Vietnam has become a preferred destination of international financial investors due to the rapid liberalisation, privatisation and globalisation of the economy, the US market research company RNCOS said in a recent report.
The banking sector has shown unprecedented growth in the recent past, said the report "Vietnam Financial Sector Forecast to 2013", adding that the sector remains largely underdeveloped compared to the banking sectors in other Asian economies like India and China.
According to the report, the banking sector has huge potential for further growth and banking assets are expected to grow at a CAGR of over 22 percent during 2009-2013.
Most of the Vietnamese are still unfamiliar with banking services and use traditional ways of saving money and financing their needs, the report explained.
Similar to the banking sector, the report said, the insurance sector has also expanded rapidly over the past few years with the total annual premium growing at a CAGR of over 20 percent between 2002 and 2008.
Despite the fast expansion, the insurance sector is still left with ample of unexplored opportunities like professional liability insurance, export credit insurance, energy price insurance, it added.
The report "Vietnam Financial Sector Forecast to 2013" is an outcome of in-depth research and detailed study of the Vietnamese financial sector and its various products and services.
The report analyses all the factors which are critical to the success of banking and insurance industry of the country. It also identifies the key industry trends, including opportunities and challenges, serving global banking players, investors and financial service providers in planning their business strategies./.