Vietnam’s insurance industry looks to further expansion
Insurance was one of the fastest-growing sectors of VN's economy in 2015 with premium income rising 21.4 percent to reach 68 trillion VND, while total assets grew by 21.7 percent to 201 trillion VND.
Hanoi (VNA)⭕ – Insurance was one of the fastest-growing sectors of Vietnam’s economy in 2015 with premium income rising 21.4 percent to reach 68 trillion VND (3 billion USD), while total assets grew by 21.7 percent to 201 trillion VND (8.9 billion USD), according to the Ministry of Finance.
The non-life segment led sales, accounting for more than 45 percent of the total and up 14 percent on 2014. Premium income in the life segment, meanwhile, rose by 29.5 percent, marking the segment’s fastest rate of growth in a decade.
The sharp rise in product sales has also significantly increased the capital available for reinvestment in the national economy.
According to the Insurance Association of Vietnam (IAV), the industry invested a combined 152.5 trillion VND (6.8 billion USD) in 2015, up 18 percent year-on-year. Insurers invested in long-term government bonds in particular, with 6 trillion VND (267.6 million USD) worth of 20-year bills purchased over the period.
In 2016, the industry looks to post double-digit expansion. Projections from the Insurance Association of Vietnam, released in December, put non-life growth at more than 18 percent in 2016, with the life segment tipped to expand by 25 percent.-VNA
Vietnam's life insurance segment is expected to exceed its annual target of 15 percent with 19-21 percent growth in the previous three quarters, a senior industry official says.
The insurance market grew 12.6 percent in the first half of this year compared to the same period last year despite the slow economic recovery, decreased interest rates and low credit growth, the Vietnam Economic News reported.
The insurance market's turnover at the end of last year accounted for 2.44 percent of the nation's gross domestic product (GDP), meeting the national strategy's target.
The programme on sustainable poverty reduction has achieved its annual targets for reducing the poverty rate as assigned by the National Assembly and the Government. It has fulfilled five specific objectives and five five-year goals, and met nine out of 12 indicators related to addressing basic social service shortages.
UNICEF stands ready to support the Government in implementing this important law and in continuing to invest in teachers as the cornerstone of a resilient, inclusive, and high-quality education system for all children.
PM Pham Minh Chinh highlighted how Vietnam's revolutionary press has continuously evolved and strengthened over the past century, affirming its role as a sharp and vital political, cultural, and ideological weapon serving the Fatherland and the people in the glorious revolutionary cause of the Party.
Vietnamese Consul General in Fukuoka Vu Chi Mai highlighted the growing demand for Vietnamese workers in Kyushu, especially in Fukuoka, Oita, and Saga prefectures. Currently, the region employs about 35,000 Vietnamese manual workers and over 5,000 IT engineers.
In Vietnam’s case, she said, President Ho Chi Minh demonstrated his strategic vision by founding the revolutionary press a century ago. The late leader understood the press's role not only as a means to reflect the country’s realities but also as a powerful tool to strengthen national unity and inspire the resistance wars and national construction process.
In recent interviews granted to the Vietnam News Agency (VNA)'s reporters in Mexico, prominent figures reflected on the press’s legacy and its global influence.
VietnamPlus e-newspaper of the VNA clinched an A prize in the “Outstanding Press Product” category for its immersive 3D multimedia project, “Epic of Reunification,” a groundbreaking blend of storytelling and technology. The VNA won another A prize for its eye-catching exhibition booth.
Today, the press for foreign service has evolved into a distinct, irreplaceable force, bridging Vietnam with the world and portraying a nation that is stable, peace-loving, and fully integrated into the international community.
At a review conference held on June 21, Deputy Minister of Construction Nguyen Van Sinh praised the province’s scientific, coordinated, and flexible approach. He noted that the early completion reflects the strong commitment of local authorities, the business community, philanthropists, and residents in improving housing conditions for disadvantaged groups.
The VNA delegation, led by General Director Vu Viet Trang, actively participated in the event, engaging in both professional and diplomatic activities.
In the context where AI dominates and produces vast volumes of content, the only sustainable path forward for journalism is to focus on high-quality content and core values. Journalism must redefine its mission - not to report the fastest, but to provide the most profound and trustworthy value.
Granma and the VNA have great potential for cooperation, especially in sharing content regularly, so that VNA products are published on Granma platforms and vice versa, thereby helping Cuban and Vietnamese people access true information and gain a deep understanding of each other's country and people.
During his stay in China’s Guangzhou city from 1924 to 1927 to prepare for the establishment of a Communist Party to lead Vietnam’s revolution, President Ho Chi Minh founded “Thanh nien” newspaper and released its first issue on June 21, 1925.
Vietnam and Cambodia are hoped to strengthen their robust collaboration across various sectors, particularly in resolving remaining border issues to transform the border area into a zone of peace, friendship, cooperation, and development.
The strategic product, managed and operated by the Vietnam News Agency Digital Media Centre (VNA Media), is an official channel for popularising the Party and State’s information and documents as well as delivering mainstream and trustworthy news to both domestic and international audiences through various kinds of multimedia formats.
Since President Ho Chi Minh founded Thanh Nien (Young People) newspaper in 1925, the Vietnamese revolutionary press has become the voice of the people. During the resistance war against the colonialists, journalists took great personal risks to inspire patriotism and the will of rising up against foreign invaders.
The total investment exceeded 319 billion VND (12.2 million USD), including over 261 billion VND from the state budget and 57.5 billion VND mobilised from businesses, organisations, and individuals.
The Mekong Delta province of Tien Giang is intensifying efforts to combat illegal, unreported and unregulated (IUU) fishing as part of the country’s goal of having the European Commission’s “yellow card” warning lifted.
Throughout its 80-year history, the VNA has remained at the forefront of information dissemination. It has consistently delivered timely, accurate, and objective reports on both domestic and international events, serving the Party’s leadership, the State’s management, and the public’s demand for official news.
Illustrative image (Source: Internet)
