The Vietnamese Government will work to raise public awareness of life insurance and formulate more relevant policies to make it easier for companies, including AIA, to participate in the local insurance market, says Deputy Prime Minister Vuong Dinh Hue.
He told Mr Ng Keng Hooi, Chief Executive and President of AIA Group, visiting in Hanoi that there are opportunities for the giant insurance group to invest in Vietnam’s life insurance market, reported the Vietnam News Agency.
He also called on AIA and other life insurance companies to diversify their products in order to meet the needs of Vietnamese customers.
On his part, Mr Ng lauded the Vietnamese government’s efforts to improve the local investment and business climate and described Vietnam as a promising market for financial investors.
Foreign insurers are playing an increased role in the Vietnamese market. Several M&A deals have taken place in the industry, including in some cases 100% ownership of local insurers.
In 2016, Vietnam’s life insurance market reached a 10-year high with total premiums of over VND49.2 trillion (US$2.2 billion), an increase of 30.5% compared to 2015. AIA, which has operated in Vietnam since 2000, is among the top five life insurers in the country.