Touting it as a win-win deal for everyone, banks and insurance companies in Vietnam are promoting the “bancassurance” model to exploit a market with huge untapped potential.
The finance, banking and insurance industry expanded 7.89 percent in the first nine months of this year, the highest level recorded in the past seven years.
As part of its first anniversary celebrations, FWD Vietnam Life Insurance Company Ltd gave gifts to inmates at the Thanh Loc Paralyzed Elder Nursing Centre in Ho Chi Minh City’s District 12 and the Centre for Social Protection No 4 in Ba Vi, Hanoi and its staff spent time with them and did voluntary work.
The total premium collected by insurance companies in the first eight months of 2017 surged by 21.9 percent year on year to nearly 65.56 trillion VND (2.89 billion USD).
The Global Alliance for Trade Facilitation (GATF) will help Vietnam to establish a customs bond system – part of the country’s efforts to modernise and reform administrative procedures relating to import and export.
The National Fund for Vietnamese Children presented 50 bicycles, each worth over 1.7 million VND (75 USD), and 50 school bags to needy children in the central province of Quang Ngai.
Deputy Prime Minister Vuong Dinh Hue has stressed opportunities for AIA Group Limited to invest in Vietnam’s potential life insurance market.
The total premiums collected by insurance companies in the first seven months of 2017 surged by 20.9 percent year on year to 57 trillion VND (2.5 billion USD).
More than 5,000 athletes, both professional and amateur, from 44 countries and territories, participated in the Da Nang International Marathon 2017 in central coastal Da Nang city on August 6.
The total premium collected by insurance companies in Vietnam in the first half of 2017 has grown 21 percent year-on-year to 47.17 trillion VND (1.8 billion USD).
The insurance sector reported growth of 19 percent in premium income in the first five months of this year, topping 38.7 trillion VND (1.7 billion USD), the Insurance Association of Vietnam said.
The Republic of Korea-based Samsung Fire & Marine Insurance (SFMI) signed agreements to become a strategic investor of Petrolimex Joint Stock Insurance Company (PJICO) and to acquire 20 percent stake in the Vietnamese insurer in Hanoi on May 5.
The UK insurer Aviva announced on April 21 that it has acquired VietinBank’s 50 percent stake in its life insurance joint-venture Vietinbank Aviva (Aviva Vietnam).
Japan’s Mizuho Financial Group will set up a 252 million USD (28 billion JPY) investment fund early this summer to invest in small- and medium-sized companies in Southeast Asia, Nikkei reported.
Canadian life insurer Sun Life Vietnam has signed a three-year agreement with Global Online Financial Solutions Limited under which the latter will distribute its products.
The Finance Ministry will refine policies, ensure supply-demand and develop intermediary institution this year to develop a stable bond market
Vietnam’s insurance sector is predicted to grow 20 percent this year thanks to a change in Government policies, experts said.
Insurance provider Dai-ichi Life Vietnam has received a licence to raise its capital to 117 million USD, from 100 million USD, so as to invest in new distribution channels in Vietnam.
