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The insurance market in general, and life insurance in particular, in Vietnam has undergone a crisis in 2023. Not only facing the overall economic recession, but the insurance industry has also dealt with communication crises and a loss of customer trust. This has further intensified the significant impact on the entire sector. Nevertheless, the insurance industry has gradually overcome these challenges, restructuring to enhance service quality. The Vietnamese life insurance market has been expanding steadily since its liberalization in 1999, even during the financial crisis. Previously, Bao Viet dominated the market as the only insurer. The market expanded with the entry of foreign capital, with eight insurers in 2005, and as of May 2023, Vietnam has 19 life insurance companies
For more information, please see below.
Technology-based Personal Finance Solution is a rising trend in the dynamic fintech market in Vietnam. From nearly 400.mil USD market value in 2017, it expects to have a CAGR of 31,2% during the period 2017 – 2025 to reach 24% of total fintech market share in 2025, according to a report by consulting firm Solidiance.
A survey conducted in May 2020 by B&Company on its online survey platform BEAN Survey with 484 respondents above 18 y.o shows that demand for Personal Finance activities are significant with 56% of respondents wanting to track and manage their expenses. Respondents also shared desire to get advice on personal finance investment (32%) and obtain loans for consumption purposes (31%).Read More “Emerging personal finance applications in Vietnam”
There are various factors to believe that Vietnam has perfect environment for cashless payment to develop.
The first factor is the enthusiastic support from the Government as they signed a new policy to encourage cash-free transaction and reduce cash-based deals in the country to less than 10 percent of total market transactions by 2020. In keeping with the plan, at least 70% of water, electronics, and telecommunication service providers will be asked to accept cash-free payments from individuals and households. According to World Bank, in 2017, Vietnam has the lowest bank account ratio among ASEAN with 30.8% of the population aged 15 and above, this means cash still dominates as a payment option because it’s compulsory to own bank accounts to use the cashless payment methods in Vietnam. However, the Government expected this index will increase at least to 70% by the end of 2020. Besides, the end of the 1st quarter of 2019, there are 158 million bank cards issued, increased 16% compared with the 1st quarter of 2018 and more than twice the current population age 15 and up. From 2017 to 2018, transactions made through ATM grew 112% in volume terms to 879 million transactions while transactions via POS accelerated 138% to 208 million transactions.
“Annual growth at nearly 20% “
In 2016, Vietnam Insurance Market has the gross insurance premiums at about USD 3.91 billion,
increasing 22.64% compared with the previous year.
Also, the CARG index of Vietnam Insurance market is at 18.68% in the period of 5 years (2011-2016),
which shows the good performance of Vietnam Insurance market.
Insurance companies in Vietnam are operated
in life insurance or non-life insurance.
Life insurance market makes the growth of 29.8%,
reaching USD 2.25 billion with 18 operating companies in 2016.
Prudential is the biggest companies in terms of insurance premiums revenue with the market share of 27.11%.
Outdoor Advertising Report 2016
Research Description: We conducted survey by using our consumer panel (Bean Survey) to understand about recognition and evaluation of outdoor advertising by Vietnamese people.
|Vietnam outdoor advertising
|Understand Vietnamese comprehension and their judgement about recent outdoor advertising types
|– 1,155 respondents
– People who have seen outdoor advertising within 1 month
|Sept 29th, 2015 to Nov 9th, 2015
|12 questions, in which:
– 3 main questions related to the topic to understand about:
– 9 questions related to respondents information.
Key Findings of this survey:
|Frequency of seeing outdoor
|•Compared to 1 year ago, people tend to see outdoor advertising more often, especially those who travel by bus
•Roadside billboard is the most frequently seen type of outdoor advertising
|•About 70% of respondents see outdoor advertising more frequently than last year. The rate seems to be higher for females than males
•People traveling by bus tend to see outdoor advertising more frequently compared last year
•Roadside billboards are seen most frequently, with 84% of respondents see everyday
|Comment of outdoor advertising
|•Roadside billboard is considered most effective, advertising on buildings has the best design, and advertising on bus is most creative
•While advertising in wet market is considered most informative, advertising at store is most helpful and reliable, and electronic billboard is seen as most attractive
|•About 45% of respondents consider roadside billboard is the most effective, 30% of respondents think that advertising on buildings has good design and 26% of respondents agree that advertising on bus is most creative of all
•Electronic billboard is seen as most attractive, with 15% of respondents consider so. While 14% of respondents agree that advertising at store is most helpful and 13% of respondents think that advertising in wet market is most informative.
Internal report for Vietnam outdoor advertising 2016 is available from here
” 5.3 Billion US Dollar in Vietnam “
‘Fintech’ basically means using ‘technologies’ to do ‘financial activities’. The fintech ecosystem includes computer programs, mobile applications, or any other type of digital solutions, and of course the people who make such relationship between finance and technology possible (start-ups, investors, consumers, etc.) Read More “Fintech industry in Vietnam – 11.3billion USD Market in 2020”
On 18th January, B&Company was honored to deliver the preliminary presentation at JICA and Mitsubishi UFJ Group’s Vietnam Housing Finance Seminar on our recent consumer finance research. The survey, which was implemented earlier this January in Hanoi and Da Nang by B&Company, aimed to acquire consumers’ behavior in housing finance sector and measure the possibility of housing finance for average-income citizens.
As reported by GfK, Vietnamese sales revenue of smart phones in 2014 reached 6 million units, bringing Vietnam to the third largest market among 7 Southeast Asian countries. Following the rapid spread of smart phones, online activities accordingly have witnessed many changes. According to the survey conducted by the Vietnam E-Commerce and Information Technology Agency (VECITA), in 2014, web traffic from desktop PCs fell from 84% (2010) to 33%, while traffic from mobile devices sharply increased from 27% up to 65%. In addition, 58% of the respondents say they have ever made online purchases, of which 13% purchases are made through mobile applications, doubling when compared to the previous year.