Noida, India (PressExposure) November 23, 2009 -- As per our recent research report âVietnam Financial Sector Forecast to 2013â, with the rapid liberalization, privatization and globalization of the economy, Vietnam has become preferred destination of international financial investors. The banking sector has shown unprecedented growth in the recent past. However, the sector remains largely underdeveloped compared to the banking sectors in 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. It reflects that the banking sector has huge potential for further growth and banking assets are expected to grow at a CAGR of over 22% during 2009-2013.
Similar to the banking sector, the insurance sector has also expanded rapidly over the past few years. The total annual premium grew at a CAGR of over 20% between 2002 and 2008. The premium is almost evenly distributed between life and non-life segments; however, the non-life had little edge over life and accounted for about 51% of the total insurance premium in 2008.
Despite this fast expansion, the insurance sector is still left with ample of unexplored opportunities like professional liability insurance, export credit insurance, energy price insurance, etc.
Moreover, the crisis has mainly influenced the income of people working in import and export industry while customers of insurance sector, particularly life insurance firms, are mainly sustainable income earners, and thus least affected by the crisis. As a result, the sector remains largely unaffected from the effects of crisis.
The report âVietnam Financial Sector Forecast to 2013â is an outcome of in-depth research and detailed study of the Vietnamese financial sector and its various products and services. The report analyzes all the factors, which are critical to the success of banking and insurance industry of the country. The report also identifies the key industry trends, including opportunities and challenges. Moreover, rational forecast on bank assets, deposits, loans, and insurance premium and payment cards helps the global banking players, investors and financial service providers in planning their business strategies.
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