Vietnam's Insurance Market Rises 29 Per Cent/year

According to the Ministry of Finance, the insurance market is still growing very quickly with an annual growth of 29 per cent. The market size in 2006 is equal to over 2 per cent of the GDP, doubling the amount in 2001. The insurance sector reinvested more than VND110,000 billion (US$6.87 billion) into the national economy since 2001, including over 60 per cent for long-term investment. At present, insurance companies offer nearly 800 life and non-life insurance products in all three insurance segments of human insurance, assets insurance and liability insurance.

 

In the 2007-2010 period, the Ministry of Finance will continue rearranging insurance companies in the country to help edge up their competitiveness. In particular, it will allow insurance firms to take part in financial markets via their foundations of investment funds, trust funds and fund management companies to better manage the mobilised capitals.