Vietnam: Non-life insurance premiums grow by 10% to over US$3bn in 2024
Source: Asia Insurance Review | Jun 2025
Vietnam’s non-life insurance market grew by 10.2% in terms of insurance premium revenue in 2024 to reach VND78.29tn ($3.02bn), revealed the Deputy Minister of Finance, Mr Le Tan Can. Total assets are estimated at VND145.42tn at the end of 2024, up by 13.85% compared to the end of 2023.
Mr Can was speaking at the Hanoi Re 2025 International Reinsurance Conference held on 14-16 May 2025 in Da Lat City. This was the first international reinsurance conference organised by a Vietnamese enterprise.
He said the growth was achieved through the concerted efforts of the entire insurance industry at a time of economic difficulties faced at home and around the world.
He added that in 2025, the domestic and international economies are expected to continue to face many difficulties. However, the Vietnamese insurance market is increasingly asserting its role in contributing to macroeconomic stability; supporting social security policies; protecting investors’ finances; promoting international economic integration and cooperation; and implementing target programmes and urgent tasks of the government.
He said that Vietnam is moving towards sustainable development goals. The Ministry of Finance has issued the Action Plan to implement the National Strategy on Green Growth for the period 2021-2030, including developing solutions to promote green insurance. The ministry is also implementing the Insurance Market Development Strategy to 2030.
He urged insurers to design new insurance policies and promote digital transformation. Insurance companies also need to improve their financial capacity and management; build a complete risk management system, promptly detect emerging risks, to hone competitiveness to meet market requirements and legal regulations.
In addition, he called on insurers to strengthen cooperation with international reinsurers to jointly develop new insurance products for specific risks; and share databases, pricing models, and compensation experience. Collaboration is needed too in training, technology transfer and improving the management capacity of Vietnamese insurers. A