Insurance

Strategies sought by insurers after mixed bag in growth Data compiled by BIDV Securities Company (BSC) showed that foreign companies are prevailing in the Vietnamese life insurance market, even though the pandemic is out of their control. Bao Viet Life, the only Vietnamese insurer on the list, still holds the largest market share, with 20.8 per cent. However, other foreign enterprises such as Manulife, Prudential, Dai-ichi Life, and AIA have accelerated their initiatives and international expertise to improve operational efficiency and gain customer appetite. The five largest companies accounted for 78.7 per cent of the whole life insurance market share, with foreign insurers enhancing their position, while a number of major Vietnamese insurers have diminished. In the past five years, BaoViet Life’s market share has decreased by 6 per cent. On the contrary, Canadian insurer Manulife has increased their segment from 6.9 to 19 per cent. AIA rose from 1.5 to 10.8 per …

Continue Reading about Strategies sought by insurers after mixed bag in growth →

The strategic partnership between Masterise Homes and Techcombank brings customers differentiate d values With the philosophy of “Customer Centricity”, Masterise Homes is committed to creating differentiated values beyond our world-class projects or services. For the Ultimate Peace of Mind is a testament to the unique and privileged values on offer by Masterise Homes, creating ultimate experience and a new standard of living for customers. Pioneer in creating practical values for customers amid the pandemic The pandemic has made consumers take more control of health and investment for the future. According to a recent survey of some 4,000 people across eight markets in Asia, health and finance are two of the top concerns amid the pandemic. In Vietnam, 100 per cent of respondents have taken personal actions to improve overall health in response to COVID-19. Aligning with taking better control of health and finance, interest in buying new insurance has also risen …

Continue Reading about Masterise Homes launches Privileged Insurance creative customer appreciation programme →

While the terms of the investment were not disclosed, Hoang Duc Trung, Partner of VinaCapital Ventures, stated that GlobalCare is exactly the kind of startup that VinaCapital wants to invest in. “It offers a product that solves a pain point, a very clear and realistic business plan that has the potential to scale, and a committed and experienced founder and team. The non-life insurance segment in Vietnam was about $2.3 billion in 2019,” Trung said. VinaCapital ventures takes stake in insurtech startup GlobalCare. Meanwhile, Dinh Thi Ngoc Niem, founder and chairwoman of GlobalCare, commented that the insurance industry in Vietnam is still in an early stage of development. “As Vietnamese learn more about the importance of having insurance to protect them, their families and their businesses, we aim to provide a platform that removes the inconveniences that can occur when buying insurance products,” Niem said. Founded in 2017 by Dinh Thi Ngoc Niem and her co-founder, …

Continue Reading about VinaCapital Ventures takes stake in insurtech startup GlobalCare →

Travel firms in HCMC have resumed selling tours. (Photo: vietnambooking.com) From October, HCMC has allowed tourism activities in the so-called “green zones,” where the pandemic outbreak has been contained. Holidaymakers have to go in groups and travel within a day. Saigontourist Travel Service Company is the pioneer in the city’s tourism programme, following the success of eight pilot tours to Can Gio and Cu Chi districts held exclusively for medical workers working in the pandemic fight. Doan Thi Thanh Tra, Director of Marketing and Communications of Saigontourist, said her company has offered two tours to Can Gio and Cu Chi. Saigontourist and Bao Viet Insurance in HCMC signed an expanded tourism insurance contract covering tourists infected with the coronavirus during the company’s tours, Tra added. A representative from Vietravel said the firm will develop intra-region products and provide on-the-spot services. Travel companies are waiting for concerted policies …

Continue Reading about Travel firms in HCMC resume selling tours →

Tanja Leimgruber - Programme lead, Digital Transformation for Green Growth, Global Green Growth Institute in Vietnam In recent years, Vietnam’s major cities have been frequently listed among the most polluted cities. At the same time, there remain challenges of environmental pollution, over-exploitation of natural resources, lack of adequate waste management, and increasingly extreme weather events that need to be addressed with urgency nationwide. The global mega trend of digital transformation – which will impact all areas of the economy and our personal lives – provides a unique opportunity for Vietnam to address these challenges and support the country’s sustainable economic growth. The key questions for governments and each citizen are how different stakeholders could be impacted by digital transformation; and what enabling conditions or essential policies and regulations are available to ensure that the benefits of digital transformation outweigh the potential negative …

Continue Reading about Zooming ahead in sustainable economic growth – digitally →

