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New Vietnam framework for new insurance products

  • Publish Date: Posted about 7 years ago

The government of Vietnam is expected to launch a framework for the creation of new insurance products, such as insurance for public assets and major illnesses. Phan Kim Bang, Chairman of the Insurance Association of Vietnam, said that insurance companies expect government policies to lead the creation of the framework. He added that the insurance market is expecting strong growth at over 14% for non-life insurance this year. Phung Ngoc Khanh, Director of the Insurance Supervisory Authority, said that Vietnam’s economy is expected to post high economic growth of around 6.5% this year. The government also plans to focus resources on boosting the services sector, including the insurance market. Ngoc Khanh said, “There is much room for growth in the insurance market, such as in agriculture.” Demand for insurance continues to increase due to the country’s rapid international integration, coupled with improved awareness about the role of insurance.