Vietnam general insurance industry to reach $3.9bn by 2029

Written by Adam Cadle

15/04/2025

The general insurance industry in Vietnam is projected to grow at a compound annual growth rate (CAGR) of 7% from VND80trn ($3.2bn) in 2025 to VND104.8trn ($3.9bn) by 2029, in terms of gross written premium (GWP), according to GlobalData.

This growth is attributed to the increasing frequency of natural disasters, a growing awareness of insurance benefits, the expansion of health insurance offerings, demand for microinsurance products, and favorable regulatory reforms.

Swarup Kumar Sahoo, senior insurance analyst at GlobalData, commented: "The general insurance industry in Vietnam is poised for growth, supported by a burgeoning economy and rising demands for property and casualty insurance products.”

GlobalData forecasts Vietnam's economy to grow by 6.5% in 2025 and 6.4% in 2026, supported by the export of technology products, foreign direct investment, and increasing public investment in infrastructure. However, the negative impact of the US reciprocal baseline tariff of 10% plus an additional tariff of 46% (currently on hold for three months) looms large on the country’s growing economy.

Related Articles