Vietnam's Insurance Market Strongly Grows Since WTO Access
Vietnam's insurance sector has gained impressive growth since the country joined the World Trade Organization (WTO) two years ago, said Deputy Minister of Industry and Trade Le Danh Vinh at a seminar in Hanoi.
The seminar was opened Sept 11 to make assessment of WTO entry impacts on the insurance sector.
Vinh also told the seminar that non-life insurance and life insurance premiums rose 35 per cent and 17 per cent to VND5,500 billion (US$343.75 million) and VND5,150 billion (US$321.88 million), respectively, in the first half of this year.
The deputy minister, however, called on the sector to have its client-caring services and tap opportunities and minimize risks brought in by the country’s WTO membership.
Local insurers need additional supporting legal foundations to promote new products, including insurance for the poor, to compete with foreign rivals, according to the Secretary General of the Vietnam Insurance Association Phung Dac Loc.
At present, the Vietnamese insurance market has 31 insurers, including 17 foreign businesses, which are offering a total of 800 non-life and life insurance products for life, asset and responsibility. (Vietnam Economic Times)
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