Vietnam set for a robust 20% growth in its insurance sector

The Vietnamese insurance market is in a position for strong double-digit growth over the year, predicted at over 20%, strengthened by an improving economic outlook, along with government policies promoting the services sector. Phung Ngoc Khanh, Director of the Finance Ministry's Department of the Insurance Supervisory Authority, said that the economy of Vietnam was expected to post high economic growth of about 6.5%. The government also plans to focus resources on strengthening the services sector, including the insurance market. Khanh says there is room for growth in the insurance market pointing out agriculture as an example. Demand for insurance products is also on the rise amid the country’s rapid international integration, coupled with improved awareness about the role of insurance.