Law on Insurance Business Driving force for a healthy market
- 120
- Business
- 22:10 05/03/2023
DNHN - The new Law on Insurance Business will go into effect in 2023, and the business community anticipates that new State policies on insurance, amendments to guidelines, and new legal regulations will be a positive development.
Digital transformation is considered an inevitable trend in the insurance industry
New regulations promulgated in 2022 under the new Law on Insurance Business aim to further strengthen the protection of policyholders' interests and improve the quality of corporate governance, risk management, and publicity. Insurer customer service activities will also contribute to the market's sustainable growth.
To improve the quality and efficacy of the entire insurance value chain, including market research, product design, and marketing activities, as well as enhancing customer interaction and service experience, streamlining procedures, and reducing the time required to pay insurance benefits... New technological achievements in artificial intelligence (AI), big data (Big Data), and the Internet of things (IoT)... must be partially implemented in 2023 and heavily promoted in the years that follow.
In the next ten years, the life insurance industry is anticipated to undergo a significant transformation. As of today in Japan, a company has invested 2 million USD to use AI to evaluate both written and non-written records and insurance claims. This indicates that, shortly, the Vietnamese market will likely develop new distribution channels, brand-new, simple, user-friendly insurance products, and additional conveniences. Advantages for customers involved in purchasing insurance, managing insurance contracts, and claiming insurance benefits...
To survive, insurance companies must cultivate consulting agents and a team of competent consultants. Particularly, it is advisable to concentrate on a team of full-time agents who are qualified and professional. Standardizing the consulting force, and even leaving the general agent office here and there, is not a problem if the company has viable alternatives to consolidate the entire business operation machine.
Highlights of the Insurance Business Law
According to the National Assembly's 6.5% GDP growth target for 2023, it is anticipated that Vietnam's economy will continue to expand in 2023. Additionally, the demand for insurance in Vietnam continues to rise, while the public and economic institutions' understanding of insurance's role expands.
There are currently 31 non-life insurers, 19 life insurers, and 2 reinsurance companies operating on the market. There are approximately 800,000 active insurance agents in the United States. Compared to the size of the market, the number of insurance and reinsurance companies and agents is relatively small.
In capital mobilization and investment activities, insurance companies must always comply with the provisions of the Law on Insurance Business and other pertinent laws and are subject to strict inspection and supervision by state management agencies. Ministry of Finance), as insurance is a distinct industry.
The new Law on Insurance Business will also go into effect this year, and the business community anticipates that new State policies on insurance, amendments to guidelines, and legal regulations will play a significant role. A factor that promotes the growth of the insurance market. The Ministry of Finance projects that the market will expand by approximately 15% by 2022.
In terms of market trends, health insurance products are anticipated to experience growth, as people's awareness of life's risks increases, especially in the wake of the COVID-19 pandemic. In the life insurance industry, investment-linked insurance products continue to be the predominant insurance products, with a strong growth trend in unit investment-linked insurance products as more insurance companies establish investment funds to broaden policyholder options.
In addition to natural disaster risks and other normal risks, the non-life insurance sector faces new risks such as cyberspace, business interruption due to epidemics, etc. Individuals and businesses are interested in and require insurance for these risks. Therefore, non-life insurers must develop new products to meet their customers' protection requirements.
Trong Tam - Tran Nhan
Related news
- VINASME and Jeonnam Technopark Sign MOU on technology cooperation, human resource training, and trade promotion
- Vietnamese entrepreneurs strengthen ASEAN connectivity in the digital iIntegration era
- Prime Minister: Vietnam aims to become a regional logistics hub
- Vietnam upgraded to Secondary Emerging Market by FTSE Russell
- Hanoi’s economy grows 7.92% in first nine months of 2025, FDI surges nearly threefold
- Vietnam’s strong gdp growth fails to ease labor market distress
- US tariffs on Brazil propel Vietnam’s pangasius into global spotlight
- VietLeap AI Accelerator launches: A strategic springboard for Vietnam’s AI startups
- CICON expands strategic alliances: A new step forward in Vietnam–Korea business connectivity
- What must Vietnamese enterprises do to maintain their position in the global supply chain?
- Vietnam advances cybersecurity law to boost digital sovereignty and business resilience
- Vietnam embraces digital tools to modernize public administration
- Administrative procedures for establishing the national technology exchange reduced to one application set
- Vietnam hits highest FDI inflow since 2009, fuels industrial real estate boom
- Foreign investors expected to open 150,000 new securities accounts in the next 5 years
- Government’s plan to implement Law on Digital Technology Industry approved
- Vietnam launches “Private Economy Panorama Model” to foster public-private national development
- Shark Nguyễn Hòa Bình: Hanoi will become the capital of startup innovation.
- Deputy Prime Minister Lê Thành Long meets with Osaka Governor Yoshimura Hirofumi to promote Vietnam–Japan cooperation.
- White House: When politics and technology join forces to rewrite the global AI order
Đọc thêm Business
VINASME and Jeonnam Technopark Sign MOU on technology cooperation, human resource training, and trade promotion
On October 15, 2025, in Hanoi, VINASME and Jeonnam Technopark (Korea) signed an MOU to promote trade, advance technology transfer, and develop human resources between enterprises of both nations.
Vietnamese entrepreneurs strengthen ASEAN connectivity in the digital iIntegration era
On the occasion of Vietnam Entrepreneurs’ Day (October 13), an international event themed “Integration – Innovation – Sustainable Development” was solemnly held in Ho Chi Minh City.
Vietnam upgraded to Secondary Emerging Market by FTSE Russell
FTSE Russell has officially upgraded Vietnam’s stock market to Secondary Emerging Market status, effective September 2026, marking a historic milestone for the country’s financial integration and global investment appeal.
US tariffs on Brazil propel Vietnam’s pangasius into global spotlight
Vietnam’s pangasius industry eyes $2 billion worth of exports in 2025 amid shifting US trade policy and a global supply realignment.
CICON expands strategic alliances: A new step forward in Vietnam–Korea business connectivity
On the afternoon of September 26, 2025, a strategic cooperation signing ceremony took place between CICON (Korea) and its key Vietnamese partners, including the Ho Chi Minh City Association of Small and Medium Enterprises (HUBA), Doanh nghiệp & Hội n
What must Vietnamese enterprises do to maintain their position in the global supply chain?
Mr. Lu Wei Chieh, General Manager of Cathay United Bank – Ho Chi Minh City Branch, shared with Business & Integration Magazine key strategies that can help Vietnamese enterprises not only stand firm but also go further amid shifting global dynamics.
Vietnam hits highest FDI inflow since 2009, fuels industrial real estate boom
This robust inflow is not only transforming the country’s industrial landscape but also signaling Vietnam’s rising role in the global supply chain amid shifting geopolitical dynamics.
Foreign investors expected to open 150,000 new securities accounts in the next 5 years
The Ministry of Finance has set an ambitious target to increase the number of securities trading accounts held by foreign investors in Vietnam to 200,000 by 2030—four times higher than the current figure.
Vietnam launches “Private Economy Panorama Model” to foster public-private national development
Billionaire Nguyen Thi Phuong Thao emphasizes that entrepreneurs’ responsibilities extend beyond profits to creating social value.
Deputy Prime Minister Lê Thành Long meets with Osaka Governor Yoshimura Hirofumi to promote Vietnam–Japan cooperation.
As part of his working visit to Japan and participation in the Vietnam National Day at EXPO 2025 Osaka, on September 8, Deputy Prime Minister Lê Thành Long held talks with Osaka Governor Yoshimura Hirofumi.

