Tung says the insurer will gauge potential market response and map out the IPO as part of the overall equitisation plan of its parent company, the Bank for Investment and Development of Vietnam.

The company is also seeking a foreign strategic partner, focusing on internationally prestigious corporations specializing in insurance or reinsurance.

BIDV Insurance specializes in non-life insurance, reinsurance and financial services and earned nearly VND549 billion last year, a year-on-year increase of 50 percent. Earnings from the insurance business made up more than 73 percent of the total.

The company posted a profit of VND81 billion in 2009, exceeding targets and the highest profit the company had seen since its inception.