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Insurance Business helps attract capital for the economy, say lawmakers

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(VOVWORLD) - National Assembly deputies agreed that the amendment of the draft Law on Insurance Business will help Vietnam become a developed insurance market in Asia through renovation of management mechanisms, application of technology, and improving the competitiveness of insurance businesses and the insurance business environment. 
Insurance Business helps attract capital for the economy, say lawmakers - ảnh 1Chairman of the National Assembly's Economic Committee Vu Hong Thanh (Photo: quochoi.vn)

At the ongoing National Assembly session on Friday, lawmakers heard reports on the amended Law on Insurance Business, which encourages foreign investment in the insurance sector, simplifies procedures for establishing new insurance businesses, and allows businesses to provide other kinds of insurance products.

The amended Law also includes new regulations on supplying and using insurance services in accordance with international laws and practices, including the EU-Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Chairman of the National Assembly's Economic Committee Vu Hong Thanh, said: “The amendment of the Law on Insurance Business aims to institutionalize the Party’s guidelines and policies, and overcome shortcomings of the 2000 Law on Insurance Business. It assures coordination of the legal system, develops a safe, transparent and effective insurance market which is in line with international practices, improves competitiveness, and makes the insurance business an attractor of capital for the economy”.

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