The Vietnam health insurance market is expected to be driven by an increasingly aging population and demand for quality health care is increasing due to technological development. Growing health awareness has reduced the financial burden through health insurance coverage which will increase the need for health insurance during the forecast period.

According to Vietnam Social Insurance, the country's health insurance policies are being developed and perfected to expand and best protect the interests of participants. People with meritorious services, the poor, social policy beneficiaries, and children under six have received attention and assistance from the state in accessing and enjoying health services. Over the past, the health insurance fund has served as the primary financial source and has significantly contributed to medical examinations and treatment covered by health insurance. However, student health insurance is being actively deployed across the country. 18.79 million children are currently participating, reaching 95.4%, which is likely to benefit the health insurance industry.

One of the main elements that are projected to contribute to market expansion during the forecast period are market developments, such as the release of creative apps by companies or government initiatives, and their laws include regulations on new insurance policies or any partnership agreements, which will increase the market need for health insurance.

Government Initiatives to Boost the Market Demand for Health Insurance

By assisting with new health insurance policies, the Vietnam government takes the initiative for the benefit of Vietnamese people with the goal of health care and to share the burden of health coverage, making it more affordable for Vietnamese families. It is the off-line policy for inpatient treatment, a new health insurance card, and the adjustment of household participants. It will encourage and mobilize people to participate in health insurance, advancing the goal of universal coverage and raising the awareness and responsibility of health insurance workers, as well as officials and employees in the broader health sector. For instance, according to the Management Board of Collections' report, the number of people participating in health insurance is 85,427 million people, reaching 95% of the plan, reaching 87.52% of the population, an increase of 1,058 million people compared to october 2021.

Increasing Medical Examination and Treatment Spending to Boost Market Growth

Healthcare spending is increasing at a faster rate across the country. According to the Head of the Health Insurance Policy Implementation Department (Vietnam Social Insurance), there were 119.24 million visits to medical examination centers that were covered by health insurance in the first ten months of the year, an increase of 10.6% (11.45 million visits) compared to the first ten months of 2021. The total amount spent on medical examinations and treatment covered by health insurance increased by 17.5% nationwide. The number of medical examination and treatment expenses for which social insurance was requested to pay, increased by 16.2%. The rising healthcare expenditure is expected to create an opportunity for health insurance in the Vietnam market.

Aging Population and Fast-Growing Middle Class to Boost the Market Demand

With the current socioeconomic and demographic trends in Vietnam, the healthcare industry has a lot of opportunities to grow. The rapid economic development of Vietnam has increased demand for higher quality and specialized healthcare services, particularly among the growing middle class. As per the World Bank, the per capita income in Vietnam was USD 3,694 in 2021 and is growing at an annual growth rate of 1.7%, which will aid in increasing market demand during the forecast period. Similarly, the United Nations Population Fund (UNFPA) reports that the country has been in an "aging phase" since 2011. By 2038, it is expected that 20% of Vietnamese people will be over 60. As more women enter the workplace, a declining fertility rate will accelerate the aging of the population, putting a strain on the social welfare system. As a result, an increasing elderly population can boost the growth of Vietnam's health insurance market.



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Market Segmentation

Health insurance is segmented based on the type of insurance provider, type of coverage, mode of purchase, premium types, and end users. Based on the type of insurance provider, the market is further bifurcated into public vs. private. Based on the type of coverage, the market is divided into individual vs. family. Based on the mode of purchase, the market is divided into insurance companies, insurance agents/brokers, and others (insurtech companies, third parties, etc.). Based on premium type, the market is divided into regular premium and single premium. Based on end users, the market is further segmented into minors, adults, and senior citizens based on end users.

Company Profiles

AIA Vietnam Life Insurance Company Limited, Prudential Vietnam Life Insurance Co., Ltd, Manulife Vietnam Co., Ltd., Chubb Group Holdings Inc., Tokio Marine Insurance Vietnam Co, Ltd., Pacific Cross Vietnam, Assicurazioni Generali S.p.A, BIDV Insurance Corporation (BIC), HSBC Group, and BaoMinh Insurance are among the major market players that are driving the market growth of the Vietnam health insurance market.

