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PROSPECTS AND SOLUTIONS FOR BUILDING
SUSTAINABLE BANCASSURANCE IN VIETNAM
Nguyen Van Quang*, Nguyen Thi Kim Thoa†
Email: ntkthoa@uneti.edu.vn
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Abstract: Bancassurance is a relatively young market in Vietnam, yet its contribution
to the total revenue of the insurance sector has witnessed rapid growth and is expected
to continue expanding in the future. This paper provides a theoretical foundation on
bancassurance, analyzes its development prospects, and examines the current state of
bancassurance operations in Vietnam. Additionally, it highlights certain limitations in the
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solutions for building a sustainable bancassurance model in the country.
Keywords: bancassurance; insurance; bancassurance prospects; bancassurance development.
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I. Introduction
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from rapid but unsustainable growth and
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into the growth potential and current
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solutions to foster more sustainable and
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II. Theoretical Basis
2.1. The Concept of Bancassurance
Bancassurance is a concept that
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International Association of Insurance
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where insurance products are distributed
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distributing insurance products to
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with insurance companies to distribute
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which expands market reach and creates
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Bancassurance is a strategic alliance between
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Bancassurance includes two main
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compensation at the end of the contract
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Bancassurance enables insurance
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contributing to an increased return on
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2.2. Bancassurance Models
Worldwide
The bancassurance models
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ownership or the degree of integration
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products from multiple insurance
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This model is suitable for banks that want
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bank’s customers without requiring a
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of insurance products sold through banks
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Latin America focuses on pensions and
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Development of Bancassurance
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(the model of distributing insurance products
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with regulations that protect stakeholder
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are crucial in fostering bancassurance
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Success in bancassurance relies on
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bancassurance increases customer
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2.4. Market Prospects of
Bancassurance
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market is expected to grow at a compound
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Figure 2.1. Bancassurance Market Size, 2022 to 2030 (USD Billion)
Source: www.vantagemarketresearch.com
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factors in the economic and social
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network; the expansion of the banking
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facilitates the distribution of insurance
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of insurance distribution and management
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between banks and insurance companies;
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for insurance and modern banking
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partnerships between banks and insurance
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III. Research Methodology
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factors of bancassurance from reliable
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collects and compares data on the current
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solutions for building a sustainable
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IV. Results and Discussion
4.1. The Current State of
Bancassurance Operations in Vietnam
4.1.1. Legal Framework and
Regulations Related to Bancassurance in
Vietnam
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numerous legal documents related to the
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the practical operating conditions of
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the Law on Credit Institutions of 2024;
the Law on Insurance Business of 2022;
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Law on Insurance Business; and Circular
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established an important legal framework
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the establishment of sustainable
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4.1.2. The Current State of
Bancassurance Operations in Vietnam
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the Vietnamese life insurance market in
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