The EU insurance regulator asked insurers to suspend bonuses amid the pandemic The EU-Vietnam Free Trade Agreement (EVFTA), ratified by Vietnam’s National Assembly last week and by the European Parliament in February, is expected to speed up strategic tie-ups, as well as promote Vietnam as a trading gateway to the ASEAN. Notably, door will be opened wider for EU insurance firms. “Compared to the World Trade Organization, insurance will be more open thanks to the EVFTA. Foreign insuers can set up reinsurer branches in Vietnam three years after the EVFTA comes into effect,” said Nguyen Thi Thanh Huyen from the International Co-operation Department of the Ministry of Finance. Under the EVFTA, Vietnam allows foreigners to form joint-venture insurance businesses, thereby opening the doors for fully EU-owned insurers with products such as original insurance, reinsurance and retrocession reinsurance, insurance intermediaries, and insurance support services. This move is expected to facilitate the onshoring of international insurance transactions by overseas reinsurers, thus enhancing the ease of doing business in Vietnam. Additionally, it is estimated that the EVFTA will generate 146,000 more jobs each year in Vietnam. Notwithstanding, the economic fallout stemming from the COVID-19 pandemic has dealt a crippling blow to almost all… Read full this story
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