Deputy Prime Minister Le Minh Khai has signed a decision approving a strategy to develop Vietnam’s insurance market by 2030.

The strategy is aimed at developing insurance companies with strong financial capacity, international-standard administration, effective operations, and high competitiveness.

Overall objectives include establishing mechanisms and policies on the insurance business in a sufficient, transparent, fair, and synchronous manner, accessing international practices and standards on the insurance business, facilitating the comprehensive development of the insurance market, and ensuring Vietnam fulfils its international commitments.

It sets a target of posting average growth in insurance revenues of 15 per cent a year in the 2021-2025 period, contributing 3-3.3 per cent of GDP by 2025, and posting average growth of 10 per cent a year in the 2026-2030 period and contributing 3.3-3.5 per cent of GDP by 2030.

By 2025, 15 per cent of the population are expected to have life insurance policies and the figure is to reach 18 per cent by 2030.

Average growth in total assets, total investment, total technical provision, and equity is expected to hit 15 per cent a year in the 2021-2025 period and 10 per cent in the 2026-2030 period.