Maritime Insurance: Complexity and Disputes. How Difficult to Overcome?

In the intricate realm of the insurance sector, few domains are as complex and prone to disputes as the insurance of goods transported by sea. In this article, we explore the complexities of marine insurance and highlight how a specialized marine insurance law firm in Vietnam can offer invaluable support.

Marine insurance encompasses a wide range of operations related to ships, cargo, and the myriad risks associated with sea voyages, both on the water and on land. For businesses engaged in import and export activities in Vietnam, where maritime trade is thriving, cargo insurance has become increasingly vital.

Marine Insurance: A Multifaceted Domain

Marine insurance involves a broad spectrum of insurance operations related to the maritime sector. It encompasses the insurance of vessels, the individuals onboard, and the goods being transported across seas and oceans. Additionally, it extends to cover risks associated with maritime activities, whether on the sea, on land, or along river routes connected to sea voyages.

Thriving Import and Export in Vietnam

In recent years, Vietnam’s import and export activities have experienced remarkable growth. As a result, the demand for cargo insurance has surged correspondingly. Businesses involved in the import and export of goods, logistics companies, shipping entities, as well as investors and project contractors, have increasingly recognized the importance of safeguarding their interests through marine insurance.

Cargo Insurance Risks: A Closer Look

While the risks associated with cargo insurance are not inherently high, they are predominantly linked to occurrences during transportation. The market’s loss ratio has, in fact, remained relatively low, standing at 27% in 2012 and decreasing to 21.6% in 2013 (excluding ongoing loss resolution cases). The primary causes of such losses are often attributed to deficiencies and damages that occur during the transportation process.

Navigating the Waters of Compensation

Understanding the principles governing compensation in maritime insurance is pivotal to averting and resolving disputes. When untoward incidents transpire, it is common practice to seek the counsel of insurance lawyers with expertise in the shipping and transportation sectors. These legal experts play a critical role in offering advice and facilitating dispute resolution, ensuring that the intricate web of maritime insurance is navigated effectively.

How a Marine Insurance Law Firm in Vietnam Can Assist?

The complexities surrounding marine insurance necessitate specialized legal support, and this is where a marine insurance law firm in Vietnam truly shines. Here’s how they can assist:

In-Depth Knowledge of Maritime Insurance

A marine insurance law firm in Vietnam possess a profound understanding of the nuances within the maritime insurance domain. Their expertise allows them to navigate the intricate legal framework governing insurance operations related to sea voyages, ships, and cargo.

Comprehensive Legal Guidance

The specialized marine insurance law firm in Vietnam offer comprehensive legal guidance to businesses involved in maritime trade. They assist in the procurement of suitable insurance policies, ensuring that clients are adequately protected against the risks associated with the transportation of goods by sea.

Risk Mitigation

By identifying potential risks and vulnerabilities, marine insurance law firm in Vietnam helps clients mitigate these risks effectively. Their meticulous approach can significantly reduce the likelihood of disputes arising in the first place.

Dispute Resolution

In the event of disputes or incidents during the transportation of goods by sea, marine insurance law firm in Vietnam steps in as mediators and advocates for their clients. Their expertise in maritime law ensures that clients’ interests are protected and that disputes are resolved swiftly and equitably.

Legal Compliance

Adherence to legal and regulatory requirements is paramount in the maritime insurance sector. Marine insurance law firm in Vietnam ensures that clients’ insurance activities comply with all relevant laws and regulations, shielding them from legal complications.

Safeguarding Your Maritime Ventures

In a world where the seas of commerce are vast and unpredictable, the role of marine insurance becomes indispensable. For businesses engaged in import and export activities in Vietnam, safeguarding their interests through cargo insurance is not merely prudent—it’s essential.

The complexities and risks associated with maritime insurance demand the expertise of a specialized marine insurance law firm in Vietnam.

With their in-depth knowledge, legal guidance, risk mitigation strategies, dispute resolution capabilities, and unwavering commitment to legal compliance, these firms serve as invaluable partners in ensuring that businesses can navigate the complex waters of marine insurance with confidence and resilience.

About ANT Lawyers, a law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi, and Danang, and will help customers in doing business in Vietnam.

Readmore: https://antlawyers.vn/library/maritime-insurance-complexity-and-disputes.html

Capital Conditions in Air Transportation in Vietnam

Air transportation is the conditional business line and conducted by air transportation enterprises. Air transportation business includes air transportation activity, advertising, marketing and sale of air transportation products on the market for the purpose of making profit.

