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Vietnam: Factors for farm insurance slow take-off outlined

Source: Asia Insurance Review | Nov 2015

The lack of a clear framework for public-private agricultural insurance and a shortage of independent agencies to implement policies are hampering the development of agricultural insurance in Vietnam.
 
   Mr Le Duc Thinh, Deputy Director of the Department of Co-operatives and Rural Development under the Ministry of Agriculture and Rural Development, talked about the importance of risk management in agriculture through insurance at a recent workshop, reported the Vietnam News Agency.
 
   Reports from the Ministry of Finance say that there are several obstacles to implementing agricultural insurance due to a large number of people who need cover and the extremely wide coverage needed.
 
   In addition, the claim process is slow. For instance, many shrimp farmers had to wait for almost one year to get insurance payouts. Agricultural production also faces risks like floods, droughts and epidemics, therefore very few insurance companies invest in this sector.
 
   Mr Tran Cong Thang, deputy director of the Institute of Policy and Strategy for Agriculture and Rural Development, said that agricultural insurance has not succeeded in the country due to a lack of co-operation among the state, insurance company and farmers.
 
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