VietnameseOn January 01, 2023, the Prime Minister issues the Decision No. 07/QD-TTg on approving strategy for development of Vetnam's insurance market by 2030.
Accordingly, the Decision sets up the specific objectives that the average growth rate in revenues of the insurance industry is expected to reach 15%/year in the 2021 – 2025 period with a scale reaching 3% - 3,3% of GDP by 2025; that average growth rate is expected to reach 10%/year in the 2026 – 2030 period with a scale reaching 3,3% - 3,5% of GDP by 2030.
At the same time, By 2025, 15% of the population is expected to have life insurance policies, and this number is expected to reach 18% by 2030; the average growth rate in total assets, total investment, total technical provisions, and equity is expected to reach and 10%/year in the 2026 – 2030 period.
Besides, the Decision also sets up solutions by 2030 such as revise legal framework on insurance business; increase financial, risk management and corporate management capability, quality of customer services and transparency of insurance companies; develop and diversify insurance products....
This Decision takes effect on the signing date.
