Sign up | Log in



Home  >>   Daily News  >>Vietnam>>Insurance>> VN insurance value hits $524b
NEWS UPDATES Asean Affairs   1 April  2016  

VN insurance value hits $524b

The insurance market saw total insured value reach VND11.7 quadrillion (US$524 billion) from 2011-15, said Phung Ngoc Khanh, head of the Finance Ministry’s Insurance Supervisory Authority (ISA) during a press conference in Ha Noi on Tuesday.

Of the sum, VND10 quadrillion was paid by enterprises from different sectors, while VND1 quadrillion was recorded in the life insurance sector and VND700 trillion in health insurance, Khanh told the conference, which reviewed the results of insurance market development plan during the period.

Viet Nam is currently home to 61 insurance providers, including 29 non-life insurance firms, 17 life insurance enterprises and two re-insurance and 12 insurance broker companies.

Nearly 10 million people are covered by health insurance and 30 million people are insured against aviation and railway accidents, in addition to about 12 million students with health insurance cards.

Khanh commented that the sector fulfilled goals set in the 2011-15 insurance market development strategy with an average growth rate of 16 per cent per year. By the end of 2015, total revenue was estimated at more than VND84.3 trillion, or 2 per cent of gross domestic product.

The total indemnity fund during the period was nearly VND130.4 trillion, up 2.36 times from 2010.

Deputy Director of ISA Doan Anh Tuan said insurance providers had accumulated VND157 trillion to reinvest in the country’s economy.

“They contributed more than VN?5 trillion of corporate income tax to the State budget. About VND2.57 trillion was sourced from life insurance providers and the remainder from non-life insurance businesses,” said Tuan.

Tuan said the insurance sector was the ‘midwife’ of the economy. As many as 80 per cent of construction projects and major State projects were insured.

When riots damaged foreign investor’s property in industrial parks in Ha Tinh, Binh Duong and Dong Nai provinces, insuarance firms were one of the first agencies on the scene and worked with investors to solve damages, he said.

Indemnity over the incidents was estimated at VND144 billion, but it is now VN?916 billion for the investors in the three provinces. This contributed to helping investors feel secure but also restore their belief in working in Viet Nam, he said.

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below

Today's  Stories                           April 1, 2016 Subsribe Now !
• Kingdom's economy to remain stable: ADB  Subcribe: Asean Affairs Global Magazine

• Brunei economy to return to growth this year: ADB
• Switzerland expected to boost investment in Indonesia
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

VN insurance value hits $524b  
Singapore bank lending dips in February as general commerce loans slide 
Asean Analysis                   April 1, 2016
• Asean Analysis April 1, 2016
Foreign Minister Aung San Suu Kyi Has China, Myanmar’s Military Watching
Advertise Your Brand

Asean Stock Watch  March 31, 2016
• Asean Stock Watch-March 31, 2016
The Biweekly Update
• The Biweekly Update April 1, 2016

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2017 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand