The Hanoitimes - Vietnam’s market has 18 life insurers, of which only Bao Viet Life Insurance is Vietnamese while the rest are wholly foreign-owned companies or joint ventures. The domestic fast-growing insurance market has prompted many foreign companies to step up their presence in Vietnam in the past years. Foreign insurers have launched many special products to attract customers Vietnam’s insurance sector has targeted revenue of VND129.24 trillion (US$5.52 billion) this year, up 22.38 percent against 2017. If it hits the target, it would be the fifth consecutive year the insurance industry has posted annual growth of more than 20 percent. The industry’s total revenue surged by 21.2 per cent to VND105.61 trillion in 2017. Phung Ngoc Khanh, general director of the Ministry of Finance’s Insurance Supervisory Authority, said that Vietnam’s insurance market had high potential as the number of customers remained low while incomes and awareness … [Read more...] about Foreign firms dominate Vietnam’s life insurance market
Joint life insurance policy
Foreign life insurers stepping up game in Vietnam
The consecutive launching of a slew of new products helps foreign-invested life insurers, new and old alike, to strengthen their dominance in the Vietnamese insurance market. Foreign insurance companies are ramping up activities in Vietnam Foreign-invested life insurers launch a series of new products Many foreign life insurance companies have launched new and impressive products in the recent past. By the end of August 2018, Sun Life Vietnam launched its “SUN—Huu tri thanh nhan” (Leisure retirement) product, which is known as Sun Life’s trademark product due to the company’s strength in voluntary retirement programme. By the last day of July 2018, the total assets of Sun Life Vietnam’s pension funds reached VND1.3 trillion ($5.75 billion), serving over 60 businesses with about 30,000 labourers. Meanwhile, a big company from Italy, Generali Vietnam, focuses on health protection products. Its new product launched in September 2018, … [Read more...] about Foreign life insurers stepping up game in Vietnam
Experts: Banking sector to enjoy another strong year
Experts discuss investment opportunities in Vietnamese banking stocks at Fiinpro Talk 6 in HCM City on April 19. (Photo: Stoxplus) HCM City (VNA) - The banking sector will enjoy another strong year in 2018, experts told a seminar in Ho Chi Minh City this week. Speaking at Fiinpro Talk 6 on “Vietnamese banking stocks: investment opportunities and risks,” Nguyen Anh Tu, Deputy Director General of the State Bank of Vietnam’s Monetary Policy Department, said banking stocks did well in 2017 thanks to a favourable economic environment with a positive outlook for growth, well-anchored inflation, improved management of banks, better supervision by the Government, and a decrease in non-performing loans. With economic growth expected to be even better this year, it would be another good year for the banking sector, he said. Banks are more likely to make a profit on the back of a strong economy since it stimulates demand for credit, and Vietnam is a bank-based economy with … [Read more...] about Experts: Banking sector to enjoy another strong year
Banking sector to enjoy strong 2018: experts
The banking sector will enjoy another strong year in 2018, experts told a seminar in HCM City on Thursday. Speaking at Fiinpro Talk 6 on “Vietnamese banking stocks: investment opportunities and risks,” Nguyen Anh Tu, deputy director general of the State Bank of Viet Nam’s monetary policy department, said banking stocks did well in 2017 thanks to a favourable economic environment with a positive outlook for growth, well-anchored inflation, improved management of banks, better supervision by the Government, and a decrease in non-performing loans. With economic growth expected to be even better this year, it would be another good year for the banking sector, he said. Banks are more likely to make a profit on the back of a strong economy since it stimulates demand for credit, and Viet Nam is a bank-based economy with 92 per cent of capital in the economy provided by banks according to the National Financial Supervision Council, he said. Retail lending is increasing due to … [Read more...] about Banking sector to enjoy strong 2018: experts
Prudential, Vietbank establish bancassurance partnership
Prudential and Vietbank on March 28 signed a bancassurance partnership deal to distribute Prudential’s life insurance products to Vietbank’s customers in Viet Nam. — VNS Photo Prudential Vietnam Assurance Private Ltd. (Prudential) and Vietnam Thương Tín Commercial Joint-Stock Bank (Vietbank) on March 28 signed a bancassurance partnership deal to distribute Prudential’s life insurance products to Vietbank’s customers in Viet Nam. Under the partnership, Vietbank will distribute Prudential’s range of protection, savings and investment-linked solutions through its bank branches across the country. The partnership will focus on meeting the evolving needs of Vietnamese customers, including those related to education, critical illness, and wealth accumulation. Through the cross-selling of products, Vietbank customers will not only be offered banking products and services such as deposits and loans, but will also be able to seek advice on … [Read more...] about Prudential, Vietbank establish bancassurance partnership