Vanich Chaiyawan was born in 1931 to a Thai Chinese family. He started earning his living as a rice trader before moving into the insurance industry. He is chairman of Thailand’s third largest life insurance company, Thai Life. He owns about two thirds of the company where his son Chai, is president.

His other interests include Thai Beverage, Charoen Sirivadhanabhakdi's brewery, in which he has a stake, and Thai Credit Retail Bank. He lives with his family in Bangkok.