Therefore, trading in this business line is subject to strict rules of law. The conditional business lines in the field of civil aviation are detailed in Decree 92/2016/ND-CP dated July 1st 2016.

Capital conditions in air transportation in Vietnam

Accordingly, in the field of air transportation, business must meet capital requirements as follows:

The minimum capital requirement to establish and maintain air transportation business:

Operating up to 10 aircrafts: 700 billion VND for enterprises engaging in international air transportation; 300 billion VND for enterprises only engaging in domestic air transportation;

Operating between 11 and 30 aircrafts: 1,000 billion VND for enterprises engaging in international air transportation; 600 billion VND for enterprises only engaging in domestic air transportation;

Operating more than 30 aircrafts: 1,300 billion VND for enterprises engaging in international air transportation; 700 billion VND for enterprises only engaging in domestic air transportation;

The minimum capital requirements to establish and maintain general air transportation business: 100 billion VND.

Air transportation business that has foreign investment must meet the following conditions:

The foreign parties take up less than 30% of charter capital;

Must have at least one Vietnam individual or legal entity hold the largest part of the charter capital. In case Vietnam legal entity has foreign investment capital, the foreign capital share should not exceed 49% of the charter capital of the legal entity.

The transfer of share and capital contribution of air transportation business without foreign investment to foreign investor shall be made only after 02 years from the date of issuance of the air transportation business license.

Enterprises have to send the share and capital transfer proposal to foreign investor to Civil Aviation Administration of Vietnam, which includes: The transferee, transfer condition, the number of transferring shares and capital contribution; Development plans for aircraft teams, business plan, development strategies referred to in Paragraph 1, Article 9 of the Decree 92/2016/ND-CP (if any).

Within 05 working days from the date of receiving the proposal from business, Civil Aviation Administration of Vietnam will report to the Ministry of Transportation the appraisal results.

Within 05 working days from the date of receiving the appraisal result report of the Civil Aviation Administration of Vietnam, the Ministry of Transportation will consider approval or disapproval and clearly state the reasons.

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers have Attorneys in Hanoi, Ho Chi Minh and Danang.

Readmore: https://antlawyers.vn/library/capital-conditions-in-air-transportation-business.html

Danang cooperates with South Korea in building an intelligent transportation system

On October 28th, Vice Chairman of Danang People’s Committee had a meeting with Seoul Metro delegation, represented by Mr. Shim Seung Moo – Director of Seoul Metro International Relations Department.

At the meeting, the parties discuss about the program “Building Intelligent Traffic System” (ITS) in Danang, including the main contents such as: basic survey of the area where the project is supported; Reviewing and evaluating Danang plans and policies, development regimes; Analyze the appropriateness of the time as well as the project content and budget ….

Mr. Shim Seung Moo – Director of Seoul Metro’s International Relations Department said: Using the ITS application to operate and manage the transportation system is a necessary job for Vietnam and Danang. If ITS is implemented in an integrated manner, traffic congestion during peak hours as well as traffic accident incidents in the area will be quickly resolved.

In the coming time, to deploy the ITS project, Seoul Metro will support Danang in installing infrastructure, equipment, violation monitoring systems (speeding, illegal parking), system of moving fee, parking management … It is expected that the project will be implemented according the plan during 3 years: The first year of construction of architectural frames, the second year of organizing training and installation, the third year of operation.

On behalf of the representative of Danang city, Vice Chairman of the City People’s Committee-Mr. Dang Viet Dung, agreed and highly appreciated the proposals of the Seoul Metro mission in surveying and supporting Danang to build the ITS system. Especially in the context that Danang aims to build a smart city in the period of 2018-2025, with a vision to 2030.

South Korea is known as a country with IT industries in the world, including the electronics, telecommunications and transportation. Therefore, the application of information technology applications in parking, solving traffic congestion, traffic flow,… will be necessary conditions towards building a smart city in Danang in the future.

The Vice President assigned the Department of Transport and the Department of Planning and Investment to early develop a detailed plan of the project to submit to KOICA and competent agencies in Vietnam for consideration, and to build a roadmap to receive it. KOICA’s non-refundable capital. Besides, the Vice Chairman expected the relevant units to coordinate to implement the project effectively.

