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Affiliation(s)

National Economics University, Vietnam

ABSTRACT

The ASEAN Economic Community (AEC) creates a common market for 10 member countries including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. Vietnam’s participation in AEC will inevitably support insurers as well as Vietnam’s insurance market in expanding and deepening its presence in the regional market, which contributes to the increasing need of insurance participation, attracting foreign-invested insurers to Vietnam insurance market, the renovation of management methods, the application of advance technology, etc. However, except from those opportunities, this also brings many challenges for the domestic market and insurance companies such as strong regional competition for insurance market, difficulties in accessing AEC insurance market, weak capacity in insurance technology and enterprises’ capital sources, the shortage of international standards, and limitations in applying science and technology to management. The paper focuses on analyzing AEC insurance regulations; identifying which challenges Vietnam insurance market faces; and proposing recommendations to overcome these challenges.

KEYWORDS

AEC, insurance, insurance market, challenges

Cite this paper

Sociology Study, December 2016, Vol. 6, No. 12, 790-798

References

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