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Vietnam Financial Sector Looks Promising
Despite the global crisis, financial (banking & insurance) sector in Vietnam is set to continue observing double-digit growth during 2009-2013.
By: Shushmul Maheshwari
Similar to the banking sector, the insurance sector has also expanded rapidly over the past few years. The total annual premium grew at a CAGR of over 20% between 2002 and 2008. The premium is almost evenly distributed between life and non-life segments; however, the non-life had little edge over life and accounted for about 51% of the total insurance premium in 2008.
Despite this fast expansion, the insurance sector is still left with ample of unexplored opportunities like professional liability insurance, export credit insurance, energy price insurance, etc.
Moreover, the crisis has mainly influenced the income of people working in import and export industry while customers of insurance sector, particularly life insurance firms, are mainly sustainable income earners, and thus least affected by the crisis. As a result, the sector remains largely unaffected from the effects of crisis.
The report “Vietnam Financial Sector Forecast to 2013” is an outcome of in-depth research and detailed study of the Vietnamese financial sector and its various products and services. The report analyzes all the factors, which are critical to the success of banking and insurance industry of the country. The report also identifies the key industry trends, including opportunities and challenges. Moreover, rational forecast on bank assets, deposits, loans, and insurance premium and payment cards helps the global banking players, investors and financial service providers in planning their business strategies.
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RNCOS, incorporated in the year 2002, is an industry research firm. We are a team of industry experts who analyze data collected from credible sources. We provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.