Vietnam Motor Insurance Market, By Policy Type (Third-party Liability Insurance, Comprehensive Coverage, Collision Coverage); By Vehicle Type (Passenger Vehicles, Commercial Vehicles); By Distribution Channel (Insurance Agents/Brokers, Direct Response, Ba

Vietnam Motor Insurance Market, By Policy Type (Third-party Liability Insurance, Comprehensive Coverage, Collision Coverage); By Vehicle Type (Passenger Vehicles, Commercial Vehicles); By Distribution Channel (Insurance Agents/Brokers, Direct Response, Banks); By Region (Northern Vietnam, Central Vietnam, Southern Vietnam), Competitive Landscape & Forecast, 2019–2029


Vietnam Motor Insurance Market Size Set to Grow at Significant CAGR of 8.9% to Reach USD 8.85 Billion by 2029

Vietnam motor insurance market is flourishing due to increasing vehicle ownership, rising awareness about the importance of insurance, government regulations mandating motor insurance, and a growing middle class with higher disposable income.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam motor insurance market size at USD 4.87 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Vietnam motor insurance market size to grow at a CAGR of 8.9% reaching a value of USD 8.85 billion by 2029. The growth of the Vietnam motor insurance market can be attributed to several key factors. The expanding middle class and rising income levels have led to an increased demand for automobiles, consequently driving the need for motor insurance. Government regulations mandating motor insurance coverage have bolstered market growth. The country's improving road infrastructure and growing urbanization have also resulted in higher vehicle ownership and, subsequently, greater insurance requirements. Further, the rising awareness of the importance of insurance, coupled with innovative digital distribution channels, has made it easier for consumers to access and purchase motor insurance policies, propelling market expansion.

Vietnam Motor Insurance Market – Overview

Motor insurance, also known as auto or car insurance, is a financial product that provides protection for vehicle owners against potential financial losses resulting from accidents, theft, or damage to their vehicles. It typically covers both physical damage to the insured vehicle and liability for injuries or property damage caused to others in accidents. Motor insurance policies vary in coverage levels and cost, offering options such as comprehensive, third-party, or collision coverage. Mandatory in many countries, motor insurance provides peace of mind to vehicle owners while ensuring responsible financial responsibility in the event of unexpected incidents on the road.

Impact of COVID-19 on Vietnam Motor Insurance Market

The COVID-19 pandemic significantly impacted the Vietnam motor insurance market. Lockdowns and restrictions led to reduced vehicle usage, resulting in lower demand for motor insurance policies. Many insurers faced challenges in assessing and processing claims due to disruptions in their operations. Additionally, the economic downturn affected consumers' purchasing power, causing a slowdown in policy renewals and new purchases. Insurers had to adapt by offering flexible payment options and digital services to meet changing customer needs. Overall, the pandemic forced the Vietnam motor insurance market to navigate a period of reduced business activity and adapt to a new landscape characterized by economic uncertainty and changing customer behaviors.

Vietnam Motor Insurance Market – By Vehicle Type

By vehicle type, Vietnam motor insurance market is bifurcated into Passenger Vehicles and Commercial Vehicles segments. The passenger vehicles segment typically holds a substantial market share. The segment encompasses insurance coverage for cars, motorcycles, and other personal vehicles owned by individuals. Given Vietnam's growing middle-class population and increasing urbanization, the demand for insurance for personal vehicles remains robust, contributing significantly to the overall motor insurance market. While the commercial vehicles segment also plays a vital role, the passenger vehicles segment remains a larger and more prominent segment within the Vietnamese motor insurance landscape.

Competitive Landscape

Vietnam motor insurance market is fiercely competitive. Major companies in the market include include Bao Viet Holdings, Liberty Insurance Vietnam, BIDV Insurance Corporation (BIC), BIDV Insurance Corporation (BIC), PetroVietnam Insurance (PVI), Bao Minh Insurance Corporation, Post and Telecommunication Joint Stock Insurance Corporation (PTI), and Petrolimex Joint Stock Insurance Company (Pjico). These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Vietnam motor insurance market.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Vietnam Motor Insurance Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Vietnam Motor Insurance Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.


