Noida, India (PressExposure) December 05, 2009 -- RNCOS has recently added a new Market Research Report titled, âVietnam Financial Sector Forecast to 2013â to its report gallery. The Vietnamese financial market has rapidly expanded over the past few years and has gained great strategic importance at the global level. With the rapid liberalization, privatization and globalization of the market, Vietnam has become a preferred destination of international financial investors. The key financial sectors âbankingâ and âinsuranceâ are attracting huge foreign investment as both of these sectors represent highly untapped potential.
As per our new research report âVietnam Financial Sector Forecast to 2013â, the banking sector in Vietnam has shown unprecedented growth in the recent past, but it is still largely underdeveloped compared to the banking sector of other Asian economies like India and China. Most of the Vietnamese are still unbanked and use traditional ways of saving money and financing their needs. Therefore, there is a huge potential for further growth in the banking sector, and banking assets are expected to grow at a CAGR of about 22% during 2006-2013.
Similar to the banking sector, the insurance sector has taken rapid strides forward to keep pace with rising consumer demand for more innovative and customized insurance products. The total annual premium grew at a CAGR of around 16% between 2005 and 2008. Non-life accounted for over 51% of the total insurance premium and rest was represented by the life insurance segment in 2008. The economic crisis has mainly influenced incomes of people working in import-export activities, industrial zones while customers of life insurance firms are mainly sustainable income earners.
In addition, Vietnam does not have to suffer from negative impacts of the global economic crisis as the country's consumer lending has not actually developed i.e. most of the Vietnamese still rely on cash buying. Therefore, the effect of subprime crisis has been minimal on the Vietnamese financial market.
âVietnam Financial Sector Forecast to 2013â provides detailed information, reliable statistics, comparable data and prudent analysis of the financial sector in Vietnam. It gives deep insight into each have the banking and insurance parameters like assets, loans, deposits, payment instruments, and life insurance and non-life insurance products. Most importantly, the report gives future outlook for each of the important aspects (assets, loans, deposits, insurance premium etc) considering the effects of the global economic crisis on base drivers, opportunities and challenges faced by the financial sector.
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