Over the past year, the economic situation has changed a lot due to the pandemic, which has affected non-life insurance revenue, but many businesses still achieved high profits.
Although the pandemic continues to be complicated, insurance companies are still confident in the development strategy. (Photo: VNA)
Hanoi (VNS/VNA) - Over the past year, the economic situation has changed a lot due to the pandemic, which has affected non-life insurancerevenue, but many businesses still achieved high profits.
PVI Insurance Corporation said that its pre-tax profit reached 790billion VND (34.3 million USD) last year, exceeding 22.4 percent of its plan.
The new year begins in the context of the "newnormal", and although the pandemic continues to be complicated, insurancecompanies are still confident in the set development strategy.
“In 2021, we spent a lot of time expanding our business whilestrengthening our internal infrastructure in line with our profitable growthbusiness strategy. During the past year, all employees of the company haveeffectively pursued both directions together. Entering 2022, we will focus onstrengthening the internal resources of the supporting departments at the headoffice,” said a representative of Post and Telecommunication Joint StockInsurance Corporation (PTI) to Dau tu chung khoan (Securities Investment)online newspaper.
Similarly, PVI has set a sustainable growth target withdouble-digit revenue growth, while maintaining the leading position in thefield of commercial and industrial insurance in the domestic market, andgradually reaching out to the Southeast Asian market.
The company is also confident of completing its target this yearand becoming a high-ranking international insurer in Southeast Asia.
A quick report of non-life insurance businesses shows that thissector only grew 1.7 percent in revenue last year compared to 2020, a recordlow growth compared to previous years.
Declining revenue growth is expected by businesses, because therevenue of the two main business lines, which are personal insurance and motorvehicle insurance, has continuously decreased, even recording negative growthfor many months.
The revenue growth rate dropped sharply, but some businessessaid that last year was not a year of great fluctuations, because the non-lifeinsurance market in Vietnam was always changing and the competition was gettingfiercer.
Although there are different views and assessments about themarket's recovery, businesses believe that the non-life insurance market willcontinue to grow./.
The Vietnam Report Joint Stock Company on July 9 announced Vietnam's top 10 prestigious life and non-life insurance companies in Vietnam in 2021 as well as assessments on the Vietnamese insurance market.
The country’s total insurance premium revenue in 2022 is estimated at 253.7 trillion VND (111.1 million USD), up 18.04 percent compared to 2021, according to the Department of the Insurance Supervisory Authority.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
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.
Although the pandemic continues to be complicated, insurance companies are still confident in the development strategy. (Photo: VNA) 
