Legal expert Ngoc Tram provides the following response:
On September 5, 2026, the Government of Vietnam promulgated Decree No. 346/2026/ND-CP amending Decree No. 58/2018/ND-CP on agricultural insurance.
Accordingly, Article 1 of Decree No. 346/2026/ND-CP amends and supplements Article 4 of Decree No. 58/2018/ND-CP regarding the following types of insurance products:
- Named-peril insurance, under which, upon the occurrence of an insured event, the insurer shall indemnify the actual loss caused by the risks specifically agreed upon in the agricultural insurance contract;
- All-risks insurance, under which, upon the occurrence of an insured event, the insurer shall indemnify the actual loss caused by any risk, except in cases excluded from insurance liability as agreed upon in the agricultural insurance contract;
- Income-loss insurance, under which, upon the occurrence of an insured event, the insurer shall indemnify agricultural production costs to compensate for losses caused by the insured risks, as agreed upon in the agricultural insurance contract;
- Yield-index insurance, under which, upon the occurrence of an insured event, the insurer shall pay compensation based on the actual decline in yield within a geographical area, such as a commune or several communes, as agreed upon in the agricultural insurance contract, irrespective of the actual loss suffered by the insured subject matter;
- Weather-index insurance, under which, upon the occurrence of an insured event, the insurer shall pay compensation based on fluctuations in weather indices, such as rainfall, wind, drought, flooding, damaging cold, hail, frost, earthquakes, and tsunamis, as agreed upon in the agricultural insurance contract, irrespective of the actual loss suffered by the insured subject matter. The selection of sources providing weather indices under the insurance contract must comply with Clause 2 of this Article;
- Remote-sensing-index insurance, under which, upon the occurrence of an insured event, the insurer shall pay compensation based on fluctuations in remote-sensing indices, as agreed upon in the agricultural insurance contract, irrespective of the actual loss suffered by the insured subject matter. The selection of sources providing remote-sensing indices under the insurance contract must comply with Clause 2 of this Article;
- Other types of agricultural insurance products as agreed upon in the agricultural insurance contract.
The insurer shall clearly explain to the policyholder how actual loss is determined for the types of insurance prescribed in Points a, b, and c Clause 1 of this Article and how the insurance indemnity is determined for the types of insurance prescribed in Points d, dd, and e Clause 1 of this Article.
See more details in Decree No. 346/2026/ND-CP effective as of October 20, 2026.
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