The Vietnamese non-life insurance sector is drawing strong merger and acquisition interest as foreign and domestic investors target its growth potential. Official data show 82 insurance companies by end-2023, including 32 non-life insurers. Between January and September this year, total insurance premiums reached nearly VND165tr, with non-life premiums up 12.8% year-on-year, while life premiums declined 6.7%. Foreign investors, notably from South Korea, are seeking opportunities outside their saturated home market and tapping into Vietnam’s growing population and underpenetrated insurance base. Local non-life insurers gain capital, technical support, and modern standards through foreign partnerships. In contrast, life insurance M&A has remained sluggish, with investors now preferring full ownership over joint-venture structures due to less successful past outcomes.