Vietnam Finance Conference and Exposition 2016 (Source: VNA) 
Hanoi (VNA) – The Vietnam Finance Conference and Exposition 2016, themed “Developing Insurance Market: Policy and Information Technology Solutions”, took place in Hanoi on October 14.

Deputy Finance Minister Nguyen Huu Chi said the information technology (IT) application in insurance sector is a strategic priority of the government in order to improve business competitiveness and State management.

Over the past years, the ministry has enacted a synchronous system of policies and laws to improve the safety of insurance system and corporate competitiveness.

The sector’s revenue accounted for 2 percent of the gross domestic product last year, meeting the target set by the financial and insurance market development strategies for 2011-2020. The annual average growth for 2011-2015 hit 16 percent.

In the first half of this year, the total premium revenue reached a 10-year high of more than 38.6 trillion VND, up 25.9 percent annually. Insurers raised in excess of 175 trillion VND as long-term capital for the State budget.

Phung Ngoc Khanh, Director of the Insurance Supervisory Authority, said the 2016-2010 period is crucial to the achievement of goals in the insurance market development strategy for 2011-2020, in which IT application is one of basic solutions to market growth.

At the event, participants presented a full and comprehensive picture of domestic insurance industry, challenges in IT application as well as tasks in the near future.

They also proposed a range of appropriate management frameworks and outstanding technology solutions for the sector.

The event was co-hosted by the Finance Ministry and the International Data Group (IDG).-VNA