Major Vietnam private lender Techcombank intends to set up life insurance unit

By Hai Yen
Wed, January 22, 2025 | 11:50 pm GMT+7

Techcombank, one of Vietnam’s major private lenders, is seeking shareholders’ approval to contribute capital for establishing a life insurance subsidiary regardless of a slowdown in the bancassurance sector.

The move came after Techcombank (HoSE: TCB) terminated a 15-year bancassurance partnership with Canada’s Manulife Vietnam in October 2024.

Life insurance sales in Vietnam have declined since the industry crisis in 2023. Bancassurance, once a key revenue stream for Techcombank, fell to VND606 billion ($24.15 million) in 2024, down from VND1.75 trillion ($69.75 million) in 2022.

A customer conducts transactions at a branch of Techcombank. Photo courtesy of the lender.

A customer conducts transactions at a branch of Techcombank. Photo courtesy of the lender.

Following its separation from Manulife, Techcombank stated that it sees an opportunity to revitalize its insurance business with a differentiated strategy.

Additionally, Techcombank announced plans to seek shareholder approval to increase its stake in Techcom Nonlife Insurance JSC (TCGIns) beyond 11%, making it a subsidiary.

The Vietnamese life insurance sector's premium revenue declined 5.5% year-on-year to VND132.2 trillion ($5.2 billion) in the first 11 months of 2024, according to the Ministry of Finance.

The local life insurance sector has experienced significant shifts over the past two years. The revised Insurance Business Law, effective from January 2023, and the finance ministry’s Circular 67, dated November 2, 2023, stipulates stricter regulations aimed at protecting policyholders' rights.

Key changes include a ban on banks selling investment-linked insurance products within 60 days before or after a loan is disbursed and a requirement for insurance advisors to record consultations via audio or video.

The State Bank of Vietnam is also in the process of drafting Decree 88, which would impose administrative fines of VND400-500 million ($19,678) on banks found to link non-mandatory insurance products with their banking services.

Currently, there are 85 insurance companies operating in Vietnam, including 19 life insurers, with two domestic firms (Bao Viet and Bao Minh) and the remainder being foreign or joint-venture entities.

Comments (0)
  • Read More
Agro-forestry-fishery exports rise over 14% in H1

Agro-forestry-fishery exports rise over 14% in H1

Vietnam’s total agro-forestry-fishery trade in the first half of 2025 is estimated at $57 billion, with exports reaching $33.5 billion, up 14.3% year-on-year, according to the Ministry of Agriculture and Environment.

Companies - Tue, July 1, 2025 | 10:33 pm GMT+7

Banks end magnetic cards, require biometrics for firms from July 1

Banks end magnetic cards, require biometrics for firms from July 1

From July 1, banks across Vietnam have stopped using magnetic stripe cards and now require biometrics for company accounts to prevent fraud and improve security.

Banking - Tue, July 1, 2025 | 10:17 pm GMT+7

Data Law aims to protect data and unlock value

Data Law aims to protect data and unlock value

The 2024 Data Law, which aims to regulate the collection, sharing and commercial use of data, creating a trusted marketplace while enhancing personal data protection and cybersecurity, takes effect on Tuesday, July 1.

Companies - Tue, July 1, 2025 | 10:06 pm GMT+7

Thailand attracts large investment in data centers, digital services

Thailand attracts large investment in data centers, digital services

The Thailand Board of Investment (BOI) has approved investment applications worth a total of THB 28.6 billion (about $870 million) in digital infrastructure and travel sector projects, as well as incentives for the use of local content in the manufacturing of electric vehicles (EV) and hybrids, as well as electrical appliances (E&E).

Southeast Asia - Tue, July 1, 2025 | 9:55 pm GMT+7

Indonesia launches $5.9 bln EV battery ecosystem

Indonesia launches $5.9 bln EV battery ecosystem

Indonesia held a groundbreaking ceremony on Sunday for its integrated electric vehicle (EV) battery ecosystem in Karawang, West Java province.

Southeast Asia - Tue, July 1, 2025 | 9:49 pm GMT+7

Vietnam construction giant Vinaconex plans to divest 51% stake in northern Vietnam resort developer

Vietnam construction giant Vinaconex plans to divest 51% stake in northern Vietnam resort developer

Vietnam’s leading construction firm Vinaconex on Monday approved the transfer of its entire 51% stake in Vinaconex ITC, the developer of Cat Ba Amatina urban-tourism project in the northern city of Hai Phong, at a minimum price of VND48,000 per share ($1.84).

