Positive outlook for Vietnam in 2018January 3 2018 by InsuranceAsia News Staff
Vietnam’s insurance sector is expected to hit Vnd129.246 trillion (US$5.6 billion) in premium value in 2018, up 22.3% on-year, according to the Ministry of Finance’s Insurance Supervisory Authority (ISA).
The target was set after the sector’s total premium value reached more than Vnd105.6 trillion this year, up 21% on-year, with total asset reaching Vnd302.9 trillion, a 23% rise.
For next year, Vietnam’s insurance sector wants total asset value to reach Vnd370.818 trillion and reinvest Vnd305.497 trillion in the economy.
According to Deputy Minister of Finance Tran Xuan Ha, however, the country’s insurance sector will need to scale up its efforts if it is to maintain higher than 20% growth next year.
Experts have commented that the growth of Vietnam’s insurance sector faces some restrictions in 2018 such as the low rate of people using insurance products, lack of common databases, and unfair competitive practices from rivals.
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