Life insurance companies could be fined up to VNĐ100 million for providing "incorrect advice intentionally" under a decree proposed by the Ministry of Finance.

After many scandals in the insurance sector were discovered, the revenue of the life insurance sector plummeted as people lost confidence in insurers.

Most insurers reported a high level of profits in 2022, with bank deposits one of the biggest sources of revenue.

Following the complaints of people about the sale of life insurance products, the State Bank of Vietnam (SBV) in Ho Chi Minh City announced to credit institutions and foreign banks will be inspected.

Vietnam remains a key life insurance market in Asia, the Insurance Association of Vietnam told a meeting in HCM City on Monday.