Vietnam's insurance market
In the last decade Vietnam’s insurance sector has been transformed from a State-owned monopolist sector to a more open industry with Vietnam’s international commitments, including its commitments under WTO accession concessions and bilateral and multilateral market access arrangements such as the ASEAN Framework Agreement on Services and the Bilateral Trade Agreement with the US, all serving to further liberalise the market and provide numerous investment opportunities for foreign insurers. Over this time, Hogan Lovells has helped foreign insurers enter the Vietnam market for both life and general insurance.
Recent changes to Vietnamese insurance regulation facilitating market entry include the following:
• Foreign insurers are now permitted to provide cross-border insurance services to the Vietnamese market.
• Foreign general insurers are permitted to set up branches in Vietnam.
• Foreign insurers can now provide guarantee insurance.
For further details about Vietnam's fast-changing insurance industry, opportunities for investors and insurance regulation in Vietnam see our Jurisdiction update on Vietnam's insurance market.
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