Vietnam Insurance Sector Aims for 12 per cent Growth in 2009

Vietnam’s insurance sector has set a target of attaining an average growth rate of between 12 per cent and 13 per cent during 2009, with additional goals of 8 per cent-10 per cent for life insurance and 15 per cent-18 per cent for other forms of insurance, according to the Ministry of Finance.

 

The ministry also plans to develop a comprehensive insurance market to meet increasing domestic demand for insurance services, improve the financial and business capacities of insurers and satisfy competitive and international integration requirements.

 

It will make amendments to the existing Insurance Business Law and formulate a strategy to develop the Vietnamese insurance market during the 2010-2020 period.

 

This year, Vietnam’s insurance sector expects to attain a growth rate of 8.22 per cent compared to last year, with total revenues exceeding VND26 trillion.