Vietnamese bank ventures into non-life insurance

Its newly licensed unit carries $19.1m in charter capital.

Asia Commercial Bank (ACB) has received approval from the Ministry of Finance to establish ACB Non-Life Insurance Company Limited (ACB Insurance), marking the bank's entry into Vietnam's non-life insurance sector.

The new entity has been granted Establishment and Operation License No. 104/GP/KDBH for a term of 99 years, dated 12 August 2026.

Structured as a two-member limited liability company, ACB Insurance has a total charter capital of $19.1m (VND500b).

The funding is provided by two existing ACB subsidiaries: Asia Commercial Bank Asset Management and Debt Collection Company Limited (ACBA), which holds a 91% stake worth $17.3m (VND455b), and ACB Securities Company Limited (ACBS), which contributed the remaining 9%.

Headquartered on Hong Bang Street in Binh Tay Ward, Ho Chi Minh City, ACB Insurance will focus on an insurance technology model designed to serve ACB’s existing banking clients.

Under the terms of the licence, the firm is authorised to provide non-life insurance covering property, cargo, motor vehicles, fire and explosion, credit, and financial risks.

It is also permitted to offer short-term health and personal lines, including personal injury, medical expenses, health insurance, and term life insurance capped at one year or less.

ACB Insurance has 12 months from the licensing date to complete all operational requirements before officially opening for business.