Regarding this matter, a reporter from the Vietnam Economic News conducted an interview with Mr. Nguyen Xuan Viet, Chairman of the Vietnam Insurance Association.

Insurance a “Financial Shield” of Economy

How do you evaluate the role of the insurance sector in Vietnam’s current economy?

The Vietnam insurance sector increasingly holds a crucial role in the socio-economic life. Insurance acts as a “financial shield” protecting individuals and businesses against unexpected risks, thereby contributing to macroeconomic stability and social security.

In the context of integration, the market opening has attracted direct investment capital from international insurance groups, helping to enhance competitiveness and diversify products. Notably, the wave of digital transformation with AI, big data, and blockchain is fundamentally changing the operations of insurance companies, from sales, appraisal, and claims to customer care. This is bringing Vietnam’s insurance sector closer to international standards, developing in a professional and sustainable direction.

Highlights and “bottlenecks” of market

The insurance market has experienced many fluctuations recently. According to you, what are the highlights and the issues that need to be resolved?

Regarding growth, by the end of June 2025, non-life insurance revenue had reached over USD 1.65 billion, an increase of 11.4%. Life insurance also recorded positive signals with total premium revenue reaching over USD 2,7 billion, a 2% increase year-on-year; new business reached over USD 495,000, an 8% increase. Businesses have paid out over USD 1.1 billion in insurance benefits and reinvested nearly USD 30 billion into the economy. This demonstrates the sector’s role in mobilizing long-term capital for the economy.

However, there are still many “bottlenecks” that need to be addressed. First, the lack of a centralized database restricts risk assessment and premium pricing. Second, public awareness of insurance, especially in rural areas, is not yet fully comprehensive, leading to a low participation rate (currently only accounting for about 2.8% of GDP).

Consolidating trust, protecting consumer rights

What activities has the Association been implementing to support businesses in enhancing risk management capacity and consolidating customer trust?

The Association always considers accompanying its members a central mission. We regularly organize forums and specialized seminars related to various fields: motor vehicle insurance, health insurance, property and fire insurance, agency management, information technology, legal issues, etc. In addition, the Association actively engages in international cooperation, especially with the ASEAN Insurance Council (AIC) and regional insurance associations, to share experiences in risk management and digital transformation, thereby boosting the competitiveness of Vietnamese enterprises.

One of the issues of social concern is consumer rights. What has the Association done to protect and enhance the image of the insurance sector?

Customer trust is the “priceless asset” of the insurance sector. Therefore, the Association always considers protecting consumer rights a top priority. When complaints arise, we issue official reminders and urge member businesses to resolve them thoroughly, in accordance with the contract and the law.

The Association also maintains a hotline, 1900.633.880, to receive and handle feedback regarding mandatory motor vehicle civil liability insurance. Furthermore, we have organized the Journalism Awards on Insurance for the past six years to honor quality journalistic works that objectively reflect both the achievements and limitations of the sector.

The message of “modern, safe, and efficient”

Do you have any message for the business community, management agencies, and the public?

Vietnam’s insurance sector is entering a fast-paced development phase. With the spirit of developing the Vietnamese Insurance Market: “Modern, safe, and efficient,” I want to convey three messages:

To insurance businesses: It is necessary to pioneer innovation, apply technology, focus on information transparency, and build a professional consultation team, putting customers at the center.

To management agencies: We hope for continued partnership in completing the legal framework, supporting digital transformation, promoting transparency, and protecting consumer rights.

To the public: Consider insurance a “shield” protecting your future. Insurance businesses and the Association will always strive to improve services, ensure transparency, and promptly settle benefits to bring peace of mind to every organization and individual.

It can be affirmed that the Vietnam Insurance Association will continue to be the facilitator in connecting and accompanying businesses, management agencies, and consumers. With transparency, professionalism, and social responsibility, the Association is making a significant contribution to the journey of building a modern, safe, and sustainable Vietnamese insurance market.