Deputy Minister of Finance Huynh Quang Hai (Photo: VNA)
HCM City (VNS/VNA) - Thelife insurance industry will grow at over 25 percent this year, accordingto the Insurance Association of Vietnam (IAV).
Its acting chairman, Tran Vinh Duc, said: “TheVietnamese economy is expected to grow at a rate of between 6.8 percent and 7percent in 2019. Demand for insurance, particularly life insurance, willincrease as more and more people and organisations started caring aboutinsurance products. Thus, the market will keep growing.”
In a report released this week, the associationsaid last year the life insurance market performed well, earning revenues ofnearly 116 trillion VND (5 billion USD).
Of this, 88 trillion VND (3.8 billion USD) wasfrom premium income, an increase of 33 percent, and the remaining 28trillion VND (1.2 billion USD) was from proprietary investment, a 30 percentrise, the association said.
The total provision made last year by companieswas nearly 220 trillion VND (9.5 billion USD), up 30 percent, he said.
Life insurers settled claims of morethan 18.6 trillion VND (800 million USD) in 2018, up 17 percent, he said.
The industry is making a great contribution to theeconomy, supplementing long-term investment in the economy last year by 276trillion VND (11.9 billion USD), a 33 percent increase.
At a ceremony to mark the 25th VietnamInsurance Day and 19th anniversary of the Insurance Association of Vietnam in Hanoi last month, Deputy Minister of Finance Huynh Quang Hai stressedthe need to raise public awareness of insurance, improve the industry’sfinancial capability and develop new insurance products.
He called on the IAV and the Ministry of Financeto help draft an Insurance Business Law.-VNS/VNA
The UK insurer Aviva announced on April 21 that it has acquired VietinBank’s 50 percent stake in its life insurance joint-venture Vietinbank Aviva (Aviva Vietnam).
The life insurance sector pumped over 215 trillion VND (9.34 billion USD) into the economy in the first half of this year, according to the Insurance Association of Vietnam (IAV).
Petrolimex Insurance Corporation (PJICO), a top 5 non-life insurance company in Vietnam, has signed a cooperation agreement with the Republic of Korea’s Woori Bank.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
Deputy Minister of Finance Huynh Quang Hai 
