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Submitted by unname1 on Tue, 10/04/2011 - 19:11
A national trial credit insurance programme aiming to cover nearly 3 percent of export turnover by credit insurance by the end 2013, has been launched by the Finance, Industry and Trade Ministries, the State Bank of Vietnam (SBV) and the Government Office. 

Deputy Minister of Finance Tran Xuan Ha said seven insurers have been selected to carry out the pilot programme including Bao Viet, Bao Minh, PetroVietnam Insurance (PVI), Bao Viet Tokio Marine, QBE, Chartis and the United Insurance Company of Vietnam. 

Under the programme, which will be implemented during 2011-13, about 23 commodities groups will receive export credit guarantees, minimizing risks for exporters while ensuring financial security and enhancing exports, he said. 

Subject to the programme are enterprises exporting certain commodities including seafood, rice, coffee, fruit and vegetables, textiles and footwear. 

Commercial and political risks associated with these commodities will be guaranteed and a premium will be calculated based on risk, damages and management fees. 

Many insurers have expressed concern about the programme's feasibility as exporters have not recognised the importance of credit insurance in export operations and insurers will face adaptability issues regarding technology and human resources. 

VNA

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