Attribute

Details

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Billion, and CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Type of Insurance Provider

Type of Coverage

Mode of Purchase

Premium Type

End Users

Region

Regional Scope

North Vietnam, South Vietnam, Central Vietnam

Key Companies Profiled

AIA Vietnam Life Insurance Company Limited, Prudential Vietnam Life Insurance Co., Ltd, Manulife Vietnam Co., Ltd., Chubb Group Holdings Inc., Tokio Marine Insurance Vietnam Co, Ltd., Pacific Cross Vietnam, Assicurazioni Generali S.p.A, BIDV Insurance Corporation (BIC), HSBC Group, BaoMinh Insurance

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail of customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, the Vietnam health insurance market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Vietnam Health Insurance Market, By Type of Insurance Provider:
    • Public
    • Private
  • Vietnam Health Insurance Market, By Type of Coverage:
    • Individual
    • Family
  • Vietnam Health Insurance Market, By Mode of Purchase:
    • Insurance Companies
    • Insurance Agents/Brokers
    • Others
  • Vietnam Health Insurance Market, By Premium Type:
    • Regular Premium
    • Single Premium
  • Vietnam Health Insurance Market, By End Users:
    • Minors
    • Adults
    • Senior Citizens
  • Vietnam Health Insurance Market, By Region:
    • North Vietnam
    • South Vietnam
    • Central Vietnam 

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Vietnam health insurance market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).
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1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Voice of Customer Analysis (B2C Model Analysis)

4.1.  Sample Size Determination

4.2.  Respondent Demographics

4.2.1.     By Gender

4.2.2.     By Age

4.2.3.     By Occupation

4.3.  Brand Awareness

4.4.  Factors Influencing Purchase Decision

4.5.  Sources of Information

4.6.  Challenges Faced After Purchase

5.    Vietnam Health Insurance Market Outlook

5.1.  Market Size & Forecast

5.1.1.     By Value

5.2.  Market Share & Forecast

5.2.1.     By Type of Insurance Provider Market Share Analysis (Public Vs Private)

5.2.2.     By Type of Coverage Market Share Analysis (Individual Vs Family)

5.2.3.     By Mode of Purchase Market Share Analysis (Insurance Companies, Insurance Agents/Brokers, and Others (Insurtech Companies, Third Party, etc.)).

5.2.4.     By Premium Type Market Share Analysis (Regular Premium, Single Premium)

5.2.5.     By End Users Market Share Analysis (Minors, Adults, Senior Citizens)

5.2.6.     By Regional Market Share Analysis

5.2.6.1.         North Vietnam Market Analysis

5.2.6.2.         South Vietnam Market Analysis

5.2.6.3.         Central Vietnam Market Analysis

5.2.7.     By Company Market Share Analysis

5.3.  Vietnam Health Insurance Market Mapping & Opportunity Assessment

5.3.1.     By Type of Insurance Provider Market Mapping & Opportunity Assessment

5.3.2.     By Type of Coverage Market Mapping & Opportunity Assessment

5.3.3.     By Mode of Purchase Market Mapping & Opportunity Assessment

5.3.4.     By Premium Type Market Mapping & Opportunity Assessment

5.3.5.     By End Users Market Mapping & Opportunity Assessment

5.3.6.     By Region Market Mapping & Opportunity Assessment

6.    Vietnam Public Health insurance Market Outlook

6.1.  Market Size & Forecast          

6.1.1.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Type of Coverage Market Share Analysis

6.2.2.     By Mode of Purchase Market Share Analysis

6.2.3.     By Premium Type Market Share Analysis

6.2.4.     By End Users Market Share Analysis

7.    Vietnam Private Health insurance Outlook

7.1.  Market Size & Forecast          

7.1.1.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Type of Coverage Market Share Analysis

