Minister of Finance Hồ Đức Phớc during a Q&A session with NA deputies on March 18. VNA/VNS Photo

HÀ NỘI Minister of Finance Hồ Đức Phớc answered questions from deputies during the National Assembly Standing Committee's ongoing 31st sitting Q&A session on Monday over various issues that have been attracting great attention from the public in recent months.

Deputy Trần Đình Gia from the central province of Hà Tĩnh voiced the public's concerns over insurance contracts, including their exceedingly long forms and lack of clarity on rights and responsibilities for both parties, which have allegedly led to financial losses for unsuspecting buyers.

Deputy Nguyễn Anh Trí from the capital city of Hà Nội stressed the important role the Ministry of Finance (MoF) must play in building effective legal frameworks to govern activities related to insurance sales within the country.

Minister Phớc said the ministry is fully aware of violations and unethical behaviours, perpetrated by both individual salespersons and companies in the industry. He assured deputies that the ministry has been and will continue to conduct thorough inspections of insurance-related activities and impose severe penalties on individuals and companies in case of violations. Meanwhile, the ministry has been working around the clock with other governmental agencies and ministries to streamline and improve the current regulations.

Addressing concerns about insurance coverage and compensation for damages, the ministry said there is already a clear regulatory framework provided by the Insurance Law of 2023. Complaints and disputes can be submitted to and handled by the Department of the Insurance Supervisory Authority.

The public and lawmakers have long voiced their concerns over certain techniques used by insurance sales staff, including the focus on only beneficial aspects of insurance policies but glossing over the extremely long commitments, financially and legally, by buyers.

The minister said his ministry, however, bears part of the responsibility over confusion and difficulties in understanding fully insurance contracts among members of the public. As the country’s authority over the industry, the ministry said it will continue providing updates to training programmes to the industry’s workers to ensure they operate within legal standards. He said policy buyers must be aware that they can revoke signed contracts and demand refunds if any errors are discovered within 21 days after the signing, and that insurance companies must comply with said requests.

Sports betting

Answering questions over sports betting, electronic gaming and casinos from deputies, the minister said there are a total of nine casinos operating across the country, with two more having been approved since 2017. The casinos in operation have contributed around VNĐ9 trillion to the State budget and employed nearly 10,000 workers.

Regarding electronic gaming, there are 93 locations across the country, located in 5-star hotels and only accessible to foreigners. Meanwhile, regulations have been under development to oversee sports betting and horse and dog racing, with the ministry looking into legal and operational issues that must be resolved to mitigate risks associated with betting activities, said the minister. For now, investment permits for gambling ventures are handled by the Ministry of Planning and Investment (MPI), with the MoF contributing by helping build betting regulations.

Regarding the current skyrocketing price of airline tickets, which has raised concerns over its adverse effects on the development of Việt Nam’s domestic tourism industry, he said airlines are still reeling from the devastating aftermath of the COVID-19 pandemic with some reporting losses in the trillion of Vietnamese đồng. The ministry has, however, issued several recommendations for airlines to streamline their operation, better utilise resources and increase cost-cutting.

During the session, Minister Phớc also addressed and answered questions on other topics, including potential adjustment to the country’s income tax laws, the VAT tax regime for imported goods and the quality of audit firms in Việt Nam. VNS