DVAG (Germany) corporation want to invest in insurance in Vietnam

Deputy Minister of Finance Tran Van Hieu with Mr. Udo Corts and the representatives of DVAG Corporation. Illustrative photo: Thuy Linh.

In the meeting, Deputy Minister of Finance Tran Van Hieu discussed the current macroeconomic situation in Vietnam and advised that it has stabilized and continues with growing momentum. In 2015, although Vietnam was heavily affected by the world economic fluctuations, Vietnam’s economy still made it through those tough times and slowly reformed, maintaining growth, controlling inflation, and constantly improving the environment for investment and business in Vietnam. In 2016, Vietnam had set a target of 6.8% growth, inflation below 5%, and to continue to strongly improve the environment for investment and business.

Regarding the insurance sector (the field that DVAG is interest in), Mr.Tran Van Hieu said, in comparison with other countries in the region and in the world, the insurance market of Vietnam is still relatively new and has a lot of potential. To the end of 2015, Vietnam has about 22 million people participating in health care insurance, in which life insurance reached to 6 million people, non-life insurance was 4 million people and 12 million students took accident insurance.

“In the near future, Vietnam will maintain its effort to maintain an annual growth rate of a high and stable level (above 15% per year) and continue to improve the regulatory framework of the insurance business. At the same time, Vietnam will improve the security, operational efficiency and competition of the insurance business; fully implement standards and advanced principles of business administration; and complete the objectives and measures of restructuring insurers”, said by Mr. Tran Van Hieu.

Mr. Udo Corts highly appreciated the macroeconomic situation of Vietnam with many positive results, especially in the insurance sector. Therefore, DVAG Corporation wants to expand cooperation and investment in Vietnam, to support active cooperation between the two parties in the coming years, especially cooperation in the field of life insurance in order to implement the policy of promoting universal health insurance by the Government of Vietnam.

The Ministry of Finance also highly appreciated the goodwill of DVAG corporation into Vietnam and welcomes investment projects of the DVAG corporation in Vietnam in the field of insurance, particularly the health insurance sector.

The Deputy Minister of Finance Tran Van Hieu affirmed, during deployment operations in Vietnam, if enterprises facing problems and difficulties under the jurisdiction of the Ministry of Finance, the Ministry is committed to trying to make the best conditions for business.