A seminar on Vietnam’s economic and financial future, outlining opportunities and challenges in corporate financial management in Vietnam, with insights from experts in the field was held in Hanoi.
The Vietnam Finance Conference and Exposition 2016, themed “Developing Insurance Market: Policy and Information Technology Solutions”, took place in Hanoi on October 14.
Deputy PM Vuong Dinh Hue hoped the US’s AIA Corporation will pour more investment in Vietnam’s insurance market while receiving its President and CEO Mark Edward Tucker in Hanoi on August 25.
Vietnam’s state management agencies will take series of measures in order to promote sustainable development of insurance market, a Vietnamese legislator has said.
Vietnam’s insurance market plays an important role in socio-economic development, thus implementing social welfare policies, particularly in agriculture, fisheries, and human lives.
PVI Holdings continued to maintain its top position in the field of non-life insurance with revenue hitting 4.17 trillion VND (187.65 million USD) in the first half of 2016.
Hong Kong based insurer FWD Group is working to quickly establish its presence in Vietnam as the country has a huge growth potential on insurance market with more than 90 million people.
The Trans Pacific Partnership (TPP) and ASEAN Economic Community (AEC) are expected to offer more market opportunities for insurance companies in Vietnam, but will also present tough challenges.
Vietnamese life insurance companies are seeing good growth in a niche market, holding a majority market share in the north central provinces of Nghe An, Ha Tinh and Quang Binh as well as in south west
The insurance market saw a total insured value reaching 11.7 quadrillion VND (526.5 billion USD) from 2011-2015 said an official during a press conference in Hanoi on March 29.
Vietnamese insurance firms have been offered great opportunities to expand their market share in the regional market thanks to the formation of the ASEAN Economic Community (AEC).
After 30 years of the ‘Doi Moi’ (renewal) process, Vietnam has emerged from a backward country with 90 percent of its population working in the agricultural sector.
Vietnam has emerged from a backward country with 90 percent of its population working in the agricultural sector, to one that is well on its way towardsindustrialisation and modernisation.
Insurance enterprises accumulated more than 152.5 trillion VND (6.7 billion USD) to reinvest this year, up 18 percent against last year, the Insurance Association of Vietnam (IAV) said.
Non-life insurance companies in the country are faced with a shortage
of actuaries who meet national standards, according to the deputy
general secretary of Vietnam Insurance Association.
The legal framework for the operation of insurance brokerage companies
will be improved to enhance their competitiveness, according to the
Insurance Supervisory Authority under the Ministry of Finance.
The insurance market's turnover at the end of last year accounted for
2.44 percent of the nation's gross domestic product (GDP), meeting the
national strategy's target.
The Southeast Asia region’s insurance market will continue to reap
success once the ASEAN Economic Community (AEC) is formed at the end of
2015, said Singapore’s Straits Times.
The AIA life insurance group will work in the long run in Vietnam
and hopes to be facilitated to expand its products, President and
Executive Director Mark Edward Tucker said.
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