Việt Nam News

Proposed removal of conditions for accounting and insurance services

May 05, 2026 - 16:16

Within the group of sectors under the Ministry of Finance’s management are accounting services, reinsurance business, insurance brokerage, insurance agency services, casino business, betting business, and duty-free retail.

Around 60 such sectors are expected to have their business conditions abolished. — Photo laodong.vn

HÀ NỘI — The Ministry of Finance has proposed sweeping cuts to conditional business and investment sectors, aiming to ease market entry and reduce regulatory overlap while maintaining oversight through existing laws.

The ministry has prepared a submission seeking a Government resolution on reducing such sectors. Under the draft, around 60 conditional business and investment sectors could see their business conditions abolished.

Sectors under the ministry’s management include accounting services, reinsurance, insurance brokerage, insurance agency services, casino business, betting business and duty-free retail.

In accounting, the ministry noted there are just over 2,000 certified accountants, but only about 500 are registered to practise across roughly 190 accounting service firms.

At the same time, small, medium and micro enterprises account for nearly 98 per cent of all active businesses, totalling more than 940,000.

The ministry therefore proposes removing business conditions in this field and managing it as a standard business sector.

It said the move would expand the pool of accounting service providers, making access easier and offering more choice for small, medium and micro enterprises, while oversight would rely on existing accounting standards and regulations.

The ministry also outlined plans to remove conditions for reinsurance, insurance brokerage and insurance agency services, proposing instead to consolidate them under a single category of insurance business activities, excluding auxiliary insurance services.

It said the review aims to eliminate overlapping or unnecessary conditions, based on the principle that sectors with similar characteristics or those already regulated under existing frameworks should not be subject to duplicate requirements.

According to the ministry, the Law on Insurance Business defines insurance activities broadly to include insurance, reinsurance and related services such as brokerage and agency.

As a result, these activities are considered part of a single sector within the overall insurance business cycle, excluding auxiliary services. — VNS

Tags Ministry of Finance insurance sector

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