Deputy Minister of Finance Huynh Quang Hai (Photo: VNA)
HCM City (VNS/VNA) - Thelife insurance industry will grow at over 25 percent this year, accordingto the Insurance Association of Vietnam (IAV).
Its acting chairman, Tran Vinh Duc, said: “TheVietnamese economy is expected to grow at a rate of between 6.8 percent and 7percent in 2019. Demand for insurance, particularly life insurance, willincrease as more and more people and organisations started caring aboutinsurance products. Thus, the market will keep growing.”
In a report released this week, the associationsaid last year the life insurance market performed well, earning revenues ofnearly 116 trillion VND (5 billion USD).
Of this, 88 trillion VND (3.8 billion USD) wasfrom premium income, an increase of 33 percent, and the remaining 28trillion VND (1.2 billion USD) was from proprietary investment, a 30 percentrise, the association said.
The total provision made last year by companieswas nearly 220 trillion VND (9.5 billion USD), up 30 percent, he said.
Life insurers settled claims of morethan 18.6 trillion VND (800 million USD) in 2018, up 17 percent, he said.
The industry is making a great contribution to theeconomy, supplementing long-term investment in the economy last year by 276trillion VND (11.9 billion USD), a 33 percent increase.
At a ceremony to mark the 25th VietnamInsurance Day and 19th anniversary of the Insurance Association of Vietnam in Hanoi last month, Deputy Minister of Finance Huynh Quang Hai stressedthe need to raise public awareness of insurance, improve the industry’sfinancial capability and develop new insurance products.
He called on the IAV and the Ministry of Financeto help draft an Insurance Business Law.-VNS/VNA
The UK insurer Aviva announced on April 21 that it has acquired VietinBank’s 50 percent stake in its life insurance joint-venture Vietinbank Aviva (Aviva Vietnam).
The life insurance sector pumped over 215 trillion VND (9.34 billion USD) into the economy in the first half of this year, according to the Insurance Association of Vietnam (IAV).
Petrolimex Insurance Corporation (PJICO), a top 5 non-life insurance company in Vietnam, has signed a cooperation agreement with the Republic of Korea’s Woori Bank.
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
Deputy Minister of Finance Huynh Quang Hai 
