Vietnam Reports Insurance Premiums of US$1.5 Bln in 2007
Vietnam’s insurance sector made gross revenues of VND24 trillion (US$1.5 billion) in 2007, accounting for 2.1 per cent of the country’s GDP, said Trinh Thanh Hoan, head of the Finance Ministry’s Insurance Department.
Of total, insurance premiums reached VND17.7 trillion, a growth rate of 18.8 per cent on year, while revenues from investment activities were VND6.34 trillion, up 11.1 per cent.
The sector has re-invested VND42.9 trillion into economy, an increase of VND10 trillion from 2006.
Hoan said that the insurance market did not see any serious violation in doing business and any big complaint, while new applications for establishment increased.
In 2008, the Ministry of Finance will give licenses to about 10 new companies, bringing the total number of insurers in Vietnam to 51, he said.
In 2006, Vietnam grossed insurance premiums of VND17.75 trillion (US$1.1 billion), making up 1.82 per cent of GDP and increasing by 14.1 per cent over 2005. Insurance enterprises reinvested VND5 trillion into the economy in the year, bringing total investment to VND30.6 trillion as of the end of 2006, up 19.3 per cent against 2005.
The Ministry of Finance targets Vietnam insurance revenues to account for 4.2 per cent of GDP by 2010. (Liberated Saigon)
Vietnamese
