Vietnam Commercial Insurance Market Size, Share, Trends and Forecast by Type, Enterprise Size, Distribution Channel, Industry Vertical, and Region, 2025-2033

Report Format: PDF+Excel | Report ID: SR112025A41471

Vietnam Commercial Insurance Market Overview:

The Vietnam commercial insurance market size reached USD 4.61 Billion in 2024. The market is projected to reach USD 8.98 Billion by 2033, exhibiting a growth rate (CAGR) of 6.89% during 2025-2033. The market is experiencing growth driven by the demand for diversified insurance products, including non-life and universal life coverage. Moreover, with recent developments like the launch of Shinhan Life’s new product and Techcombank's non-life insurance company, the Vietnam commercial insurance market share continues to expand.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 4.61 Billion
Market Forecast in 2033	USD 8.98 Billion
Market Growth Rate 2025-2033	6.89%

Vietnam Commercial Insurance Market Trends:

Expansion into Non-Life Insurance Segments

Concerns about health risks, property damage, and other unforeseen liabilities are driving up demand for non-life insurance products in Vietnam's commercial sector. Both individuals and businesses are looking for insurance options that offer defense against a variety of situations. In order to increase market participation and engagement, the trend of increasing non-life insurance offers has been crucial. With Ministry of Finance approval, Techcombank established the Techcom Non-Life Insurance Joint Stock Company (TCGIns) in October 2024. In order to serve both individuals and businesses, the company started providing a range of non-life insurance products, including health, property, auto, and freight transportation insurance. This move significantly contributed to the diversification of Vietnam's commercial insurance market, ensuring more tailored options for businesses looking to mitigate operational and asset-related risks. This development aligns with the broader trend of expanding the scope of commercial insurance products, allowing insurers to tap into untapped markets and provide solutions that meet the growing demands for non-life coverage. The introduction of these offerings signals a pivotal moment in enhancing the accessibility and breadth of insurance solutions in Vietnam, further stimulating market growth.

Growing Focus on Product Diversification

Vietnam’s commercial insurance market has been experiencing significant evolution with an increased focus on offering diverse and flexible products. As businesses and individuals become more aware of the need for comprehensive coverage, insurers are adapting their strategies to meet varied customer demands. This is being driven by the growing awareness of risk management and financial planning, especially amid volatile economic conditions. In March 2025, Shinhan Life Việt Nam launched its regular premium universal life product, Shinhan – An Thịnh. This product, offering a combination of risk protection and investment opportunities, contributed to the Vietnam commercial insurance market growth. It introduced flexible premium payments, rewards, and guaranteed returns, catering to customers seeking a more dynamic and comprehensive insurance option. This development is part of the broader trend of insurers focusing on providing more tailored and diversified products to attract a broader customer base. The introduction of such products highlights how the insurance sector is moving towards creating offerings that combine both security and growth potential, making them more appealing to a wider range of individuals and businesses. The push for diversification continues to be a key driver in Vietnam’s commercial insurance sector, ensuring that it meets the evolving needs of a growing market.

Vietnam Commercial Insurance Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional level for 2025-2033. Our report has categorized the market based on type, enterprise size, distribution channel, and industry vertical.

Type Insights:

Liability Insurance
Commercial Motor Insurance
Commercial Property Insurance
Marine Insurance
Others

The report has provided a detailed breakup and analysis of the market based on the Type. This includes liability insurance, commercial motor insurance, commercial property insurance, marine insurance, and others.

Enterprise Size Insights:

Large Enterprises
Small and Medium-sized Enterprises

The report has provided a detailed breakup and analysis of the market based on the enterprise size. This includes large enterprise and small and medium-sized enterprises.

Distribution Channel Insights:

Agents and Brokers
Direct Response
Others

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes agents and brokers, direct response, and others.

Industry Vertical Insights:

Transportation and Logistics
Manufacturing
Construction
IT and Telecom
Healthcare
Energy and Utilities
Others

The report has provided a detailed breakup and analysis of the market based on the industry vertical. This includes transportation and logistics, manufacturing, construction, it and telecom, healthcare, energy and utilities, and others.

Regional Insights:

Northern Vietnam
Central Vietnam
Southern Vietnam

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern Vietnam, Central Vietnam, and Southern Vietnam.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Vietnam Commercial Insurance Market News:

July 2025: Global Care launched Vietnam’s first insurance KOL platform, marking a significant development in the Commercial Insurance market. By leveraging KOL-driven sales through social media platforms like Facebook and TikTok, the initiative expanded customer reach, potentially increasing insurance adoption and market growth.
June 2025: AIFT and Shin Kong Life entered Vietnam’s digital insurance market through a strategic partnership. Leveraging AIFT’s advanced digital insurance capabilities and Shin Kong Vietnam's local expertise, the collaboration aimed to transform the market, improving accessibility and customer experience in the commercial insurance sector.

Vietnam Commercial Insurance Market Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment: Type Enterprise Size Distribution Channel Industry Vertical Region
Types Covered	Liability Insurance, Commercial Motor Insurance, Commercial Property Insurance, Marine Insurance, Others
Enterprise Sizes Covered	Large Enterprises, Small and Medium-Sized Enterprises
Distribution Channels Covered	Agents and Brokers, Direct Response, Others
Industry Verticals Covered	Transportation and Logistics, Manufacturing, Construction, IT and Telecom, Healthcare, Energy and Utilities, Others
Regions Covered	Northern Vietnam, Central Vietnam, Southern Vietnam
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report:

How has the Vietnam commercial insurance market performed so far and how will it perform in the coming years?
What is the breakup of the Vietnam commercial insurance market on the basis of type?
What is the breakup of the Vietnam commercial insurance market on the basis of enterprise size?
What is the breakup of the Vietnam commercial insurance market on the basis of distribution channel?
What is the breakup of the Vietnamcommercial insurance market on the basis of industry vertical?
What is the breakup of the Vietnam commercial insurance market on the basis of region?
What are the various stages in the value chain of the Vietnam commercial insurance market?
What are the key driving factors and challenges in the Vietnam commercial insurance market?
What is the structure of the Vietnam commercial insurance market and who are the key players?
What is the degree of competition in the Vietnam commercial insurance market?

Key Benefits for Stakeholders:

IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Vietnam commercial insurance market from 2019-2033.
The research report provides the latest information on the market drivers, challenges, and opportunities in the Vietnam commercial insurance market.
Porter's Five Forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Vietnam commercial insurance industry and its attractiveness.
Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

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Vietnam Commercial Insurance Market