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Unveiling Growth Opportunities in a Transforming Market

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Blog cover image

Unveiling Growth Opportunities in a Transforming Market

May 18, 2024

Amid global uncertainties, Vietnam emerges as a beacon of resilience and growth. Recent surveys and projections highlight the country's proactive strategies and robust economy, showcasing its ability to thrive and create new opportunities even in shifting economic landscapes.

A recent survey by Vietnam Report revealed that 45.6% of insurance firms anticipate industry growth of 5-10% in 2024, while 32% predict a stable economic growth rate of 5.5%. These optimistic projections highlight the strong potential within Vietnam's market, especially in the insurance sector.

The insurance market in Vietnam is expected to grow at a compound annual growth rate (CAGR) of 15% over the next five years. In 2023, the market reached a value of $3.5 billion, driven by regulatory reforms and digital transformation initiatives. With an internet penetration rate of 70%, the accessibility to digital insurance products is expanding rapidly.

One notable example is VINARE, which has demonstrated consistent performance with an average return-on-equity ratio of 10.2% over the past five years (2019-2023).

At 360F, we are proud to contribute to this evolving landscape. Our expertise in financial technology enables us to offer innovative digital insurance and financial advisory solutions, helping local insurers streamline operations and meet the growing demands of the market. By improving customer experiences and strengthening distribution channels, we are committed to ensuring accessible and robust growth in Vietnam.

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