Customers at the insurance company Bao Viet Life, a member of the insurance-finance group Bao Viet Holdings. More market access must be given to the private insurance units to help improve the industry. — VNA/VNS Photo Tran Viet Insurance auxiliary service providers have the right to join professional associations to develop the insurance-finance market, according to National Assembly deputy Tran Thi Quoc Khanh. “In the market economy, insurance is seen as a State service. If the State can’t meet market demand, private firms and individuals must join and make the sector work properly,” Khanh said on Monday at a debate about the draft of amended Law of Insurance during the 14th National Assembly’s seventh meeting. “They (private firms and individuals) are also able to work with foreign companies to set up insurance firms that meet international standards,” she said. Agreeing with fundamental changes made in the draft law, Khanh said the role … [Read more...] about More market access for insurance auxiliaries: NA deputies
United national insurance company
More market access for insurance auxiliaries needed: NA deputies
Customers at the insurance company Bao Viet Life, a member of the insurance-finance group Bao Viet Holdings. More market access must be given to the private insurance units to help improve the industry. — VNA/VNS Photo Tran Viet Insurance auxiliary service providers have the right to join professional associations to develop the insurance-finance market, according to National Assembly deputy Tran Thi Quoc Khanh. “In the market economy, insurance is seen as a State service. If the State can’t meet market demand, private firms and individuals must join and make the sector work properly,” Khanh said on Monday at a debate about the draft of amended Law of Insurance during the 14th National Assembly’s seventh meeting. “They (private firms and individuals) are also able to work with foreign companies to set up insurance firms that meet international standards,” she said. Agreeing with fundamental changes made in the draft law, Khanh said the role … [Read more...] about More market access for insurance auxiliaries needed: NA deputies
VSS aims to reduce long-overdue social insurance debt ratio
Viet Nam News HÀ NỘI — The Việt Nam Social Security (VSS) aims to slash the social insurance debt ratio to below 1.7 per cent this year in an effort to ensure benefits for social insurance and health insurance card holders, said VSS deputy general director Đào Việt Ánh. According to the VSS, social insurance debt premiums nationwide have amounted to more than VNĐ6.6 trillion (US$280.9 million), increasing by VNĐ1.3 trillion ($55 million) compared to the end of last year. The debt ratio accounts 2.7 per cent of the full-year collection plan. Social insurance debt has been reported to increase in all provinces and cities in all economic sectors, especially at private, joint stock, partnership and joint venture enterprises. The VSS named and shamed enterprises that owe debts amounting to billions of đồng. LILAMA 3 Joint Stock Company in Mê Linh District, Hà Nội owed VNĐ32.2 billion … [Read more...] about VSS aims to reduce long-overdue social insurance debt ratio
Concrete goals set for improving business environment/national competitiveness
14:15 | 18/03/2019 VGP – The Government has set out concrete goals for improving the country’s business environment and national competitiveness for 2019-2021 period in line with international standards, according to its Resolution No. 02 adopted in early January. No. Name of index Initiated by Number of places up for 2019 Number of places up by 2021 I General goals 1 Ease of Doing Business World Bank 5-7 15-20 2 Global Competitiveness World Economic Forum 3-5 5-10 3 Global Innovation World Intellectual Property Organization 2-3 5-7 4 Logistics Performance World Bank 5-10 5 Travel and Tourism Competitiveness World Economic Forum 7-10 10-15 6 E-Government development United Nations 10-15 (before 2021) II Specific goals for business environment improvement 7 Starting a Business At least 5 20-25 8 Paying Taxes & Social Insurance … [Read more...] about Concrete goals set for improving business environment/national competitiveness
Samsung Life seeks to acquire shares in Việt Nam’s largest insurer
Bảo Việt is Việt Nam’s largest life insurer with nearly 200,000 employees and life planners at its 75 branches across the country. — VNA/VNS PhotoViet Nam News HÀ NỘI — Samsung Life Insurance is seeking to make inroads into Việt Nam through an equity investment in Bảo Việt Life, the country’s largest life insurer, Koreatimes reports. South Korea’s largest life insurer said Tuesday it is in talks with Bảo Việt Life to acquire some of the Vietnamese firm’s shares. It is the seventh-largest listed company in Việt Nam. "We can’t comment on details at this point, but it is true the discussion is underway with Bảo Việt," said a Samsung Life Insurance official. "There are hurdles to be addressed regarding some legal issues with the Vietnamese government." Bảo Việt is Việt Nam’s largest life insurer with nearly 200,000 employees and life planners at … [Read more...] about Samsung Life seeks to acquire shares in Việt Nam’s largest insurer
Dozens of houses affected by construction on National Highway 15B
