Deputy Prime Minister Vuong Dinh Hue (Photo: VNA) Hanoi (VNA) – Deputy Prime Minister Vuong DinhHue received Chairman of the China Taiping Insurance Group Luo Xi in Hanoi onNovember 12, welcoming the firm’s intention to invest in the insurance marketof Vietnam.
Talking about the investment plan, Luo said thegroup, ranking fourth among the biggest enterprises in China and 450th amongthe world’s largest companies, has conducted several market surveys and discussedthe issue with relevant Vietnamese agencies.
The group perceived that developing insurance inVietnam is in line with the country’s development policies, and it hopes toreceive the Vietnamese Government’s permission to open an office and registerits trademark so as to do business here.
Valuing China Taiping’s intention, Deputy PM Huesaid although the Vietnamese insurance market has been growing fast recently,in terms of both life and non-life insurance, there remains huge potential asthis is a market of 100 million people.
He noted aside from doing business in insurance,insurance companies of Vietnam and other countries have also actively takenpart in the local Government bond market. As a result, the rate of G-bondspurchased by commercial banks has been reduced strongly, and most of theG-bonds with 10-, 20- and 30-year terms are currently owned by insurance firms,voluntary pension funds and investment funds.
Regarding China Taiping’s proposal, the DeputyPM asked the group to submit its investment dossier to the Ministry of Financesoon, adding that this ministry will handle related procedures within itsjurisdiction./.
VNA
