Baoviet Holdings, which trades on the Ho Chi Minh Stock Exchange under the ticker BVH, the largest insurance firm in Vietnam, plans to reduce state ownership of the firm from 65 percent to 51 percent from 2026, Vietnam Plus has reported.
Furthermore, PVI Joint Stock Company, which trades under the ticker PVI, another leading insurance company, will also see state ownership reduced when state-owned enterprise Petrovietnam, a Vietnamese oil and gas corporation, completes its divestment plans by the end of 2025.
Notably, state-owned insurers held a dominant position in Vietnam’s insurance market share in 2023, with Bao Viet leading at 15.13 percent.
That said, the Vietnamese insurance market is opening its doors to foreign investment. In 2022, a new Law on Insurance Businesses was passed that allows for foreign firms to wholly own Vietnamese insurance companies.
This has at least partly brought in foreign players like China’s Huize. A digital insurance product and services platform, it announced earlier this year that it had acquired Vietnamese insurance business, Global Care, for an undisclosed sum