[UEH & Vietnam Insurance Association] Workshop: A Review and Trends of Vietnam Insurance Market

26 Apr, 2023

On the morning of April 21, 2023, School of Finance - UEH College of Business (COB), University of Economics Ho Chi Minh City cooperated with Vietnam Insurance Association and Bao Minh Insurance Corporation to organize a workshop with the theme "A Review and Trends of Vietnam Insurance Market". The program provided lecturers, students and those who interest with the actual situation of Vietnam’s insurance market in the new economic, social and legal context, forecasting future development trends to orient for the study - teaching - research - professional development.

The workshop held in hybrid format attracted nearly 200 participants, both face-to-face and online, including both lecturers and students of UEH and universities - colleges and professional personnel from insurance businesses and consumers in the Vietnamese market.

Overview of the workshop

The workshop being streamed on the Quickom platform

The event was honored to welcome the leading lecturers of UEH: Assoc. Prof. Dr. Nguyen Khac Quoc Bao - Vice President of UEH; Dr. Dinh Thi Thu Hong - Vice Head of UEH College of Business; Dean of School of Finance - UEH College of Business. On the side of representatives of insurance enterprises, there were: Mr. Nguyen Ngoc Anh - Deputy General Director of Bao Minh Insurance Corporation, Ms. Le Thanh Hang - Deputy General Director of Bao Long Insurance Corporation, along with lecturers and students from UEH and universities - colleges; journalists; those who are managers, specialists of insurance enterprises and agents operating in the Vietnamese insurance market.

Speaking at the opening ceremony, Assoc. Prof. Dr. Nguyen Khac Quoc Bao - Vice President of UEH - emphasized: “Vietnam’s insurance market has nearly three decades of establishment and development with outstanding achievements that increasingly confirm its positive role in the economy and society". He expressed his pleasure when the relationship between UEH and the Vietnam Insurance Association has existed for a long time and has always been maintained through practical activities. He shared: “UEH is always ready to accompany professional organizations listed as the Vietnam Insurance Association and hopes that through the Association, insurance businesses will accompany UEH on the journey of spreading knowledge, contributing to raising society's awareness of insurance, thereby bringing the humane value of insurance into the community's life in the most practical way".

Assoc.Prof.Dr. Nguyen Khac Quoc Bao - Vice President of UEH - giving the opening speech

As the main speaker of the workshop, Mr. Ngo Trung Dung - Deputy General Secretary of the Vietnam Insurance Association presented an overview of the insurance market in Vietnam. According to Mr. Dung, last year, although Vietnam's insurance market faced many difficulties and challenges, the insurance market maintained a positive growth rate, reflected through a series of indicators such as: the growth in revenue, the financial capacity of insurance companies, the good performance of the insurance benefit payment function, the enhancement of customer care services, the increase in reinvestment back into the economy, contributing to the development of the socio-economy, actively deploying various types of insurance to implement the government's guidelines and policies... Mr. Dung also highlighted new points in the Amended Law on Insurance Business that the National Assembly approved on June 16, 2022 (effective from January 1, 2023) and the basic objectives set out in the Strategy for developing the insurance market until 2030 of the Government. Discussing the future direction of the market, Mr. Dung said that there are 6 influential issues: Economic growth; The rise of the middle class; Industry 4.0 with new technologies; Population ageing trend; Changing public perception and the emergence of new risks. He predicted that there will be more new insurance products, changes in insurance services at all stages not only in sales, the emergence of new sales channels through the application of external digital technology besides existing traditional channels.

Mr. Ngo Trung Dung - Deputy General Secretary of Vietnam Insurance Association - presenting his report

The workshop was followed by a roundtable discussion with the coordination of MSc. Nguyen Tien Hung - Director of the Insurance Training Program and the participation of 3 speakers - guests from the Association and two insurance enterprises (Bao Minh and Bao Long). According to Mr. Hung, only 10 days since the wokshop's information was posted, the organizers received registrations from more than 250 people, moreover, people actively asked questions to the speakers with more than 40 times associated with the main content: (1) Inadequacies of the current market and solutions such as agency channels, insurance consulting, bancassurance channels, pressing issues of insurance consumers life, etc.; (2) Potentials, new development directions - new models for Vietnam’s insurance market in the future; (3) Career opportunities in the insurance field for everyone in general and for graduates in particular. In each question posed, the guests actively shared their views and analysis to help identify the nature of the problem arising in the market, thereby making recommendations that imply solutions. In their exchange, Mr. Nguyen Ngoc Anh (Deputy General Director of Bao Minh) and Ms. Le Thanh Hang (Deputy General Director of Bao Long) also affirmed that businesses always create favorable conditions for students to practice and work after graduation. They expect students to be the ones who bring new models to the future insurance market, especially digital technology solutions.

Roundtable discussion with the participation of speakers and businesses

Mr. Nguyen Ngoc Anh - Deputy General Director of Bao Minh - sharing his views

Ms. Le Thanh Hang - Deputy General Director of Bao Long - discussing at the forum

The roundtable discussion lasted for an hour and thirty minutes. Delivering the summary speech, Dr. Dinh Thi Thu Hong - Vice Head of UEH College Business affirmed that the workshop brought lecturers, students and those who interest plenty of useful information about the reality of Vietnam's insurance market. Thence, each person can orient their study - teaching - research - professional development. She hoped in the future, UEH and professional organizations as well as businesses can jointly organize more meaningful events like this.