Deputy Minister of Finance Nguyen Huu Chi gave opening speech at the conference on the importance of technological application in the insurance market. — Photo taichinhdientu.vn

HÀ NỘI – The 13rd Vietnam Finance Conference was held in Hà Nội yesterday, allowing top experts to discuss managerial policies, institutions and applying technology to the insurance market.

The Vietnam Finance Conference is held annually by the Ministry of Finance (MoF) and the Department of Financial Informatics and Statistics, Department of Insurance Supervisory Authority, the National Institute for Finance and the Việt Nam International Data Group (IDG).

Themed “Developing insurance market: policy and information technology solutions”, the conference featured two concurrent sessions and panel talks. The first session focused on policy and authority solutions for the insurance market while the second focused on the application of information technology in insurance markets from 2016 to 2020.

“In order to further develop the insurance market and meet rising socio-economic demand for progress, governmental supervision and managerial technology application for the insurance market is necessary,” said Nguyễn Hữu Chí, Deputy Minister of Finance.

He also asserted that the insurance market was becoming more important in Việt Nam, contributing to macro economic stability, supporting social welfare and protecting investors, boosting international economic integration and co-operation.

"Technological application is seen as a key objective by the government. The period from 2016-2020 is an essential time to focus on applying technology to all governmental agencies," he said.

Việt Nam’s strategy in developing the insurance market from 2011 to 2020 named using information technology as one of the primary ways to develop the insurance market.

According to MoF statistics, the insurance market is growing, with total revenue in insurance of VNĐ38.6 trillion (US$1.7 billion) in the first six months of 2016, an increase of 25.9 per cent compared to the same period in 2015. The increase represented the biggest in the last 10 years.

The conference also showcased the latest innovations in technological solutions and products, delivered by leading suppliers in technological productions. – VNS