Vietnam's insurance regulator has outlined the tasks it would undertake in the second half of this year to promote the development of the industry.

Mr Phung Ngoc Khanh, general director of the the Ministry of Finance’s Insurance Supervisory Authority (ISA), said that in the next six months, the regulator would focus on completing the revised Law on Insurance Business as well as regulations to guide the implementation of the law according to Vietnam’s commitments in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as well as other free trade agreements that the country has signed.

The ISA will also draft policies on microinsurance, compulsory motor third party liability insurance, disaster risk insurance and public property insurance and submit them to the government for approval, reported Vietnam News.

In addition, the ISA will encourage the development of new products, as well as social insurance products.

1H performance

Vietnam's insurance industry saw total revenue surge by 24.35% in the first half of this year to nearly VND71.15trn ($3bn), the ISA has announced.

Mr Pham Thu Phuong, ISA’s deputy director, said besides maintaining a high growth rate, the financial status of insurance firms also improved in the period with total assets rising by 19.01% to VND423.42trn.

“During the period, insurance companies re-invested nearly VND342.87trn into the economy, marking a rise of 26.17% year-on-year. They also paid out VND18.65trn to customers, with the payouts rising by 19.61% compared with the corresponding period last year," he said.

Vietnam currently has 64 insurance entities, including 30 non-life insurers, 18 life insurers, two reinsurance companies and 14 insurance brokerage companies. There are up to 850 non-life insurance products and 450 life insurance products sold on the Vietnamese market.