, Article 2; Point b, Clause 5, Article 3; Point c, Clause 5 and Point b, Clause 6, Article 4; Article 63; Point a, Clause 2, Article 75; Appendices VIII, IX and X; and the title of Chapter IV.

3. To replace the phrase “compulsory insurance for construction investment consultants’ professional liability” with the phrase “compulsory insurance for construction consultants’ professional liability” in the title of Section 2, Chapter IV; Articles 41 and 44; Clause 1, Article 45; Article 47; and Appendix IV.

4. To replace the phrase “under Article 47 of the Government’s Decree No. 06/2021/ND-CP of January 26, 2021, detailing a number of provisions on quality management, construction and maintenance of construction works” with the phrase “under the law on quality management, construction and maintenance of construction works” at Point a, Clause 3, Article 40; Point a, Clause 5, Article 47; and Point a, Clause 5, Article 60.

Article 10. Effect

1. This Decree takes effect from July 01, 2026.

2. For insurance contracts that are concluded before the effective date of this Decree and remain valid, the contractual parties shall continue to comply with agreed terms in such contracts, unless they agree to modify and supplement contracts, in which case this Decree shall apply.

3. For projects covered by the Government guarantee containing a legal stabilization clause, the provisions of the Government’s guarantee and undertaking agreement shall apply.