Real Estate - Tue, July 1, 2025 | 4:44 pm GMT+7

Gozo Express, Indel Petro launch Vietnam’s first integrated gas and logistics stations

Gozo Express, Indel Petro launch Vietnam’s first integrated gas and logistics stations

Gozo Express, a Vietnamese logistics startup, has partnered with Indel Petro to launch Gozo Station, Vietnam’s first integrated station that combines gas refueling with parcel drop-off and delivery services.

Companies - Tue, July 1, 2025 | 4:20 pm GMT+7

Vietnam’s state-own telecom MobiFone, Techcombank jointly launch digital payment firm

Vietnam’s state-own telecom MobiFone, Techcombank jointly launch digital payment firm

MobiFone, Vietnam’s third-largest telecom operator, has launched a new digital payment subsidiary in partnership with One Mount Group and Techcombank, according to recent corporate registration data.

Finance - Tue, July 1, 2025 | 4:03 pm GMT+7

Work starts on golf course, liquid cargo port, waste-to-energy projects in northern Vietnam province

Work starts on golf course, liquid cargo port, waste-to-energy projects in northern Vietnam province

A groundbreaking ceremony was held on Saturday for the Con Vanh Golf Course and Ba Lat Liquid Cargo Port projects in the northern province of Thai Binh (now Hung Yen province).

Industries - Tue, July 1, 2025 | 2:37 pm GMT+7

Vietnam's industrial conglomerate Thaco proposes building urban railway projects in HCMC

Vietnam's industrial conglomerate Thaco proposes building urban railway projects in HCMC

Truong Hai Group (Thaco) has proposed studying investments in the Ben Thanh-Thu Thiem-Long Thanh railway line and Metro Line 2 (Ben Thanh-Tham Luong), both in Ho Chi Minh City.

Infrastructure - Tue, July 1, 2025 | 1:53 pm GMT+7

Work likely to commence on Vietnam's first offshore wind power project by late 2025: Deputy Minister

Work likely to commence on Vietnam's first offshore wind power project by late 2025: Deputy Minister

Work on Vietnam’s first offshore wind power project is expected to commence by the end of this year, according to Deputy Minister of Industry and Trade Nguyen Hoang Long.

Energy - Tue, July 1, 2025 | 11:29 am GMT+7

Vietnamese private lender Eximbank has new leaders

Vietnamese private lender Eximbank has new leaders

The board of directors of Eximbank, one of the leading mid-sized banks in Vietnam, has appointed deputy CEO Tran Tan Loc as new acting CEO from Tuesday, replacing Nguyen Hoang Hai.

Banking - Tue, July 1, 2025 | 8:45 am GMT+7

Vietnam launches $38.4 bln National Data Development Fund to fuel digital transformation

Vietnam launches $38.4 bln National Data Development Fund to fuel digital transformation

The Government has established the National Data Development Fund, with an initial capital of VND1 trillion ($38.4 billion), to strengthen digital infrastructure and promote data governance.

Companies - Mon, June 30, 2025 | 10:52 pm GMT+7

Vietnam enjoys robust recovery amidst global challenges

Vietnam enjoys robust recovery amidst global challenges

The Vietnamese economy is demonstrating remarkable recovery amidst global turbulence, earning positive endorsements from major international organizations like the IMF, OECD, World Economic Forum (WEF), and UOB bank.

Economy - Mon, June 30, 2025 | 10:46 pm GMT+7

Gaming industry eyes over $430 mln revenue this year

Gaming industry eyes over $430 mln revenue this year

Games published by Vietnamese studios generated around $315 million in revenue in 2024, according to GameGeek, a platform connecting Vietnam’s gaming ecosystem.

Companies - Mon, June 30, 2025 | 10:25 pm GMT+7

Vietnam's leading industrial park developer Becamex to issue bonds worth $95.7 mln

Vietnam's leading industrial park developer Becamex to issue bonds worth $95.7 mln

Leading industrial park developer Becamex IDC (HoSE: BCM) has announced a resolution to issue VND2,500 billion ($95.7 million) worth of private placement bonds between June and November 2025.

Finance - Mon, June 30, 2025 | 10:13 pm GMT+7