Mr. Ngo Viet Trung
Mr. Ngo Viet Trung is awarded a Bachelor degree in Business Administration from National Economics University of Vietnam in 1995. He qualified for Master degree in Public Policy in National Graduate Institute for Policy Studies – GRIPS (Japan) in 2003.
From 1996 to 2004, Mr. Ngo Viet Trung worked for Ministry of Finance as an official of Department of Accounting and Auditing Regulations. He then moved to the Department of Insurance Supervisory Authority, and became the head of life insurance supervision division in February 2007. Mr. Ngo Viet Trung has been the Deputy Director General of Insurance Supervisory Authority since March 2011.
The insurance tools in public asset management
Natural disasters and global climate change have tended to increase in recent years, causing a great deal of damages to the economy and negatively affecting the investment environment of both developed countries and developing countries.
According to recent research by the Asia Foundation and Viet Nam Institute of Meteorology, Hydrology and Climate Change (Ministry of Natural Resources and Environment), Vietnam has been one of the five countries having the highest natural disaster risk in the past 10 years. In average, annual disasters cause about 500 deaths per year and losses of 14,500 billion VND which is equivalent to 1.2-1.5% of GDP in the whole country. In particular, losses on public assets account for 0.41% of GDP. The expenditures for natural disaster recovery (from both the state budget and loans from international organizations) are around VND 11,000 billion VND per year (excluding the cost of reconstruction and rehabilitation).
Some countries have used a variety of measures to manage financial risks towards public assets and most countries tend to use insurance as a tool for risk management and transfer towards public assets.
In Vietnam, the management of financial risks towards public assets through insurance has also been covered by the Law on Management and Use of Public Assets (approved by the National Assembly in June 2017). Therefore, researching and developing an appropriate mechanism in order to effectively implement of public asset insurance in Vietnam is essential.