Vietnam: Government intent on developing safe, sustainable, insurance market
Source: Asia Insurance Review | Feb 2023
The Ministry of Finance aims to implement many solutions to achieve the goal of developing a safe and sustainable insurance market, meeting diverse insurance needs and ensuring social security this year.
To this end, the ministry will grant licences to qualified investors to participate in the market; continue to manage and monitor the market by means of remote monitoring and on-site inspections; at the same time, build and perfect an information technology system serving market management and supervision, according to a report by Vietnam News Service.
The Vietnamese insurance market currently has 79 insurance entities operating in it, including 31 non-life insurers, one foreign insurer’s branch; 19 life insurance businesses, two reinsurers, and 26 insurance brokerages.
The ministry said that the institutional improvement would continue to be focused on the healthy and sustainable development of the insurance market and meeting bilateral and multilateral commitments on international integration.
The ministry says that management and supervision activities had been enhanced and standardised in accordance with management and supervision standards issued by the International Association of Insurance Supervisors. A