Monopoly will be scrapped from the insurance industry within the next 3 years as highlighted in a development strategy for the 2011-2020 period. The insurance market development strategy issued last week partially reflects the Government’s goal of restructuring the financial and insurance sectors. According to the strategy, to enhance the insurance system’s ability to meet [...]
Monopoly will be scrapped from insurance business within the next three years as highlighted in a development strategy for Vietnam’s insurance market in the 2011-2020 period. The insurance market development strategy issued last week partially reflects the Government’s goal of restructuring the financial and insurance sectors. According to the strategy, to enhance the security, sustainability [...]
Scarcely any Vietnamese markets are covered by fire insurance because insurance firms are discouraged by their high risk of fire, while the amount of assets is difficult to inventory, said Phung Dac Loc, secretary general of the Vietnam Insurance Association. Most markets do not comply with the requirements on fire safety distance and fire-resistance wall [...]
As per the Decision No 193/QD-TTg on Vietnam’s insurance market development strategy during 2011-2020 period, the total premium of the insurance sector is expected to reach 2-3% of GDP (gross domestic product) by 2015 and it would be 3-4% of GDP by 2020. The scale of standby funds of insurance operations to meet the obligation [...]
Bao Viet Holdings, Vietnam’s largest insurer, has projected that its revenue in 2012 will rise 16 percent from 2011 to 17.77 trillion dong ($859.9 million), a senior executive was quoted on Wednesday as saying. The Hanoi-based group would reap profits of 1.73 trillion dong in 2012, including an extra 145 billion dong thanks to a [...]
Vietnam’s finance ministry plans to restructure the country’s insurance industry this year in a bid to stabilize the market, according to reports in the local press. The Ministry of Finance aims to support healthy insurers and encourage weaker firms to consolidate as part of the drive to stabilize the market, business daily The Saigon Times [...]
At a meeting held on February 7, members of the National Assembly in Ho Chi Minh City agreed on a new draft law for bank deposit insurance limits for individual depositors applicable on Vietnamese dong only, not on foreign currencies. Duong Quoc Long, director of the Vietnam Deposit Insurance–Ho Chi Minh City Branch, said that [...]
Vietnam’s Congressmen were concerned that the deposit insurance coverage limit of VND50 million was too low, unsafe and suggested raising the limit to VND100-200 million, the state-run online newspaper Phap Luat TPHCM reported. It is necessary to raise the deposit insurance upper limit to VND100-200 million from current VND50 million, said Congressman Tran Hoang Ngan, [...]
The Ministry of Finance will start restructuring the insurance market this year, with an aim to promote the development of healthy insurers and consolidating weaker firms as part of the drive to stabilize the financial market. The ministry is compiling a set of criteria to assess and categorize insurance companies into four groups, with specific [...]
Vietnam Ministry of Finance (MOF) is presently developing criteria to evaluate and classify insurance companies into four groups, and will apply separate measures to manage and supervise each group, the Saigon Times reported. Group 1 includes good liquidity and profitable insurance companies. These companies will continue business and expand their operation only with efficient business [...]
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