“Do you accept payment with MoMo?” “Yes” is the question one can hear at many restaurants and supermarkets in HCM City. Life has become more comfortable for people as they don’t have to carry cash when going out or keep small change to make payments. However, digital payments in general and e-wallets in particular are still not common in other provinces. And in HCM City, e-wallet users have to install Moca to take Grab and AirPay to shop on Shopee because e-wallets are not connected. Most people cannot connect with e-wallets because of the limited number of Points of Sale, which are mostly located in large cities. E-wallets and digital payment services have developed rapidly, especially during the Covid-19 pandemic. A survey by Visa in the third quarter 2020 of 1,000 Vietnamese in urban and rural areas, of various ages, found that 51 percent said they had increased the frequency of using e-wallet. Fifty five percent said they made payments with QR Codes. A report of …

Continue Reading about E-wallets need ‘sandbox’ to boom →

In 50 years running a cafe in Tokyo, Shizuo Mori can't remember a time when his coffee supplies cost this much. The 78-year-old, who owns Heckeln, an old-school coffee shop in Tokyo's Toranomon business district, says the wholesale cost of his main product has surged 5% in the last three months. That is a jolting experience for a country where weak growth has meant that prices of many things - including wages - haven't risen much in decades. While he has not yet passed on the increase to his customers - coffee at his cramped shop costs 400 yen ($3.50) a cup - price pressures are squeezing his bottom line and he knows his regulars have low tolerance for such hikes. "Salarymen don't get paid a lot, so everyone will stop drinking if prices are too high," said Mori, whose shop is famous for its caramel sauce pudding, slabs of buttered toast and ham and egg sandwiches. Across Japan, consumers and businesses like Heckeln are facing sticker shock for everything from coffee, beef …

Continue Reading about From beef bowls to coffee, cost surge squeezes Japan’s salaryman staples →

Vietnamese lychees on the shelves of Singaporean supermarkets Combining online, traditional methods The year 2021 is considered an important milestone for Vietnamese fruits with lychees and longan exported for the first time directly to Western European countries, such as the Netherlands, Belgium, France, Germany and the UK. In particular, 15 tonnes of frozen durians from the Uu Dam Import-Export Company Limited exported to Australia were sold out in just two days. The positive results were attributed to the efforts of units, including Vietnamese trade offices abroad. Vietnamese Trade Counselor in Belgium and the EU Tran Ngoc Quan said the Ministry of Industry and Trade has directed Vietnamese trade offices abroad to focus on finding output for agricultural products. Therefore, they have strengthened advertisement and introduction of Vietnamese agricultural products in supermarket systems, distribution channels and wholesale markets. In addition, they have organized online …

Continue Reading about Digitalization enhances Vietnam’s trade promotion →

Domestic sea transportation businesses are struggling to win market share amid fierce competition of the world’s new generation fleets. Despite abundant flows of commodities, the domestic sea transport shipping fleet is hamstrung by its old vessels with out-of-date technology. Given that, the Vietnam Maritime Administration has suggested policies to rescue the shipping fleet. Truong Minh cargo ship has a deadweight tonnage of 56,200 (Photo: Vietnam Plus) Old-fashioned vessels Statistics by the Vietnam Maritime Administration showed that Vietnam has 1,586 ships (as of June 1), including 1,128 being cargo ships. As of June, the total volume of cargo through Vietnam’s seaports was estimated at 308.7 million tonnes, up 21 percent compared with the same period of 2018. In regard to transport market share, transportation service businesses can handle 100 percent of the domestic market share except for specialised ships such as cement and liquefied natural gas carriers. …

Continue Reading about Solutions needed for domestic shipping fleet to win market →

At present, China does not have the capacity to declare a military ADIZ over the entire South China Sea. China's possible declaration of an Air Defence Identification Zone (ADIZ) over the South China Sea has made headlines over the past days. On May 31, South China Morning Post cited the Chinese army that Beijing since 2010 has been thinking of establishing an ADIZ in the sea that cover Pratas, and Vietnam’s Hoang Sa (Paracel) and Truong Sa (Spratly) islands. It reported that China is choosing a propriate time to declare the plan. Emeritus Professor Carl Thayer at UNSW Canberra, an expert on the South China Sea Emeritus Professor Carl Thayer at UNSW Canberra has made some accessement on the implications of Chinese ADIZ over the sea that is one of the world’s busiest waterways. If China deploys an ADIZ over the South China Sea, what are the geo-political implications for the region? There are no provisions in international law concerning an Air …

Continue Reading about What does China’s potential ADIZ over South China Sea imply? →