Insurance sector of Vietnam : new opportunities

• Main Authors: Sainava Bee Bee Sulaiman, Teng, Puay Hoon, Noranisah Kamis
• Other Authors: Ashok Goenka
• Format: Final Year Project
• Language: English
• Published: 2015
• Subjects: DRNTU::Business::International business::Asia
• Online Access: http://hdl.handle.net/10356/63547
• Institution: Nanyang Technological University

With adoption of a growth and market-oriented economic policy, Vietnam offers new opportunities, particularly to foreign investors. The insurance needs of the country are also increasing. The development of Vietnam's insurance market has caught the attention of foreign insurers worldwide, including Singapore. If Singapore aims to be the leading insurance and reinsurance centre in Asia, it cannot miss out the opportunities of tapping into the insurance market of Vietnam. This report attempts to collect as much information as is possible on the present position and future requirements in the area of insurance. However, very little is known on the subject. Most of the important information for the report were obtained from interviews with insurance professionals, both from Vietnam and Singapore. Their opinions and suggestions have helped to give some depth to the study. The study briefly examines the operations of The Vietnam Insurance Company (Baoviet), the growth potential of selected sectors, prospects and procedures of entering the market. At present, there is no law governing insurance in Vietnam. A legislation, however, is expected at the end of 1994. Any meaningful involvement of foreign insurance companies in Vietnam will fructify only after the statute is in place.