Seven insurers to launch export credit insurance

They include Bao Viet Insurance Corp, Bao Minh Insurance Joint Stock Corp, PetroVietnam Insurance Joint Stock Corp (PVI), Bao Viet Tokio Marine Insuarance Joint Venture Co, QBE Vietnam Insurance Co, Chartis Vietnam Insurance Ltd Co and Union Insurance Ltd Co.

Accordingly, these insurers will apply short-term export credit insurance products only.

The pilot program of export credit insurance has been designed to reach the maximum rate of 3 percent of export turnover getting export credit insurance in 2011 – 2013 following the Prime Minister’s directive.

23 groups of commodities, including seafood, rice, coffee, fruits and vegetables, rubber, pepper, cashew nut, tea, garment and textile, footwear, electronics and computer components, ceramics, glass, iron and steel products, machineries and transport vehicles, are encouraged to apply the export credit insurance.

Exporters who were selected to join the pilot export credit insurance program from August 22, 2011 will be supported 20 percent of original insurance premium of the insurance contract, according to the ministry.

Previously, five insurers, including Chartis, QBE, Bao Viet, Bao Minh and PVI, have launched export credit insurance in Vietnam. -”Source: Vietbiz24.com”

Posted by quynhdn on Sep 25 2011. Filed under Banking-Finance, Insurance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry