Life insurer AIA shows interest in Vietnam’s international financial center

Mark Tucker, independent non-executive chairman of Hong Kong-based life insurer AIA Group, expressed interest in the development of an international financial center (IFC) in Vietnam at a meeting with Deputy Prime Minister Ho Duc Phoc in Hanoi last Friday.

Drawing on its years of experience in international markets, AIA could advise on optimal models for the development and operation of the IFC, the government's news portal quoted Tucker as saying.

The company could also provide consultancy on insurance, finance, and banking, as well as science-technology application and digital transformation in the insurance sector, he added.

Vietnam is preparing to establish an IFC, located in both southern metropolis Ho Chi Minh City and central region hub Danang.

The executive praised the Vietnamese government’s efforts to develop the insurance sector and bolster customer confidence, citing the legislature’s endorsement of a law amending and supplementing several articles of the Law on Insurance Business on December 10, which simplifies business conditions.

He stressed that AIA wants to continue its investment and cooperation in the country for a long-term, contributing tangibly to its socio-economic development.

For the IFC, Phoc welcomed AIA’s interest, saying he hopes the group will invest in the center: "Vietnam has learnt from global best practices to select models suited to local conditions. The country is drafting decrees to govern activities in the center, where policies will be distinctive, including those on taxation, customs, fees, land leases, and foreign-exchange management."

The Deputy PM also pointed to cooperation potential between AIA and Vietnam’s leading enterprises, both state-owned and private, as well as state agencies such as tax, customs, and treasury authorities, in the areas like science-technology, innovation, and digital transformation on a win-win basis.

Briefing the AIA chairman on Vietnam’s socio-economic development, Phoc emphasized that the country will focus on developing green finance and crypto-asset market, while promoting the insurance industry and strengthening the social welfare system.

He called on the group to continue investing in the country through both indirect and direct channels, such as investments in bonds and innovation, pursuing a sustainable approach that supports business growth while meeting policyholders’ payment needs.

Founded in Shanghai in 1919, AIA - Asia’s leading life insurer - later relocated its headquarters to Hong Kong. The group now has a presence in 18 Asian markets. As of June 30, 2025, it reported total assets of $328 billion.

AIA has been operating in Vietnam for 25 years, delivering steady growth. Premium revenue ranks among the top five in the life insurance market, totaling VND14.83 trillion ($563.71 million) in 2024 and an estimated VND15.74 trillion in 2025, representing roughly 10% market share.

Vietnam will build one IFC located in both Ho Chi Minh City and Danang following the model of “one center, two destinations,” according to a resolution adopted by the country’s legislature in June.

HCMC will serve as the main hub, focusing on large-scale financial markets including securities, bonds, banking, fund management, and listing services. Danang will prioritize financial services related to logistics, maritime activities, free trade, and supply chains for industrial and agricultural sectors.