Vietnam insurance premiums H1 earnings reach $4.93b

The period dipped 1.6%.

In the first half of the year, insurance companies in Vietnam recorded a total insurance premium revenue of nearly VND117t ($4.93b), as reported by VnEconomy.

This also translated to a slight decline of 1.6% compared to the same period last year, according to data from the Ministry of Finance.

However, total insurance payouts increased by 25.11% year-on-year, reaching over VND35.7t ($1.5b).

READ MORE: Insurance premium revenue down 1.6% in 1H

Insurance companies also increased their investment in the economy, with a total investment of over VND725t ($30.6b), marking a growth of 14.76%.

To further develop Vietnam's insurance market, the government approved a strategy aiming to achieve an average growth in premium revenues of 15% annually in the 2021-2025 period. 

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This growth is expected to contribute 3%-3.3% of the country's GDP by 2025. 

The strategy also sets a target of an average growth of 10% per year in the 2026-2030 period, contributing 3.3%-3.5 % of GDP by 2030.