| Forecast Period | 2024-2028 |
| Market Size (2022) | USD10.34 Billion |
| CAGR (2023-2028) | 7.54% |
| Fastest Growing Segment | Private Insurance Provider |
| Largest Market | North Region |
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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.
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Company Profiles
AIA Vietnam Life Insurance Company Limited, Prudential Vietnam Life Insurance Co., Ltd, Manulife Vietnam Co., Ltd., Chubb Group Holdings Inc., Tokio Communication Insurance Vietnam Co, Ltd., Pacific Cross Vietnam, Assicurazioni Generali S.p.A, BIDV Insurance Corporation (BIC),
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Attribute |
Details |
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Base Year |
2022 |
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Historical Years |
2018 – 2021 |
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Estimated Year |
2023 |
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Forecast Period |
2024 – 2028 |
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Quantitative Units |
Revenue in USD Billion, and CAGR for 2018-2022 and 2023-2028 |
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Report Coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
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Segments Covered |
Type of Insurance Provider Type of Coverage Mode of Purchase Premium Type End Users Region |
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Regional Scope |
North Vietnam, South Vietnam, Central Vietnam |
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Key Companies Profiled |
AIA Vietnam Life Insurance Company Limited, Prudential Vietnam Life Insurance Co., Ltd, Manulife Vietnam Co., Ltd., Chubb Group Holdings Inc., Tokio Communication Insurance Vietnam Co, Ltd., Pacific Cross Vietnam, Assicurazioni Generali S.p.A, BIDV Insurance Corporation (BIC), HSBC Group, BaoMinh Insurance |
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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) |
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