The Hanoitimes - The high growth of the sector is mainly attributed to personal insurance, including life insurance, healthcare insurance and motor vehicle insurance. More than 82 million Vietnamese covered by health insurance Vietnam’s insurance market captures foreign investors Vietnam's insurance industry likely to grow 24% in 2018 For the whole year of 2018, total market premium revenue is estimated at VND133.65 trillion (US$5.75 billion), up 24% year-on-year, marking the fifth year in a row that the Vietnam insurance market has achieved a premium growth rate of over 20%, according to the Insurance Supervisory and Authority (ISA). Upon breaking down, life insurance premiums came at VND87.96 trillion (US$3.78 billion), up 33% year-on-year, and non-life insurance premiums reached VND 45.69 trillion (US$1.96 billion), up 10% year-on-year. The high growth of the sector is mainly attributed to personal insurance, including life insurance, healthcare insurance and motor … [Read more...] about Vietnam insurance market grows 24% in 2018
Auto insurance rate increases by state
BUSINESS NEWS IN BRIEF 20/11
New trends in Vietnam’s rice exports 2018 is witnessing new trends in Vietnam’s rice export sector, notably the priority of exporting high-quality rice through international bidding as well as stricter and more diverse trade barriers from importing countries. Preliminary data by the General Department of Customs shows that Vietnam exported 264,500 tonnes of rice in October, generating a revenue of US$135.56 million, up 22.96% in volume and 31.8% in value, compared with the same month last year. The total volume of rice exports in the first ten months of 2018 was 5.15 million tonnes, worth US$2.6 billion, representing year-on-year increases of 6.62% and 21.49% in volume and revenue respectively. What is notable during the period is that the price of Vietnamese rice has now surpassed that of Thailand, averaging at more than US$500 a tonne, up about 15%. In 2016, Vietnam exported 4.8 million tonnes of rice, bringing in US$2.1 billion. The respective volume and revenue figures … [Read more...] about BUSINESS NEWS IN BRIEF 20/11
BUSINESS NEWS IN BRIEF 9/11
HCM City works to solve difficulties facing property enterprisesThe People’s Committee of Ho Chi Minh City held a conference on November 7 to help local real estate enterprises solve difficulties.Le Hoang Chau, President of the Ho Chi Minh City Real Estate Association, said the local property market faces several bottlenecks affecting enterprises’ business and investment activities, including approval of investment intentions, ground clearance, land use feess, project acquisition, using land funds to pay for Build-Transfer (BT) contracts, and credit and financial procedure issues.The slow settlement of these bottlenecks is one reason for the significant decrease in the supply of real estate products in 2018, which is forecast to continue reducing in 2019, Chau affirmed.At the event, local enterprises shared difficulties facing them during project implementation.Chairman of the municipal People’s Committee Nguyen Thanh Phong admitted that there remain several … [Read more...] about BUSINESS NEWS IN BRIEF 9/11
VIB’s pre-tax profit skyrockets 176% in 9 months
The Vietnam International Bank (VIB) recorded a significant increase of 176 per cent in pre-tax profit to VND1.72 trillion (US$75.5 million) in the past nine months, according to data released on Monday. The bank’s pre-tax profit in the first nine months accounted for 86 per cent of its annual target. Its revenue increased by 48 per cent year-on-year, of which interest income and non-interest income were up 50 per cent and 37 per cent, respectively. The cost-to-income ratio at VIB dropped to 48 per cent from 57 per cent in 2017. Meanwhile, its return on equity ratio was 19.4 per cent thanks to lower provision expenses after the bank bought back its bad debts from the Viet Nam Asset Management Company. From January to September, the bank’s total assets topped over VND132.5 trillion, up 8 per cent year-to-date, while lending and deposits experienced respective rises of 13.1 per cent and 15 per cent to VND95.2 trillion and VND89.2 trillion. Its non-performing loan ratio … [Read more...] about VIB’s pre-tax profit skyrockets 176% in 9 months
BUSINESS NEWS IN BRIEF 24/8
20th edition of Vietfish expo opens in HCM City The country’s premier fisheries expo, the Viet Nam Fisheries International Exhibition, returns to HCM City 30 per cent larger than when it debuted in 2008.The event, hosted by the Viet Nam Association of Seafood Exporters and Producers (VASEP), opened on August 22 at the Sai Gon Exhibition and Convention Centre in District 7.In its 20th edition this year, the annual event, with the theme “Asia’s Home of Seafood”, has attracted 233 exhibitors from 14 countries and territories.The organisers said the exhibition this year has been expanded by nearly 200sq.m from last year with 7 per cent more exhibitors.Vietnamese companies are once more showing off their potential as leading fisheries exporters.Some 66 per cent of the exhibitors are domestic, organisers said.Of the participants, 55 per cent are in aquaculture and services while the remaining 45 per cent sell machinery and equipment, chemicals, … [Read more...] about BUSINESS NEWS IN BRIEF 24/8