The Embassy of the Republic of Korea in Vietnam, together with the Financial Supervisory Service Hanoi Office, held a meeting at the embassy auditorium in Hanoi on the 25th, inviting the Insurance Supervisory Authority (ISA) under Vietnam's Ministry of Finance and Korean insurance companies operating locally to discuss win-win development of the two countries' insurance industries.
The meeting was arranged to support improvements to Vietnam's insurance system and to advance the local business environment for Korea's financial companies. Attendees included Ambassador Choi Young-sam to Vietnam; Lee Dong-yeop, head of the Insurance Division at the Financial Services Commission; the Financial Supervisory Service; the Korea Insurance Development Institute; and representatives from some 10 Korean insurance firms on the Korea side, as well as officials from Vietnam's Ministry of Finance, including Ngo Viet Trung, head of the Insurance Supervisory Authority.
In opening remarks, Ambassador Choi Young-sam said, "This meeting will serve as a primer that goes beyond simple information sharing to consolidation into tangible outcomes on core tasks, such as establishing a mutually agreed insurance information system between the two countries." Choi added, "We hope Korea's experience in data management and Vietnam's growth potential will combine so that the financial markets of both countries develop together," and "We expect this forum for communication to be regularized and take root as a stable platform that supports bilateral cooperation."
In greetings, Lee Dong-yeop, head of the Insurance Division at the Financial Services Commission, said, "I hope today's meeting develops into a new opportunity to qualitatively advance and strengthen cooperation between the two countries' financial authorities."
At the meeting, experts from the Financial Services Commission, the Financial Supervisory Service (FSS), and the Korea Insurance Development Institute shared Korea's insurance supervision cases and discussed ways to introduce an insurance information system suited to Vietnam's circumstances. They also delivered practical policy proposals, including ▲ building insurance claims history databases (DB) ▲ establishing a platform to prevent insurance fraud ▲ supporting the activation of retirement pensions ▲ responses to the introduction of International Financial Reporting Standard 17 (IFRS 17).
As of last year, eight Korean insurers had entered the Vietnamese market: three life insurers (Mirae Asset Life Insurance, Shinhan Life, Hanwha Life Insurance) and five nonlife insurers (DB Insurance, KB Insurance, Seoul Guarantee Insurance Company, Samsung Fire & Marine Insurance, Hyundai Marine & Fire Insurance).
The Embassy of the Republic of Korea in Vietnam plans to continue strengthening the policy foundation so that Korean financial institutions can take root stably in the local market and to provide on-site, hands-on support so that Korea's financial companies can serve as key partners in Vietnam's economic growth.