Illustrative image (Source: Bao Viet) HCM City (VNA) – The life insurance sector pumped over 215 trillion VND (9.34 billion USD) into the economy in the first half of this year, according to the Insurance Association of Vietnam (IAV). Vietnam is now home to 18 life insurers with an annual revenue growth of over 30 percent, providing insurance coverage for more than 7.5 million clients. They pay in excess of 14 trillion VND in insurance entitlements for clients each year and create jobs for nearly 10,000 workers and more than 600,000 agents. The birth of the Law on Insurance Business on December 7, 2000 has created a legal corridor for the insurance sector over the past years, said the IAV. From 2011-2017, the sector’s reinvestment in the economy expanded by 17.7 percent each year. In 2017 alone, investment made by insurers amounted to roughly 251 trillion VND, up 27 percent year-on-year. Le Huong Ly, member of the IAV Executive Board, said insurers need to … [Read more...] about Life insurance sector pumps over 215 trillion VND in economy in H1
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Life sentence for oil executive fugitive and 13-years for former PVN chairman
Hanoi People's Court this morning handed down a 13-year sentence to former Politburo and chairman of the state-owned Vietnam Oil and Gas Group (PVN), Dinh La Thang, for deliberately violating state regulations on economic management, causing serious consequences. Former Politburo and chairman of the state-owned Vietnam Oil and Gas Group, Dinh La Thang, was sentenced 13 years in prison Meanwhile Trinh Xuan Thanh, former chairman of PetroVietnam Construction Corporation (PVC), a unit of PVN, was given a life sentence after being found guilty of both economic mismanagement and embezzlement. Former chairman of PetroVietnam Construction Corporation, Trinh Xuan Thanh, at the court on January 22 The two have been standing a two-week trial with 20 other former PVN and PVC executives accused of being responsible for million-dollar losses at several power projects run by the PVC. Vu Duc Thuan, former general director of PVC, was sentenced to a total of 22 years in prison … [Read more...] about Life sentence for oil executive fugitive and 13-years for former PVN chairman
Non-life insurance companies in Vietnam open doors for more investments
The Hanoitimes - Domestic non-life insurance companies expect the additional investment capital will help them expand distribution networks and enlarge market shares in the prosperous but competitive market. Bao Long Insurance Corporation has so far approved a plan to increase capital through share issue, with priority for foreign investors. Accordingly, the company’s capital will increase from the current VND600 billion (US$25.53 million) to VND1 trillion (US$42.55 million). Currently, Saigon Commercial Bank and Eximbank are two large shareholders of Bao Long, holding 81.1 percent and 6.51 percent of the insurer’s charter capital, respectively. Bao Minh Insurance Corporation gets investments from France’s AXA Insurance Shareholders of AAA Assurance Corporation have also planned to issue shares valued at VND310 billion (US$13.19 million) for capital hike after getting a nod from the Ministry of Finance. AAA’s board of directors expected the issue will be … [Read more...] about Non-life insurance companies in Vietnam open doors for more investments
The life of Quang Ngai’s ‘jungle man’
A man in the central province of Quang Ngai who lived in the forest for up to 40 years is now alone after the death of his father. After the tragic death of his mother and two sons when US bombs hit his house, Ho Van Thanh, a soldier, panicked and took his one-year-old son Ho Van Lang into the jungle. He lived in the forest for 40 years until August 7, 2013. When Ho Van Lang brought out of the forest in 2013 When they were encouraged to leave the jungle, Thanh was 81 and Lang was 41. They were living in a 2sq.m thatch hut on an ancient tree on the slopes of A Pon Mountain. After being brought out of the forest, Lang and his father returned their hometown in Tra Phong Commune, Tay Tra District to live with his younger brother’s family Ho Van Tri. Reintegrating into the society, everything seemed to be new to Lang who gradually became familiar with his new life. However, one thing remained unchanged as he always hung on to his father like the time they were still in … [Read more...] about The life of Quang Ngai’s ‘jungle man’
Fall festival highlights ethnic tribal life
The Bat Xat Fall Festival 2018 recently opened in Muong Hum commune, Bat Xat district of the northern mountainous of Lao Cai, offering visitors a series of ethnic tribal life experience and adventure activities. During the festival, which runs through September 1, local people and visitors can join a number of exciting activities, such as a mountain climbing competition entitled “Conquering Lao Than Mount” and exploring Do waterfall in Den Sang commune, Pa Vi ancient stone road in Sang Ma Sao, “cho phien Y Ty” (Y Ty fair) and terraced rice fields in The Pa Valley in Y Ty commune. The 2nd Bat Xat Fall Festival will also host for the first time a parachute show, a tour of silver carving village in Seo Po Ho, Muong Hum commune and an off-road bike racing in Lung Po. The festival is held to promote the distinctive culture of ethnic minority people in Lao Cai and tourist attractions in Bat Xat, a mountainous border district of the province that is blessed with the … [Read more...] about Fall festival highlights ethnic tribal life