HÀ NỘI — Việt Nam's domestic insurance market managed to pull through a difficult time in 2023 but it will take time for the market to rebuild trust among consumers, according to policymakers and industry insiders. Since the crisis, regulatory agencies and insurance companies have taken measures to reassess the situation, considering it an opportunity to cleanse and readjust the market after a period of rapid growth. Solutions have been proposed by the ministry and its sub-department overseeing the industry, the Insurance Management and Supervision Bureau, to enhance market transparency and safeguard the rights of insurance participants. Under the 2022 Insurance Business Law, businesses will have to publicly disclose information such as decisions on penalties for violations in insurance business activities, court judgments and decisions regarding the company's insurance activities, and decisions to prosecute companies, managers, and controllers of insurance companies. The ministry has stated that it will continue to direct the improvement of insurance business laws, enhance management, supervision, inspection, and checks, and increase communication to disseminate information about insurance contract laws.
