Vietnamese banks expand insurance operations to diversify revenue

Vietnamese banks are increasingly expanding into the insurance sector to diversify revenue streams and build comprehensive financial ecosystems. In the first half of 2026, several major lenders reported significant growth in insurance-related income.

VIB recorded a 313.5% increase in insurance revenue, reaching 790 billion VND, bolstered by a new distribution agreement with Prudential. Techcombank also saw a substantial recovery, with insurance revenue rising 171% year-on-year to 1,260.8 billion VND, following the establishment of its own insurance entities, TCLife and TechcomInsurance.

Other banks are also strengthening their insurance presence. ACB has been granted a license to operate ACB Insurance, a non-life insurance company, effective August 12, 2026. VPBank continues to increase capital in OPES Insurance, while institutions like VietinBank, BIDV, and Agribank already operate established insurance subsidiaries within their ecosystems.

While this trend offers market expansion, experts warn of the need to maintain transparency and avoid coercive sales practices to prevent eroding consumer trust in the financial sector.