˜yanmar has em arked on a series Žince takin office in 2011… the current overnment in ˜yanmar has em arked on of economic and oitica reforms‡ a series of economic and ro†democracy oitica reforms‡ ±ey measures incude adotin a manaed foat exchane rate reime… removin forein exchane restrictions… easin constraints on forein investment… increasin overnment sendin on heath and education… and imrovin eisation‡ ˆhe ¥Ž… E¥ and §aan have a oished most sanctions aainst ˜yanmar… and the ‘ŽE‘N eer states aroved its eection as ‘ŽE‘N chair in 2014‡ ˆhese deveoments have suorted raid economic rowth in recent years: €‚ƒ rew y ‡™ in rea terms in the fisca year endin ˜arch 201™‡ ˜yanmar hed democratic eections for the first time in 2™ years in Novem er 201™… which the oosition Nationa ›eaue for ‚emocracy arty N›‚„ won with an overwhemin ma“ority‡ ‘ smooth transition wi ikey resut in further infow of forein investment and onoin stron economic rowth‡ ªietnam’s anks have recovered from a ªietnam’s short†term economic rowth outook aso remains ositive‡ ˆhe concusion ad de t oad ro em‡ in ‘uust 201™ of the ªietnam–Euroean ¥nion —ree ˆrade ‘reement aonside trade deas within the ‘ŽE‘N Economic Œommunity wi ikey ena e reater market access for the country’s exorts and mitiate the imact of economic sowdown in Œhina‡ In §une 201™… the overnment announced the end of a 4’ ca on forein ownershi in a rane of sectors… which is exected to oen u state†owned enterrises Ž”Es„ for rivatisation… suort forein investment infows… and ena e more investors to enter the country’s caita markets‡ ‘ inerin ro em is the ad de t oad in the ankin sector‡ Nevertheess… as of ‘uust 201™… credit institutions in ªietnam had setted a com ined ªN‚ 424 triion of non†erformin oans Nƒ›s„… or ’1‡2 of the Nƒ›s in existence in Žetem er 2012‡ ˆhe fa in Nƒ›s wi encourae rowth in ank endin… ensurin domestic investment rises aonside forein infows‡ Insurance market outlook Insurance is under†deveoed in Œ›˜ª … ˆhe insurance sector in Œ›˜ª is at an eary stae of deveoment‡ ˆhe market in ªietnam is most deveoed and has the hihest enetration‡ Žimiar to the exerience of other frontier markets… the eary stae of insurance deveoment is ein driven y non†ife insurance‡ ‚emand for ife insurance is emerin… ut ony sowy‡ Table … ±ey economic and insurance indicators of Œ›˜ª… 201™ €‚ƒ… €‚ƒ er caita… €‚ƒ rowth ƒouation… Non†ife enetration… ›ife enetration… ˆota enetration… ¥Ž‚ iion ¥Ž‚ 2016–2020—„ miion in of €‚ƒ in of €‚ƒ in of €‚ƒ Œam odia 1 112¢ ¢‡™ 1™‡6 0‡¡™ 0‡00 0‡¡™ ›aos 12 1¢6¢ ¢‡6 6‡ 0‡44 0‡01 0‡4™ ˜yanmar ¢6 1406 6‡’ ™¡‡’ 0‡0¢ 0‡01 0‡0 ªietnam 1’¢ 2106 6‡6 ’¡‡4 0‡¢4 0‡2 1‡™6 Žource: ”xford Economics… Žwiss ‹e Economic ‹esearch Ÿ Œonsutin‡ Swiss Re sigma No 2/2016 1’
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