VietNamNet Bridge – The number of people taking social and healthcare insurance amounted to over 60 million in 2012, equivalent to 68% of the population, according to the Viet Nam Social Security.

The agency’s report shows compulsory social insurance premiums reached VND 97.5 trillion (over US480 million). Voluntary social insurance premiums were worth over 379 billion VND, rising by 51% from 2011.

The social insurance sector issued nearly 59.6 million healthcare insurance cards last year to assist patients in medical examinations and treatment.

In 2013, the sector targets to gain revenues of VND 166 trillion and closely monitor the payment of hospital fees through healthcare insurance cards to safeguard legitimates of the stakeholders.

The sector needs to play a key role in implementing the Government’s social security policies, said Deputy PM Vu Van Ninh at a videoconference regarding the work on January 22.

He pointed out existing weaknesses, including slow-paced insurance coverage, especially voluntary insurance, and no changes in social insurance coverage in prosperous localities.

As the Government prioritizes the restructuring of the economy in 2013, focusing on renovating operations of profit-making units in association with financial reform, the sector must work towards reducing its dependence on the State budget, the Deputy PM said.

Viet Nam’s insurance market is expected to experience a more difficult year in 2013 after a comparatively good showing in 2012, experts say.

Mr. Takashi Fujii, Chairman and CEO of life insurer Dai-ichi Life Viet Nam, said the country is obviously affected by the global economic downturn, but life insurance is a medium and long-term investment industry, so insurers should have 10-20 year development strategies, and not let difficulties affect their opportunities.

Sumitomo Life’s President Yoshio Sato said at a press conference in Ha Noi that life insurance in Japan has reached saturation point, while Viet Nam, with its large population and a high ratio of young population, has a lot of potential to develop in the future.

Source: VGP