Foreign investors covet Vietnam’s $28 bln non-life insurance market
Vietnam’s non-life insurance market, expected to grow tenfold to around $28 billion by 2030, is drawing increasing interest from foreign investors, industry insiders say.
Ten top insurers in the country including PVI, Bao Viet, PTI, Bao Minh and MIC command 78% of the non-life insurance market, according to the Insurance Association of Vietnam.
These market leaders have become attractive propositions for trategic foreign investors, it adds.
PVI Holdings, a subsidiary of state-owned Petrovietnam that’s listed on the Ho Chi Minh Stock Exchage (HoSE) as PVI, has received investments from Germany’s HDI Global SE, Oman investment fund Funderburk Lighthouse and the International Finance Corporation (IFC).
French insurer AXA and Hong Kong’s Firstland reportedly hold a combined 20% stake in Bao Minh Insurance Corporation (HoSE: BMI).
South Korea’s Hyundai Marine & Fire Insurance holds a 25% stake in VietinBank Insurance (VBI), making it the second-largest shareholder, behind VietinBank.
Vietnam's non-life insurance market is getting increasing attention from foreign investors, industry insiders say. Photo courtesy of Insurance.
Since 2018, Thailand-based Bangkok Insurance and China’s PICC Property and Casualty Company Limited (PICC P&C) have cooperated with Bao Viet Holdings (HoSE: BVH).
DB Insurance, South Korea’s second-biggest insurer, holds a 37% stake in Post-Telecommunication Joint Stock Insurance Corporation (PTI).
This indicates confidence that their investments are profitable. However, despite being strategic investors, foreign partners’ involvement in the Vietnamese non-life insurance market is yet to significantly impact human resources, management, technology, and market influence.
However, several experts have predicted that as the market reaches a certain level of development and requires a qualitative breakthrough, foreign investors could play a more prominent role in the firms they have invested in.
They have said that when this happens, large insurers will further strengthen their positions, while smaller players will face increased competition for shrinking market shares.
Small firms, big ambitions
The remaining 22% of Vietnam’s non-life insurance market share is held by 22 firms smaller than the big players. These include BIDV Insurance Corporation (HoSE: BIC), Saigon-Hanoi Insurance (BSH), PJICO Insurance Corporation (HoSE: PGI), Vietnam National Aviation Insurance Corporation (VNI), Global Insurance Corporation (GIC), and Agriculture Bank Insurance Joint Stock Corporation (ABIC).
The smaller firms have also attracted significant foreign investments.
South Korean insurer DB Insurance, which has invested in one of the bigger players, PTI, has also poured capital into smaller insurers VNI and BSH, holding stakes of 75% and 37%, respectively.
Meanwhile, BIC is nursing a big ambition to become a top five non-life insurer by market share by 2025. In this, it has the support of Canada-based insurer FairFax Asia, which holds a 35% stake.
This year, the company has targeted VND5.6 trillion ($220.1 million) in revenue from insurance premiums, up 16.7% year-on-year. Last year, its insurance premiums from new policies surged 27.9% to VND4.6 trillion ($180.9 million), 10 times higher than the overall market’s growth.
PJICO, 20% owned by Samsung Fire & Marine Insurance, has targeted VND4.77 trillion ($187.5 million) in revenue from insurance premiums this year, with an annual growth rate of 3-5% in insurance premiums from new policies.
Last year, the firm’s insurance premiums from new policies topped VND4 trillion ($157.2 million) for the first time. Its pre-tax profit surpassed the 2023 plan by 11% to reach VND283.68 billion ($10.36 million), up 12.3% from 2022.
However, the performance of the smaller insurers pales beside their larger peers. In 2023, the consolidated revenues of PVI, Bao Viet Holdings and Bao Minh were VND16.08 trillion ($632.2 million), VND11.75 trillion ($461.95 million) and VND6.6 trillion ($259.43 million), respectively.
Tough going
Amid intense competition, the smaller insurers have seen their market shares shrink despite foreign investments.
ABIC's market share declined to 2.8% in 2023 from 3.3% in 2019. In this period, GIC's share fell from 2.6% to 2.2% and that of Bao Long Insurance Corporation decreased from 2.2% to 1.8%.
Most small insurers have struggled with the competition, prompting them to seek overseas partners for financial, administrative and market support. However, the outcomes of the outreach have fallen short of expectations.
The association says that overall, Vietnam’s non-life insurance market will continue to be dominated by the top 10 insurers. It adds that smaller firms will keep struggling to secure a firm foothold in the market and their foreign partners will face longer wait times and higher risks.
- Read More
Indonesia resumes int’l carbon trading after 4-year hiatus
Indonesian President Prabowo Subianto has issued a new decree to restart international carbon emissions trading after a four-year hiatus.
Southeast Asia - Thu, October 16, 2025 | 9:23 pm GMT+7
Investors seek 2-year delay for $2.56 bln LNG power project in northern Vietnam, citing equipment hurdles
Investors of a $2.56 billion LNG-fired power plant in Hung Yen province have proposed delaying the project’s commercial operation schedule by two years due to difficulties securing key equipment.
