Vuong said the government will also work to raise public awareness of life insurance in the country, reports Vietnam News Agency.
He reportedly told the chief executive and president of AIA Group, Keng Hooi Ng, that there are opportunities for the insurance group to investment in Vietnam’s life market.
AIA Group is one of the top five insurers in Vietnam, having operated in the country since 2000.
Ng, who met with Vuong in Hanoi, lauded the government’s efforts to improve the local investment and business climate and described Vietnam as a promising market for financial investors.
Vuong also called on AIA and other life insurers to better meet the needs of local customers by diversifying their products specifically for Vietnam.
Foreign insurers have been playing a bigger role in the Vietnamese market over recent years, with several M&A deals taking place in the industry.
In June 2016, Great Eastern Life’s Vietnamese business became a wholly-owned subsidiary of FWD Group, the insurance arm of Asia-based Pacific Century Group.
In 2016, the country’s life insurance market reported total premiums in excess of VND49.2trn (£1.7bn, $2.1bn, €1.8bn), an increase of 30.5% from 2015.