Illustrative photo (Source: VNA)

Hanoi (VNA)
– Vietnam’s insurance market plays an important role in socio-economic development, thus implementing social welfare policies, particularly in agriculture, fisheries, and human lives, said an official from the Ministry of Finance.

Nguyen Quang Huyen, Deputy Head of the Ministry’s Insurance Management and Supervision Department made the remark at a press briefing in Hanoi on August 8.

Huyen lauded the contributions of the insurance sector to development, saying that it helped improve the business climate, carry out policies on macro-economic stability and ensure social welfare system.

As of June 30, the total insurance value of 28 coastal provinces and cities was 37.42 trillion VND (1.67 billion USD).

Total premiums in the period reached 387 billion VND (17.27 million USD), covering 14,977 fishing vessels and 145,960 crew, according to Huyen.

The enterprises providing insurance services for offshore-fishing vessels were Bao Viet Insurance, Bao Minh JSC., Petrolimex and PVI Insurance.-VNA