Cooperation to promote potential of life insurance market in Vietnam

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Deputy Minister of Finance Vu Thi Mai and representative of AIA

At the welcome, Ms. Vu Thi Mai congratulated business results of AIA group in general and AIA Vietnam Life Insurance Company Limited in particular. She also congratulated the AIA Group on becoming a platinum sponsor for the APEC Summit held in Da Nang in November 2017.

The AIA Group is one of the major finance groups in Vietnam. AIA Vietnam is also one of the five largest life insurance companies in Vietnam. The Ministry of Finance highly appreciates AIA's contribution to the Vietnam economy in general and the insurance market in particular.

Compared to other countries in the region and in the world, the insurance market in Vietnam is relatively new and has great potential for development. Currently, only about 7.5% of Vietnam's population is insured by life insurance agreements. Revenue from life insurance premiums reaches only 1% of GDP of 2016, much lower than the average of the world (6.98%) and the region (3.43%).

With that potential, the Ministry of Finance always has policies to welcome the insurance market according to international commitments, encourage the insurance enterprises to operate and encourage domestic enterprises as well as FDI enterprises to continue to implement the enterprise restructuring project to improve financial capacity, payment ability as well as improve the quality of administration and service.

In addition, Mr. Phung Ngoc Khanh- Director of Insurance Management and Supervision Department under Ministry of Finance said that AIA is the partner that has bought a large amount of 20-year, 30-year Government Bonds of Vietnam. This represents AIAI's contribution to the Vietnam’s insurance market. The maintenance of financial capacity and the purchase of government bonds is a long-term commitment as well as a strong belief of the AIA group in Vietnam's policies in recent years.

Mr. Khanh said that the life insurance market in Vietnam still had great potential, so he expected AIA and other businesses to further develop its members, especially strengthening cooperation with the management agencies in the improvement of policies and the compliance with the law.

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At the same time, Mr. Ng Keng Hooi is committed to further supporting investment activities in Vietnam to exploit the huge potential in this market.