With the goal of building a smart city in 2030, Danang wants to attract more investors from many different countries, to make investments in the field of information technology in Danang, to achieve the goals to be the smart city set by the city in the future.

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers have Attorneys in Hanoi, Attorneys in Ho Chi Minh and Attorneys in Danang.

Readmore: https://antlawyers.vn/library/danang-cooperates-with-south-korea-in-building-an-intelligent-transportation-system.html

How Transportation Lawyers in Vietnam Help Ensure Compliance and Mitigate Risks?

 

Transportation is a vital aspect of any thriving economy, and Vietnam is no exception. As the country experiences rapid economic growth and increased international trade, the importance of transportation lawyers in Vietnam assisting clients complying with transportation laws and regulations becomes paramount.

Transportation law in Vietnam encompasses various sectors, including road, rail, air, and maritime transport. In this article, we explore the complexities of transportation law in Vietnam and highlight the crucial role transportation lawyers in Vietnam play in ensuring compliance, mitigating risks, and providing expert legal advice to businesses and individuals involved in the transportation industry.

Understanding Transportation Law in Vietnam

Transportation law in Vietnam comprises a comprehensive set of regulations, legislation, and international agreements that govern the transportation of goods and passengers. It covers areas such as licensing and permits, safety regulations, liability issues, contract disputes, customs and international trade regulations, and environmental considerations. Staying compliant with these legal requirements is essential for both domestic and international transportation operations.

The Role of Transportation Lawyers in Vietnam

Transportation lawyers in Vietnam specialize in the intricacies of transportation law and play a critical role in ensuring compliance and mitigating risks for their clients. These legal professionals possess extensive knowledge of local laws, regulations, and industry practices. They assist clients by providing expert advice, conducting legal analysis, and offering guidance to ensure adherence to transportation laws and regulations.

Compliance with Licensing and Permits

Transportation lawyers in Vietnam assist businesses and individuals in obtaining the necessary licenses and permits for operating in the transportation sector. They navigate the complex application processes, review the documentation requirements, and ensure that all legal prerequisites are met. By working closely with clients, transportation lawyers ensure compliance with licensing and permit regulations, minimizing the risk of penalties or operational disruptions.

Safety and Liability Considerations in Transportation Laws

Safety is a critical aspect of transportation operations. Transportation lawyers in Vietnam help clients navigate safety regulations and ensure that appropriate safety measures are in place. They advise on compliance with vehicle maintenance, driver qualifications, cargo handling, and other safety-related requirements. In the event of accidents or incidents, transportation lawyers provide legal representation, assist with investigations, and advise on liability matters to protect their clients’ interests.

Contractual and Dispute Resolution

Transportation lawyers in Vietnam play a crucial role in drafting, reviewing, and negotiating transportation contracts. They ensure that contracts comply with legal requirements and protect their clients’ rights and interests. In the event of contractual disputes, transportation lawyers in Vietnam offer expert advice and representation, working towards amicable resolutions through negotiation, mediation, or, if necessary, litigation. By relying on their in-depth knowledge of transportation law, these lawyers help clients navigate complex contractual relationships, resolve disputes efficiently, and minimize the potential financial and reputational risks associated with transportation-related legal conflicts.

Customs and International Trade Compliance

Transportation often involves international trade and customs regulations. Transportation lawyers in Vietnam guide clients through the complexities of customs compliance, import and export requirements, and trade agreements. They ensure that clients’ transportation activities align with international trade laws, tariff regulations, and customs procedures. By providing comprehensive legal advice and ensuring compliance with these regulations, transportation lawyers in Vietnam help their clients avoid delays, penalties, or other legal consequences that can arise from non-compliance.

Transportation lawyers in Vietnam are essential partners for businesses and individuals operating in the transportation sector while doing business in Vietnam. With their expertise in transportation law, these legal professionals provide guidance on compliance with regulations, licensing and permits, safety considerations, contract drafting and dispute resolution, and customs and international trade compliance. By engaging the services of transportation lawyers in Vietnam, stakeholders in the transportation industry can navigate the complexities of the legal landscape, mitigate risks, and ensure smooth operations while adhering to Vietnam transportation laws and regulations.

ANT Lawyers, law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi, and Danang, and will help customers in doing business in Vietnam.

Readmore: https://antlawyers.vn/update/transportation-lawyers-in-vietnam-advise.html