Morning news 6-7: Insurance collects nearly 115,000 billion VND; Expanding conditions for obtaining Vietnamese citizenship

Vietnamese nationality - Photo 1.

Customers read the terms before purchasing insurance - Photo: TTD

According to data recently released by the General Statistics Office, as of June 26, total means of payment increased by 7.09% compared to the end of 2024 (increased by 2.48% in the same period last year); capital mobilization of credit institutions increased by 6.11% (increased by 1.82% in the same period last year); credit growth of the economy reached 8.30% (increased by 4.85% in the same period last year).

The insurance market (life and non-life) has grown steadily, with total premium revenue in the second quarter of 2025 estimated at VND58,900 billion, up 5.4% over the same period last year. In the first 6 months of 2025, total premium revenue is estimated at VND114,800 billion, up 5%.

Also according to the General Statistics Office, since the beginning of the year, the average trading value on the stock market has reached VND 21,297 billion/session, up 1.4% compared to the average in 2024; the average trading value on the bond market has reached VND 14,050 billion/session, up 19%.

In the derivatives market, the average trading volume reached 191,321 contracts/session, down 9.3%; covered warrants reached 48.4 million warrants/session, down 2.4% and the average trading value reached VND42.4 billion/session, up 1%.

Vietnam Stock Exchange has new general director

Insurance - Photo 1.

Mr. Le Xuan Hai - Photo: VNX

The Ministry of Finance has just announced the decision to temporarily transfer and appoint Mr. Le Xuan Hai, Deputy Director of the State Enterprise Development Department, to hold the position of member of the board of members and general director of the Vietnam Stock Exchange, starting from the beginning of July.

Mr. Le Xuan Hai was born in 1971, has a master's degree in business administration from the University of Economics - Vietnam National University, Hanoi .

Regarding his work history, Mr. Hai has worked at the Ministry of Finance since 1997 and held the position of Deputy Director of the Department of Corporate Finance from October 2020 to February 2025.

From March to June 2025, Mr. Hai held the position of Deputy Director of the State Enterprise Development Department (Ministry of Finance).

A steel company on the stock exchange is being charged billions in back taxes.

Vingal Industrial Galvanizing Joint Stock Company - Vnsteel (VGL) has just announced information about being fined for administrative violations of tax.

Specifically, according to the penalty decision from the Tax Department of Region XV, Vingal - Vnsteel declared incorrectly, leading to a lack of tax payable. The total amount of arrears, fines and late payment amounts to more than 1.6 billion VND.

Of which, the company was administratively fined more than 218 million VND, had to pay nearly 1.1 billion VND in corporate income tax and had to pay an additional 306 million VND in late payment fees.

In addition, the tax authority also adjusted to reduce nearly 314 million VND of deductible value added tax.

On the website, Vingal - Vnsteel introduces itself as a joint venture between Vietnam Steel Corporation, Delta Group (Australia) and Viet Steel Company Limited, established in 1995.

By 2012, the company was transformed into a joint stock company with major shareholders: Vietnam Steel Corporation, Viet Nga Steel Company Limited and Viet Steel Company Limited.

Expanding conditions for Vietnamese citizenship

From July 1, the Law amending and supplementing a number of articles of the Law on Vietnamese Nationality took effect with many notable new points. Among them, the conditions for obtaining Vietnamese nationality were expanded.

Conditions for obtaining Vietnamese nationality are stipulated in Article 19 of the 2008 Nationality Law, amended and supplemented in the 2025 amended Nationality Law.

Specifically, foreign citizens and stateless persons who apply for Vietnamese nationality can be granted Vietnamese nationality if they meet the following conditions:

Have full civil act capacity according to the provisions of Vietnamese law, except in the case of minors applying for Vietnamese nationality under their father or mother, or minors whose father or mother is a Vietnamese citizen.

The provision allowing minors to naturalize under Vietnamese parents is a new regulation.

Comply with the Constitution and laws of Vietnam; respect the culture, traditions, customs and practices of the Vietnamese people.

Know enough Vietnamese to integrate into the Vietnamese community.

Permanently residing in Vietnam (new content). Permanent residence in Vietnam for 5 years or more up to the time of application for Vietnamese nationality.

Able to secure a living in Vietnam.

The new law also expands the conditions for naturalization in some cases, whereby the naturalized person may not know Vietnamese, or have not resided in Vietnam for more than 5 years...

In addition, the law also stipulates that people with dual nationality can combine Vietnamese and foreign names.

Specifically, in the case of a person applying for Vietnamese nationality and at the same time applying to retain foreign nationality, he/she can choose a name that combines the Vietnamese name and the foreign name. The name is chosen by the person applying for Vietnamese nationality and is clearly stated in the decision to grant Vietnamese nationality.

Restructuring of social insurance units

Insurance - Photo 2.

Social insurance officers receive people doing procedures in Hanoi - Photo: HA QUAN

According to Vietnam Social Security, Minister of Finance Nguyen Van Thang has just issued a decision to amend and supplement a number of articles on the functions, tasks, powers and organizational structure of Social Security from July 1, 2025.

Accordingly, provincial Social Insurance will be organized according to provincial administrative units, with headquarters located at the local political-administrative center and have legal status, its own seal and account, with the number of staff offices not exceeding 10.

Grassroots social insurance is under the provincial social insurance, managed by the area of some communes, wards, and special zones, also has legal status, its own seal and account but does not have an internal organization. The whole country will not exceed 350 grassroot social insurance.

The Director of Vietnam Social Security is assigned the responsibility of organizing, completing the arrangement, consolidation and operation of the provincial system within 3 months at the latest from the effective date of the decision.

Insurance - Photo 3.