Total insurance premiums in the first eight months of the year reached nearly VND80.84 trillion, up 38.81 percent. (Source: tinnhanhchungkhoan.vn)

Hanoi (VNS/VNA)
– Total assets of Vietnamese insurance companies in the first eight months of the year surged sharply by 35.16 percent year-on-year to nearly 365.52 trillion VND (15.55 billion USD), a report from the Ministry of Finance (MoF) showed.

During the period, the companies re-invested more than 289 trillion VND into the economy, marking a rise of 27.63 percent year-on-year.

Total insurance premiums in the period reached nearly 80.84 trillion VND, up 38.81 percent.

The MoF said that it would finalise a project on restructuring the insurance and securities market in the 2017-20 period in the remaining months of the year.

The ministry will also cooperate with international institutions to research and revise the Law on Insurance besides finalising a draft decree on micro-insurance to submit to the Government for approval.

The insurance sector targets total revenue of 129.24 trillion VND this year, up 22.38 percent from 2017. It also plans to re-invest 305.49 trillion VND into the economy and increase its total assets to 370.81 trillion VND.

According to experts, Vietnam’s insurance market has high potential as the number of participants remains low while incomes and awareness among local people are rising. 

The insurance industry is also expected to benefit from the country’s projected GDP growth of more than 6 percent annually over the next three years.-VNS/VNA