[Round-up] Vietnam Insurance Sector Posts 6-year High Growth, Binh Dinh Ends Incentives for Thai Oil Giant

Tuan Minh

22:41 22/07/2016

BizLIVE - Premium revenues of insurance companies in Vietnam grew 25.9% in the first six months of this year, the sharpest rise since 2011. The central coastal province of Binh Dinh has decided to end investment attraction for the petrochemical oil refinery project proposed by Thailand’s PTT.

[Round-up] Vietnam Insurance Sector Posts 6-year High Growth, Binh Dinh Ends Incentives for Thai Oil Giant

Premium revenues of insurance companies in Vietnam grew 25.9% in the first six months of this year, the sharpest rise since 2011.

Vietnam Insurance Industry Grows Fastest in Six Years 
Insurance companies in Vietnam posted premium revenues of 38.61 trillion dong ($1.72 billion) in the first six months of this year, representing an increase of 25.9% from a year earlier, the fastest pace since 2011, according to the Insurance Supervisory Authority under the Ministry of Finance. 
Non-life insurance revenues increased 15% year-on-year to $781.3 million while life-insurance soared 36.78% to $934.7 million.
Foreign Funds Back Vietnam Healthcare Startup: Report
Vicare, a website providing information about clinics and doctors in Vietnam and online health consultancy, has secured its second funding round from Japan's CyberAgent Ventures and Singapore's Pix Vine Capital.
Pham Anh Duc, director of the startup, refused to reveal details, merely telling news website Saigon Times Online that the funding would help improve database quality, develop mobile applications and expand manpower.
Nguyen Thi Kim Ngan Re-Elected as 14th NA Chairwoman 
Chairwoman of the 13th National Assembly Nguyen Thi Kim Ngan was re-elected as the head of the 14th legislature during the body’s first session on July 22, according to the Vietnam News Agency (VNA).
In a secret ballot held on July 21, 483 out of 494 deputies, or 97.77%, voted for Nguyen Thi Kim Ngan. The results were announced on July 22.
Vietnam Gov’t Raises $9 Billion from Bonds YTD
The State Treasury of Vietnam has sold 202.81 trillion dong ($9 billion) worth of sovereign bonds via the Hanoi Stock Exchange in the year to date, meeting 81.12% of the upwardly revised plan.
Australia to Intensify Inspection of Imported Seafood from Vietnam
The Australia Department of Agriculture and Water Resources has announced that a reduction of the intensified inspection frequency on Vietnamese seafood will depend on the results of the examination of exporters’ next shipments to the country, according to VNA.
The information was sent in reply to the request by the Department of Agro-Forestry and Fishery Quality Management under the Ministry of Agriculture and Rural Development on easing the frequency of intensified inspections on seafood processing facilities who had batches of seafood rejected by Australia.
HCM City Needs over $6 Billion for Infrastructure 
The HCM City People’s Committee has submitted to the Ministry of Planning and Investment the list of projects intended for Public-Private Partnership (PPP).
The projects will need a capital amount of 137,563 billion dong ($6.17 billion), of which 27.6% will come from the state budget.
Vietnam Construction Sector Grows 8.8% in H1
The construction sector grew 8.8 percent in the first half of this year, the highest growth since 2010, reported the Ministry of Construction during a conference in Hanoi on July 21.
The ministry’s enterprises booked revenues worth more than 76.1 trillion dong ($3.45 billion) although the nation’s gross domestic product grew just 5.52% during the period.
Japanese Locality Looks to Boost Links with Vietnam
Japan’s Okinawa prefecture authority attaches importance to promoting relations with Vietnam across fields, Governor Takeshi Onaga has told Vietnamese Ambassador to the country Nguyen Quoc Cuong.
Ambassador Cuong paid a three-day visit to the southernmost locality from July 18, where he met local officials and representatives of local enterprises with a view to boosting connections between Okinawa and Vietnam.
Binh Dinh Terminates Investment Attraction for Oil Refinery Project 
The central coastal province of Binh Dinh has decided to end investment attraction for the petrochemical oil refinery project in Nhon Hoi Economic Zone due to its unfeasibility, VNA reported.
In the coming time, the province will continue its other investment promotion activities while creating favorable conditions for investors from Japan and the EU to land their investments in the locality.
More IPOs in Oil and Gas Industry Planned
There would be more auctions of shares from oil and gas companies in the second half of 2016 under the directives of the government on equitization of state-owned enterprises, said Deputy Prime Minister Trinh Dinh Dung.
In the second half of 2016, three big names in the oil and gas industry including PetroVietnam Power Company (PV Power), PetroVietnam Oil Corporation (PV Oil) and Binh Son Refinery (BSR) will conduct initial public offerings (IPOs).
Credit growth in the Vietnamese banking system reached 8.16% in the first half of this year, speeding up from an increase of 7.86% in the same period of 2015, the State Bank of Vietnam (SBV), the country’s central bank, has said. 
The figure for the six-month period was revised up from 6.82% the central bank announced at the start of this month. 

TUAN MINH

BizLIVE - Gặp gỡ