Vietnam started liberalising its insurance market by allowing foreign insurers to participate in the domestic market almost 20 years ago. Since then, its insurance market has grown exponentially. Before the 1990s, Vietnam's insurance market was dominated by state-owned insurance enterprises. As at the end of 2013, there were a total of 57 players from the state and the private sector, the latter including both domestic and foreign-invested companies.
According to the figures in Vietnam's Insurance Market report issued by the Ministry of Finance annually, in the period 2005 to 2012, insurance business revenue increased by an average annualised rate of 13 percent to 15 percent a year, totaling approximately US$2 billion by the end of 2012. Growth is likely to continue for the years to come.