Cracks have developed in the walls of about 30 houses that border the construction on National Highway 15B in Hà Tĩnh Province. — baohatinh.vnViet Nam News HÀ TĨNH — The expansion of National Highway 15B across Xuân Lộc Commune in Hà Tĩnh Province’s Can Lộc District has affected dozens of local households, Vietnam News Agency reported. Residents said cracks have developed along the walls of 30 houses, resulting in leaks when it rains. They blamed the damage on heavy vibrations caused by the nearby construction. The construction on National Highway 15B spans over 11 kilometres from Đồng Lộc junction to Phú Việt Commune in Thạch Hà District. Hà Tĩnh Province’s Department of Transport is funding the project with total investment of nearly VNĐ250 billion (US$10.7 million). Local resident Phan Thị Huyền said road rollers and heavy machinery have been … [Read more...] about Dozens of houses affected by construction on National Highway 15B
Solar power volume to be insured for first time
Solar power volume to be insured for first timeBy Minh Tam BIDV Insurance Corporation and SolarGATES Trading JSC, a subsidiary of HCMC-based SolarBK Holdings, sign a cooperation agreement to introduce solar power volume-based insurance products – PHOTO: MINH TAM HCMC – BIDV Insurance Corporation (BIC) is partnering with SolarGATES Trading JSC, a subsidiary of HCMC-based SolarBK Holdings, to introduce insurance for households and businesses using rooftop solar panels to generate power. A BIC representative said at the signing ceremony of the cooperation agreement today, September 20, that BIC was the first insurance company in Vietnam to provide this service. If the solar panels do not produce the expected amount of power, the insured would get paid for that. The move is risky, as the amount of electricity produced by solar panels is highly dependent on weather. Under the deal, households and businesses that use SolarBK Holdings’ BigK solar power … [Read more...] about Solar power volume to be insured for first time
Why buying shareholder protection insurance might be the wisest moves you ever make
There may be very good reasons why an insurance culture isn’t as well embedded in Viet Nam as elsewhere, but shareholder protection policies really should be on top of your to-do list. Here, “Outside Looking In” explains why these are vital safety nets for business people and their investors. The close-knit family units that are the foundation of Vietnamese culture seem to have created an aversion to insurance. But while knowing the family will always be your safety net in life is a wonderful thing, in the business world it really pays to invest in more formal protection. After all, your business represents not only the livelihood of you and your family, but also that of your employees and fellow stakeholders. One of the most damaging events a business can fall victim to is the death of a major stakeholder. Should a business-owner die unexpectedly, the event can have a serious impact on their enterprise, not to mention the shareholder’s family. When it comes to … [Read more...] about Why buying shareholder protection insurance might be the wisest moves you ever make
Prudential to sell Vietnam consumer finance unit for $151 mln
Prudential Plc has agreed to sell its consumer finance business in Vietnam to a unit of South Korea’s Shinhan Financial Group for $151 million, as the UK’s largest insurer seeks to focus on its core insurance arm in the Southeast Asian nation. Prudential Vietnam Finance Co Ltd is the country’s fourth-largest consumer finance company by outstanding loan balance, and was the first foreign, non-bank financial institution licensed for consumer lending, a company statement said on Tuesday. Reuters had reported in October that Prudential sought the sale of its Vietnam consumer finance unit, which could fetch up to $150 million. The sale attracted many buyers, including private equity firms and financial services companies. The sale of Prudential Vietnam Finance, which offers personal and mortgage loans, marks the British insurer’s first major asset divestment since it named its former group CFO, Nic Nicandrou, as the head of its Asia business in July last year. The … [Read more...] about Prudential to sell Vietnam consumer finance unit for $151 mln
Prudential to sell Vietnam consumer finance unit for $151 mln
Prudential Plc has agreed to sell its consumer finance business in Vietnam to a unit of South Korea’s Shinhan Financial Group for $151 million, as the UK’s largest insurer seeks to focus on its core insurance arm in the Southeast Asian nation. Prudential Vietnam Finance Co Ltd is the country’s fourth-largest consumer finance company by outstanding loan balance, and was the first foreign, non-bank financial institution licensed for consumer lending, a company statement said on Tuesday. Reuters had reported in October that Prudential sought the sale of its Vietnam consumer finance unit, which could fetch up to $150 million. The sale attracted many buyers, including private equity firms and financial services companies. The sale of Prudential Vietnam Finance, which offers personal and mortgage loans, marks the British insurer’s first major asset divestment since it named its former group CFO, Nic Nicandrou, as the head of its Asia business in July last year. … [Read more...] about Prudential to sell Vietnam consumer finance unit for $151 mln