Ministry Seeking Govt's Nod for Export Credit Insurance Co
The Vietnamese Ministry of Industry and Trade (MoIT) has submitted a plan on piloting the setup of an export credit insurance company to the government for approval.
Under the plan, Vietnam's Bao Viet Insurance Corp. will be assigned to conduct this trial, aiming to help exporters and banks mitigate risks from unpredictable fluctuation of hard currencies commonly used in international trade, said the ministry.
Some short-term export credit insurance services such as export risk insurance, and risk insurance relating to banks such as export credit guarantee and banks' bankruptcy.
The MoIT is trying to finalize the company's operation regulations to submit to the prime minister in the second or third quarter of this year.
Statistics from the Ministry of Finance's Insurance Department showed that local enterprises have bought export credit insurance for only 3 per cent-5 per cent of their exports. (Labor)
Vietnamese
