The logo of BIDV Insurance Corporation (BIC) - one of the leading non-life insurers in Vietnam. (Photo thoibaotaichinhvietnam.vn)
Hanoi (VNS/VNA) - State divestment is expected to lure foreign investors into andlift Vietnam’s non-l🐻ife insurance market.
Among the major State-owned insurers are PVI Insurance, Bao MinhInsurance and BIDV Insurance. PVI Insurance was on the list of companies that the National Oiland Gas Group (PVN) had to divest from in 2019.
But the divestment did not happen. The major shareholdersin PVI are German firm HDI Global SE and PVN.
The German insurer holds 42.91 percent⛄ wh💫ile PVN has 35.47percent.
HDI Global SE was planning to raise its stake in PVI Insurancewhen the Government sold its share in the firm, according to BIDVSecurities Corp (BSC). Bao Minh Insurance has been on the must-sell list since 2017with the divestment expected to be completed in 2020. The company has made some amendments to its businessregistration to allow foreign investors to increase their holdings in thefirm. The total insurance revenue of the sector in 2019 was estimatedat 160.2 trillion VND (6.9 billion USD), up 20.3 percent on-year. Of the total figure, non-life insurance sales were worth 52.4trillion VND, an annual rise of 11.6 percent. The non-life insurance market has room for furtherdevelopment in 2020, BSC said in a recent report, noting that Vietnam’s population is young and the country’s average incomegrows 7 percent each year. According to BSC, the percentage of Vietnamese people buying non-life insuranceproducts was low (1.3 percent) compared to those in emerging markets (3-4percent). Spending on non-life insurance products was only 21 USD percapita, which is comparatively low to emerging markets that reached 70USD per capita, the brokerage said. It said large-cap firms are actively increasing their market shares andoffering new products to win customers, which could help them raise corerevenues and market shares during the year. In 2020, businesses are expected to cut corporate management andadministration costs, BSC said, adding the non-life insurance market could grow11 percent on-year in 2020. But the outbreak of the coronavirus pandemic, named COVID-19,could dampen corporate earnings in the first three months of 2020, according tothe Ministry of Finance. Insurers may have to extract a part of their earnings this yearto hedge the risks for China-invested businesses, which have struggled with thelack of Chinese employees amid travel controls between the two countries. These controls would also reduce the number of touristsvisiting Vietnam, and insurers may have to take care of contracts signed withlocal travel businesses. In addition, after the pandemic is declared over or thesituation improves at least in the short term, insurers may face financialclaims from customers who want the funding for medical treatment andquarantine expenses./.
Non-life insurance premium in 2017 continued its sustained growth, with an estimated revenue of 40.5 trillion VND (1.78 billion USD), representing an 11 per cent year-on-year increase.
Vietnam’s insurance industry maintained positive growth in the first half of this year, with total revenue surging by 24.35 percent year-on-year to nearly 71.15 trillion VND (3 billion USD), the Ministry of Finance’s Insurance Supervisory Authority (ISA) has reported.
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The insurance industry aims to maintain a high growth rate of 18.42 percent this year, gaining revenue of 188.73 trillion VND (8.1 billion USD), according to the Ministry of Finance’s Insurance Supervisory Authority (ISA).
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
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The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
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Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
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The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
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The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
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Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The logo of BIDV Insurance Corporation (BIC) - one of the leading non-life insurers in Vietnam. (Photo thoibaotaichinhvietnam.vn) 
