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Vietnam’s insurance market expected to expand at about 15%

Posted On: Mar. 30, 2023 9:50 AM CST

Vietnam’s Ministry of Finance expects the local insurance market to expand at about 15% this year from 2022, as higher awareness and the growth momentum in the economy will drive an increase in demand for insurance, Asia Insurance Review reported. The ministry has estimated the total insurance premium revenue in the country in 2022 at 245.9 trillion Vietnamese dong ($10.5 billion), up by about 15% year-on-year. Meanwhile, non-life insurance premium revenue grew 8% to VND67.6 trillion in 2022.