Vietnam will build a safe and effective insurance market as part of the insurance sector's development strategy towards 2010, which was approved by the Prime Minister.

The target was set by the Ministry of Finance at a working session held on April 24 with relevant ministries and insurers and insurance brokers operating in the country.

Participants at the meeting discussed measures to strengthen management and supervision of insurance activities in Vietnam and to improve legal regulations for the sector as well as its financial capacity and competitive edge. Investment activities of insurance companies were also high on the agenda.

Last year, the insurance sector's earnings accounted for 1.82 percent of the national GDP, equivalent to VND17.75 trillion (US$1.1 billion), a rise of 14.08 percent from 2005.