1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Executive Summary
3. Vietnam Motor Insurance Market Insights
3.1. Industry Value Chain Analysis
3.2. DROC Analysis
3.2.1. Growth Drivers
3.2.1.1. Increasing vehicle ownership
3.2.1.2. Growing awareness
3.2.2. Restraints
3.2.2.1. Price sensitivity
3.2.2.2. Low Penetration of comprehensive insurance
3.2.3. Opportunities
3.2.3.1. Expanding investment in the fintech market
3.2.3.2. Expansion into new markets
3.2.4. Challenges
3.2.4.1. Competition
3.2.4.2. Economic uncertainty
3.3. Technology Advancements/Recent Developments
3.4. Regulatory Framework
3.5. Porter’s Five Forces Analysis
3.5.1. Bargaining Power of Suppliers
3.5.2. Bargaining Power of Buyers
3.5.3. Threat of New Entrants
3.5.4. Threat of Substitutes
3.5.5. Intensity of Rivalry
4. Vietnam Motor Insurance Market Overview
4.1. Market Size & Forecast, 2019–2029
4.1.1. By Value (USD Million)
4.2. Market Share and Forecast
4.2.1. By Policy Type
4.2.1.1. Third-party Liability Insurance
4.2.1.2. Comprehensive Coverage
4.2.1.3. Collision Coverage
4.2.1.4. Others
4.2.2. By Vehicle Type
4.2.2.1. Passenger Vehicles
4.2.2.2. Commercial Vehicles
4.2.2.3. Others
4.2.3. By Distribution Channel
4.2.3.1. Insurance Agents/Brokers
4.2.3.2. Direct Response
4.2.3.3. Banks
4.2.3.4. Others
4.2.4. By Region
4.2.4.1. Northern Vietnam
4.2.4.2. Central Vietnam
4.2.4.3. Southern Vietnam
5. Competitive Landscape
5.1. List of Key Players and Their Offerings
5.2. Vietnam Motor Insurance Market Share Analysis, 2022
5.3. Competitive Benchmarking, By Operating Parameters
5.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of COVID-19 on Vietnam Motor Insurance Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
7.1. Bao Viet Holdings
7.2. Liberty Insurance Vietnam
7.3. BIDV Insurance Corporation (BIC)
7.4. BIDV Insurance Corporation (BIC)
7.5. PetroVietnam Insurance (PVI)
7.6. Bao Minh Insurance Corporation
7.7. Post and Telecommunication Joint Stock Insurance Corporation (PTI)
7.8. Petrolimex Joint Stock Insurance Company (Pjico)
7.9. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
9.1. Qualitative Research
9.1.1. Primary & Secondary Research
9.2. Quantitative Research
9.3. Market Breakdown & Data Triangulation
9.3.1. Secondary Research
9.3.2. Primary Research
9.4. Breakdown of Primary Research Respondents, By Region
9.5. Assumptions & Limitations
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable
List of Figures
Figure 1 Vietnam Motor Insurance Segmentation
Figure 2 Vietnam Motor Insurance Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2022
Figure 4 Vietnam Motor Insurance Market Size, By Value (USD Million), 2019–2029
Figure 5 Vietnam Motor Insurance Market Share, By Policy Type, By Value, 2019–2029
Figure 6 Vietnam Motor Insurance Market Share, By Vehicle Type, By Value, 2019–2029
Figure 7 Vietnam Motor Insurance Market Share, By Distribution Channel, By Value, 2019–2029
Figure 8 Vietnam Motor Insurance Market Share, By Region, By Value, 2019–2029
List of Tables
Table 1 Vietnam Motor Insurance Market Size, By Value (USD Million), 2019–2029
Table 2 Vietnam Motor Insurance Market Share, By Policy Type, By Value, 2019–2029
Table 3 Vietnam Motor Insurance Market Share, By Vehicle Type, By Value, 2019–2029
Table 4 Vietnam Motor Insurance Market Share, By Distribution Channel, By Value, 2019–2029
Table 5 Vietnam Motor Insurance Market Share, By Region, By Value, 2019–2029
Table 6 Bao Viet Holdings Company Overview
Table 7 Bao Viet Holdings Financial Overview
Table 8 Liberty Insurance Vietnam Company Overview
Table 9 Liberty Insurance Vietnam Financial Overview
Table 10 BIDV Insurance Corporation (BIC) Company Overview
Table 11 BIDV Insurance Corporation (BIC) Financial Overview
Table 12 BIDV Insurance Corporation (BIC) Company Overview
Table 13 BIDV Insurance Corporation (BIC) Financial Overview
Table 14 PetroVietnam Insurance (PVI) Company Overview
Table 15 PetroVietnam Insurance (PVI) Financial Overview
Table 16 Bao Minh Insurance Corporation Company Overview
Table 17 Bao Minh Insurance Corporation Financial Overview
Table 18 Post and Telecommunication Joint Stock Insurance Corporation (PTI) Company Overview
Table 19 Post and Telecommunication Joint Stock Insurance Corporation (PTI) Financial Overview
Table 20 Petrolimex Joint Stock Insurance Company (Pjico) Company Overview
Table 21 Petrolimex Joint Stock Insurance Company (Pjico) Financial Overview

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