Vietnam's insurance industry aims to maintain a high growth rate of 18.42% in 2020, gaining revenue of VNĐ188.73 trillion ($8.1bn), according to the country's Insurance Supervisory Authority (ISA).
Insurers are also targeting an increase in their total assets by 13.3% year-on-year to VND514.80 trillion, while reinvesting into the economy VND433.06 trillion, or 15.1% higher than 2019, , according to a report by Viet Nam News.
To meet the targets, Phạm Thu Phương, deputy director of ISA, said the authority would continue to improve mechanisms and policies, focusing on restructuring to make the insurance market develop transparently, safely and efficiently as well as in line with international standards.
ISA will focus all resources to complete the revised Law on Insurance Business"
"In particular, ISA will focus all resources to complete the revised Law on Insurance Business as well as regulations to guide the implementation of the law to make it accordance with the country's socio-economic development directions as well as international rules," Phương said.
According to the report, Vietnam has among the world's lowest life insurance penetration levels at less than 1% of GDP. The average insurance premium in Vietnam is at $30, which is below the global average of $595 and Southeast Asian average of $74.
ISA oversees a total of 66 insurance companies, which market over 850 non-life insurance products and 450 life insurance products.