In the first nine months of the year, Vietnam’s total insurance premium revenue reached VND 165.5 trillion or US$6.76 billion, representing a slight decline of 0.41 percent compared to the same period last year, according to a press release front the Ministry of Finance. Non-life insurance saw relatively strong growth with revenue of VND 58.54 trillion or US$2.39 billion, up 12.79 percent. However, life insurance revenue dropped by 6.4 percent to VND 106.98 trillion or US$4.37 billion.
Of note, last year allegations emerged bank customers were allegedly being told by staff at several, banks they were depositing money into high-interest savings products, but in reality, they were being sold insurance policies. This practice was driven by bancassurance agreements, in which bank employees received commissions for selling insurance, incentivising the mis-selling of products.
The incident sparked outrage among customers who found themselves locked into long-term insurance policies instead of the straightforward savings accounts they believed they were opening. It subsequently did broad reputational damage to the insurance industry from which it looks to still be struggling to recover.
See also: Insurance in Vietnam: Industry Overview 2024
Vietnam insurance industry finances, January to September 2024
| Category | (VNDbns) | (US$bns) | Change (%) |
| Total Insurance Premium Revenue | 165.5 | 6.76 | -0.41 |
| – Non-Life Insurance Revenue | 58.54 | 2.39 | 12.79 |
| – Life Insurance Revenue | 106.98 | 4.37 | -6.4 |
| Insurance Premium Payments | 64.07 | 2.62 | 1.07 |
| Investment Capital in Economy | 821.24 | 33.58 | 9.92 |
| Total Assets of Insurance Companies | 978.9 | 40.02 | 9.8 |
| Total Insurance Reserves | 652.24 | 26.65 | 12.45 |
Source: Ministry of Finance