In December 2024, Vietnam’s financial, banking, and insurance sector recorded no new projects but registered US$1.52 million in newly registered capital, according to data from Vietnam’s Ministry of Planning and Investment. This represents no change compared to November, which also had no new projects but recorded US$658,000 in newly registered capital.

In 2024, the sector attracted a total of 6 new projects with US$123.59 million in newly registered capital.

Vietnam’s financial, banking, and insurance sector has experienced rapid growth in recent years, becoming a cornerstone of the country’s economic development. The sector includes commercial banks, insurance companies, securities firms, and fintech enterprises. With a fast-growing economy, an expanding middle class, and increasing demand for financial services, Vietnam has become an attractive destination for foreign direct investment (FDI) in this sector.

Foreign investors, including those from Japan, South Korea, Singapore, and the United States, have entered Vietnam through equity investments, joint ventures, and strategic partnerships with local banks and insurers. Major players like HSBC, Standard Chartered, and AIA have established significant operations, contributing to the development of Vietnam’s financial ecosystem.

The insurance market, particularly in life insurance, has seen robust growth, while the banking sector has been focusing on digitalisation and fintech adoption to meet the needs of tech-savvy consumers. As Vietnam continues to develop its financial infrastructure and open its market to foreign investors, the financial, banking, and insurance sector is expected to remain a key driver of economic growth and innovation.