7.2.2.     By Mode of Purchase Market Share Analysis

7.2.3.     By Premium Type Market Share Analysis

7.2.4.     By End Users Market Share Analysis

8.    Market Dynamics

8.1.  Drivers

8.1.1.     Implement new health insurance policies

8.1.2.     Stabilize family finances during illness

8.1.3.     Increasing medical spending

8.2.  Challenge

8.2.1.     High cost of insurance premiums

8.2.2.     Lack of awareness regarding health insurance

9.    Impact of COVID-19 on Vietnam Health Insurance Market

9.1.  Impact Assessment Model      

9.1.1.     Key Segments Impacted

9.1.2.     Key Regions Impacted

10.  Market Trends & Developments

10.1.              Increasing aging population

10.2.              Increasing demand for quality healthcare

10.3.              Save transit time

10.4.              High insurance coverage with affordable costs

10.5.              Benefits of health insurance.

11.  Porter’s Five Forces Model

11.1.              Competitive Landscape

11.2.              Buyer Power

11.3.              Supplier Power

11.4.              Threat of New Entrants

11.5.              Threat of Substitutes

12.  SWOT Analysis

12.1.              Strengths

12.2.              Weaknesses

12.3.              Opportunities

12.4.              Threats

13.  Vietnam Economic Profile

14.  Policy & Regulatory Landscape

15.  Competitive Landscape

15.1.              Company Profiles

15.1.1.  AIA Vietnam Life Insurance Company Limited

15.1.1.1.      Company Details

15.1.1.2.      Product & Services

15.1.1.3.      Financials (As Reported)

15.1.1.4.      Key Market Focus & Geographical Presence

15.1.1.5.      Recent Developments

15.1.1.6.      Key Management Personnel

15.1.2.  Prudential Vietnam Life Insurance Co., Ltd

15.1.2.1.      Company Details

15.1.2.2.      Product & Services

15.1.2.3.      Financials (As Reported)

15.1.2.4.      Key Market Focus & Geographical Presence

15.1.2.5.      Recent Developments

15.1.2.6.      Key Management Personnel

15.1.3.    Manulife Vietnam Co., Ltd

15.1.3.1.      Company Details

15.1.3.2.      Product & Services

15.1.3.3.      Financials (As Reported)

15.1.3.4.      Key Market Focus & Geographical Presence

15.1.3.5.      Recent Developments

15.1.3.6.      Key Management Personnel

15.1.4.  Chubb Group Holdings Inc.

15.1.4.1.      Company Details

15.1.4.2.      Product & Services

15.1.4.3.      Financials (As Reported)

15.1.4.4.      Key Market Focus & Geographical Presence

15.1.4.5.      Recent Developments

15.1.4.6.      Key Management Personnel

15.1.5.  Tokio Marine Insurance Vietnam Co, Ltd.

15.1.5.1.      Company Details

15.1.5.2.      Product & Services

15.1.5.3.      Financials (As Reported)

15.1.5.4.      Key Market Focus & Geographical Presence

15.1.5.5.      Recent Developments

15.1.5.6.      Key Management Personnel

15.1.6.  Pacific Cross Vietnam

15.1.6.1.      Company Details

15.1.6.2.      Product & Services

15.1.6.3.      Financials (As Reported)

15.1.6.4.      Key Market Focus & Geographical Presence

15.1.6.5.      Recent Developments

15.1.6.6.      Key Management Personnel

15.1.7.  Assicurazioni Generali S.p.A

15.1.7.1.      Company Details

15.1.7.2.      Product & Services

15.1.7.3.      Financials (As Reported)

15.1.7.4.      Key Market Focus & Geographical Presence

15.1.7.5.      Recent Developments

15.1.7.6.      Key Management Personnel

15.1.8.  BIDV Insurance Corporation (BIC)

15.1.8.1.      Company Details

15.1.8.2.      Product & Services

15.1.8.3.      Financials (As Reported)

15.1.8.4.      Key Market Focus & Geographical Presence

15.1.8.5.      Recent Developments

15.1.8.6.      Key Management Personnel

15.1.9.  HSBC Group

15.1.9.1.      Company Details

15.1.9.2.      Product & Services

15.1.9.3.      Financials (As Reported)

15.1.9.4.      Key Market Focus & Geographical Presence

15.1.9.5.      Recent Developments

15.1.9.6.      Key Management Personnel

15.1.10.                BaoMinh Insurance

15.1.10.1.    Company Details

15.1.10.2.    Product & Services

15.1.10.3.    Financials (As Reported)

15.1.10.4.    Key Market Focus & Geographical Presence

15.1.10.5.    Recent Developments

15.1.10.6.    Key Management Personnel

16.  Strategic Recommendations/Action Plan

16.1.              Key Focus Areas

16.2.              Target Regions

16.3.              Target Type of Coverage

16.4.              Target Mode of Purchase

16.5.            Target End Users

17.  About Us & Disclaimer

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