SAI GON - HANOI INSURANCE CORPORATION

SAI GON – HANOI INSURANCE CORPORATION (TỔNG CÔNG TY CỔ PHẦN BẢO HIỂM SÀI GÒN-HÀ NỘI) is a publicly held joint stock company specializing in non-life insurance. Established on 20 August 2013 under Business ID 56/GPĐC12/KDBH(TCT), the company is headquartered at 24th Floor, Vinacomin Building, No. 3, Duong Dinh Nghe Street, Yen Hoa Ward, Cau Giay District, Hanoi, Vietnam. With a charter capital of USD 41.08 million and a workforce of approximately 1,600 employees, BSH has positioned itself as a key player in Vietnam's insurance market, offering both personal and corporate insurance solutions.

BSH is led by Do Q. V., who serves as Chairman, alongside Nguyen V. T. as General Director and Vu D. T., Deputy General Director. Their collective expertise has supported BSH’s strategic growth in providing a diverse portfolio, including motor, health, property, cargo, technical, and liability insurance products.

From a credit risk management perspective, BSH shows both strengths and challenges. The company reported total assets of USD 184.26 million in 2023, an impressive 22.45% increase from 2022, indicating solid asset expansion. Its equity also rose slightly by 1.49% to USD 50.95 million, demonstrating financial stability. However, sales declined by 3.61% to USD 107.41 million, and profit dropped significantly by 25.74% to USD 793,673. The company’s working capital of -USD 1.65 million suggests potential liquidity constraints, which could be a concern for meeting short-term obligations without additional financing or cash flow improvements.

The shareholder structure reflects a mix of influential domestic and international investors. Major shareholders include Vietnam National Vegetable, Fruit and Agricultural Product Corporation (10.1%), Sai Gon – Ha Noi Securities JSC (9.98%), T&T Group JSC (9.95%), and International Finance Corporation (IFC) from the United States (9.83%), with the remaining 60.97% held by other shareholders. This diverse shareholder base provides strategic backing but also requires BSH to maintain strong governance and performance transparency.

Despite recent declines in sales and profits, SAI GON – HANOI INSURANCE CORPORATION retains a strong capital foundation and brand presence. However, the declining profitability trend highlights the importance of careful underwriting, cost control, and investment portfolio management to mitigate credit risks. Its rapid asset growth, while positive, must be matched with sustainable earnings to maintain long-term solvency and market competitiveness.

Vanguard Business Information LLC (VBI) offers detailed credit risk evaluations and verification reports on companies like BSH, helping partners and stakeholders assess operational strengths, financial health, and risk exposure. For businesses considering partnerships with BSH, such due diligence is essential to ensure confidence and minimize potential financial risks.