On the morning of May
26th, 2022, the National Economics University in collaboration with the Academy
of Finance held a national scientific conference with the theme "The role
of the insurance industry in social stability and economic development".
At the conference, there
were Dr. Nguyen Thanh Nga - Director of Vietnam Insurance Development Institute
- the Ministry of Finance; Mr. Dao Trung Kien - Deputy Director of Vietnam
Insurance Development Institute - Department of Insurance Management and
Supervision, the Ministry of Finance; Mr. Ngo Trung Dung - Deputy General
Secretary of Vietnam Insurance Association. On the side of the Academy of
Finance, there was Assoc. Prof. Dr. Truong Thi Thuy - Deputy Director of the
Academy of Finance; Assoc. Prof. Dr. Doan Minh Phung - Dean of Banking and
Insurance Faculty, the Academy of Finance. On the side of National Economics
University, there was Assoc. Prof. Dr. Bui Huy Nhuong - Vice President; Prof.
Dr. Tran Tho Dat- Chairman of Science & Training Council; Dr. Nguyen Thi
Chinh - Dean of the Faculty of Insurance; together with leaders of faculties,
institutes; scientists of universities and research institutes.
At the opening of the
conference, Assoc. Prof. Dr. Bui Huy Nhuong emphasized the role of the
Insurance Industry and the requirement of developing all types of insurance in
order to contribute to social stability and socio-economic development. Assoc. Prof.
Dr. Bui Huy Nhuong hoped that the conference would be a forum for
administrators of insurance companies, experts, researchers, and lecturers to
discuss issues of the insurance industry in Vietnam and propose directions and
measures to solve existing inadequacies and overcome challenges.
In Vietnam, there is a limitation in the awareness of the people
and the whole society about insurance. The average income of the population is
not high, so insurance is not considered an essential need. The current number
of insurance products isn’t diverse. Additionally, the financial
capacity, risk management ability, and internal inspection have not been paid
much attention and regularly implemented. The legal system has been completed,
but some provisions in the Law on Insurance Business have lagged behind the
development of society.
According to experts, in
order to develop the Vietnam insurance market, the system of mechanisms and
policies for the insurance business should be built transparently, equally, and
synchronously, creating favorable benefits for the development of the market
and ensuring the implementation of international commitments. It is necessary
to develop insurance enterprises with strong financial capacity, management
capacity of international standards, and encourage, and support businesses to
develop information technology, diversify insurance products, and ensure to
meet the diverse insurance needs of organizations and individuals.