Energy - Thu, October 16, 2025 | 9:04 pm GMT+7
Vietnam to soon raise taxpayers' personal deduction: official
The personal income tax deduction in Vietnam is "very likely" to increase to VND21.7 million ($823,940) per month, including VND15.5 million (588,530) for the taxpayer and VND6.2 million ($235,410) for each dependent.
Finance - Thu, October 16, 2025 | 6:25 pm GMT+7
Business confidence climbs as reforms gain traction amid global headwinds: EuroCham Vietnam
The index climbed to 66.5, surpassing pre-tariffs level and reaching its highest in three years – showcasing resilience and adaptability amid global headwinds and evolving U.S. tariff pressures.
Economy - Thu, October 16, 2025 | 4:36 pm GMT+7
Vietnam's stock market watchdog suspends two Grant Thornton auditors
Vietnam's State Securities Commission (SSC) has suspended two auditors from Grant Thornton Vietnam after determining that the 2024 audited financial statements of Saigon Water Infrastructure Corporation (HoSE: SII) failed to meet required standards.
Finance - Thu, October 16, 2025 | 3:35 pm GMT+7
Law No. 56 a major policy breakthrough for Vietnam's stock market development
The Law No. 56, effective January 1, 2025, is one of the major legal breakthroughs in recent years that will enhance the transparency and operational efficiency of the Vietnamese stock market.
Finance - Thu, October 16, 2025 | 2:30 pm GMT+7
WHA Group breaks ground on smart technology industrial zone in central Vietnam
Thailand's WHA Group on Tuesday broke ground on a world-class, modern, and environmentally friendly industrial zone in central Vietnam, namely the WHA Smart Technology Industrial Zone-Thanh Hoa.
Real Estate - Thu, October 16, 2025 | 2:00 pm GMT+7
Vietnam a key partner in Murphy Oil’s global strategy: exec
Vietnam remains a key partner in Murphy Oil’s global business strategy, said Eric Hambly, the U.S. corporation's president and CEO.
Companies - Thu, October 16, 2025 | 12:06 pm GMT+7
VNPT, Qualcomm debut Vietnam’s 1st original design-based excellence center
State-owned Vietnam Posts and Telecommunications Group (VNPT) and Qualcomm have officially launched the VNPT-Qualcomm Excellence Center (VQEC), the first facility in the country to operate under an original design co-development model using Qualcomm’s core technologies.
Companies - Thu, October 16, 2025 | 8:41 am GMT+7
Indonesia enjoys steady growth in nine months
Indonesia's Ministry of Finance on Tuesday announced the country’s 2025 budget performance as of September, reporting that Southeast Asia’s largest economy continued to post steady growth despite global economic uncertainties.
Southeast Asia - Wed, October 15, 2025 | 9:53 pm GMT+7
Malaysia on progressive path towards AI nation status: experts
Malaysia is on a progressive track towards becoming an Artificial Intelligence (AI) nation by 2030, a goal seen as achievable under Budget 2026 - the Malaysian Government’s fiscal and policy framework for 2026.
Southeast Asia - Wed, October 15, 2025 | 9:44 pm GMT+7
Thailand steps up development of semiconductor industry
Thailand’s Board of Investment (BOI) plans to propose a new national semiconductor and advanced electronics policy board to the government, which will spearhead Thailand’s semiconductor development strategy.
Southeast Asia - Wed, October 15, 2025 | 9:40 pm GMT+7
ASEAN sets ambitious energy targets
Senior energy officials from ASEAN member nations and Timor-Leste on Tuesday convened in Kuala Lumpur, Malaysia, to finalize key outcomes and policy recommendations to be submitted to the 43rd ASEAN Ministers on Energy Meeting (AMEM).
Southeast Asia - Wed, October 15, 2025 | 9:33 pm GMT+7
Sun Group gets nod for $375 mln inland waterway tourism project in central Vietnam
A subsidiary of Sun Group, one of Vietnam’s leading real estate developers, has received approval to invest VND9.88 trillion ($375 million) in an inland waterway tourism project in the central coastal city of Danang.
Industries - Wed, October 15, 2025 | 5:21 pm GMT+7
Vietnamese luxury car dealer Haxaco’s business slumps, stock nears two-year low
The operations of Hang Xanh Automobile Service JSC or Haxaco (HoSE: HAX), known as the largest distributor of Mercedes-Benz vehicles in Vietnam, are under pressure as consumers tighten spending and competition among car brands intensifies.
Companies - Wed, October 15, 2025 | 5:13 pm GMT+7
Vietnam sets 2026 GDP growth target at 10%
The Vietnamese Government has set the targets for economic expansion in 2026 at about 10% and inflation at 4.5%.
Economy - Wed, October 15, 2025 | 4:28 pm GMT+7
- Consulting
-
Vietnam's International Financial Center ambition can unlock new wave of innovation
-
Vietnam’s rapid capital market reforms set to pay dividends in coming decades
-
VN-Index valuation might offer '15-20% upside' in next 12-18 months
-
Opportunities for breakthrough growth in industrial and residential real estate in Hanoi’s satellite provinces
-
The six-year switch: The rise of multi retirements
-
Formalizing Vietnam’s digital assets markets




















