Is there a penalty for not buying vehicle Insurance?

According to point d, clause 2, Article 58 of the Law on Road Traffic 2008, one of the conditions for a driver to participate in traffic is to have a vehicle insurance.

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If you do not buy compulsory auto insurance, vehicle drivers will be fined for traffic violations according to the provisions of Article 21 of Decree 100/2019/ND-CP, as amended by Decree 123/2021/ND CP as follows:

4. A fine of between VND 400,000 and VND 600,000 shall be imposed for one of the following violations:

b) Drivers of automobiles, tractors and other vehicles similar to cars do not have or do not carry a valid certificate of civil liability insurance of the motor vehicle owner;

Thus, car owners who do not buy compulsory civil liability insurance will be fined from 400,000 to 600,000 VND.