Vietnam - Insurance



Before May 1975, life and property insurance coverage was available in the RVN from three small Vietnamese insurance companies and through local representatives of about 70 French, UK, and US insurance firms. By the end of 1975, all private insurance facilities had ceased to operate, and the Vietnam Insurance Co., established in the DRV in 1965, had become the nation's lone insurance firm. In 1981, the main types of insurance offered were motor vehicle, personal accident, hull and cargo, offshore exploration, aviation, and third-party risk. In Vietnam, third-party automobile insurance and employers' liability are compulsory.

In 1997, other insurance companies operating in Vietnam were Hochiminh Insurance Co., Nha Rong Joint-Stock Insurance Co., Petrolimex Joint-Stock Insurance Co., Petrovietnam Insurance Co. (PVIC), Vietnam National Reinsurance Co., and the Yasuda Fire and Marine Insurance Co. As of 2002, foreign insurers were allowed in Vietnam, thus opening up the market.

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