Summary
GAIN’s vision is for Vietnam to have a strong and sustainable supply and demand of actuarial capacity, adding strategic value within an effective regulatory environment. Decree 46/2023/ND-CP, which provides guidance on the implementation of the 2022 Law of Insurance Business (Article 24), has emphasized the role of the appointed actuary, together with the board of management president and the chief executive officer, to be approved by the Ministry of Finance, and the role and requirement of accreditation and qualification of actuaries. Given the scarcity of actuarial resources in the non-life insurance sector in Vietnam, a key component of the road map is the development of actuarial resources that will contribute to the overarching goals of the United Nations Development Programme’s (UNDP’s) Insurance and Risk Financing Facility (IRFF) in advancing the Sustainable Development Goals (SDGs).
A possible vision—developing a robust, independent, and sustained market in 10+ years
During the road map meeting on August 29, 2023, stakeholders discussed a vision for the future of the actuarial profession in Vietnam. The following graphic illustrates what that future may look like:
Figure 1: Developing the actuarial profession in Vietnam
Path to a strong actuarial profession
The framework below demonstrates the key agreed upon interventions and pathways to achieving a strong actuarial profession in Vietnam:
Below is a summary of the interventions for each of the building blocks:
| GOAL 1: Build the foundation to a strong actuarial profession | • Provide exam-focused tutorials to non-life practitioners • Establish an independent actuarial professional body and reach Full Member status with accreditation process with the International Actuarial Association (IAA) • Deliver technical basic training on IFRS 17, pricing submission, assumption setting and data collection with actuarial practitioners • Develop and implement the Non-Life Actuarial Capacity Development Programme (NACDev) • Provide support toward work application training through panel of experts |
| GOAL 2: Enhance the education pathway for actuaries | • Provide support toward the development of a high school awareness program • Provide training for senior management of insurers • Provide support to non-life insurers to implement best practices when setting up an in-house actuarial department |
| GOAL 3: Expand employment opportunities for actuaries | • Provide training for students preparing to enter the workforce • Provide support for the establishment of an actuarial student club and develop a bilingual glossary |
| GOAL 4: Promote the role of actuaries in public policy, regulation, and emerging risks | • Promote the role of actuaries in a regulatory roundtable discussion • Provide support in the development of the Vietnam mortality table |
For more information about the UNDP-Milliman Global Actuarial Initiative, please visit our main page or the programme fast facts.
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