Venturing into the Vietnam insurance market.

• Main Authors: Chua, Siow Ling., Goh, Sing Wah., Tan, Wei Lan.
• Other Authors: Arthur Lee Gilbert
• Format: Final Year Project
• Language: English
• Published: 2013
• Subjects: DRNTU::Business::Finance::Insurance
• Online Access: http://hdl.handle.net/10356/51900
• Institution: Nanyang Technological University

The purpose of this report is to provide information to insurers who are interested in venturing into the Vietnam insurance market, taking into consideration the current political, economic and legal situation of the country. Most of the chapters are based on findings from interviews and surveys as well as articles in magazines andjoumal. Chapter 1 gives the reader an overview of the historical background. A brief account of the evolution of the insurance market is also included in this chapter. Chapter 2 is devoted to discussing the various factors that stimulate the growth of the insurance industry. The current players in the market including the domestic insurers, representative offices of overseas insurers and multinational broking firms are illustrated in Chapter 3. The opinions of these players regarding the present situation of the insurance market is also included in this chapter. Knowledge of the suppliers of insurance services dominating the market at the moment gives the interested insurance investors an indication of the competition that they might encounter. Chapter 4 discusses the availability and limitations of the insurance products that are offered by the Vietnamese insurers. This piece of information will give foreign insurance companies an insight into the workings of the insurance process. The peculiarities inherent in the risks found in Vietnam render difficulties in underwriting policies and hence the foreign insurers must adjust their underwriting criteria accordingly to cater to the unique nature of each risk. As a country progresses, it requires insurance services to support its economic infrastructure. A questionnaire survey was devised to measure the demand for general insurance products. The results are printed in Chapter 5. The survey does not serve to depict the current life insurance situation in the market as this sector is not developed yet. It merely gives interested foreign insurers a glimpse of the potential of the market. Chapter 6 discusses the various problems that an interested insurance investor can anticipate if he decides to enter the Vietnamese insurance market. The concluding chapter presents the key decisions and actions that must be undertaken by investors or insurers who wish to enter into the market.