PM wants bancassurance inspection done this month

HCMC – Prime Minister Pham Minh Chinh has ordered the State Bank of Vietnam (SBV) and the Ministry of Finance to complete the inspection of bancassurance sales activities this month.

PM Chinh signed a directive on July 27 outlining measures to make access to loans easier for businesses, reduce loan interest rates, and rectify insurance business operations.

The inspection looks into any signs of wrongdoing in bancassurance sales activities and proposes measures against violations.

The deadline for completing the inspection has been set for July.

The SBV is responsible for coordinating with relevant units in inspecting and supervising bancassurance activities, while the Ministry of Finance will lead the inspection of bancassurance and insurers’ operations.

In recent years, bancassurance has grown rapidly, contributing significantly to boosting revenue in the insurance sector. However, this fast expansion has also raised concerns about the quality of insurance policies sold at banks.

In addition to the inspection of bancassurance, the PM instructed the banking sector to review loan conditions and lending procedures. The disbursement of VND40 trillion and VND120 trillion credit packages, aimed at supporting the economy, should also be expedited.

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