Deputy Prime Minister Hồ Đức Phớc Meets with AIA Group Chairman Mark Tucker

During the meeting, Deputy Prime Minister Ho Duc Phoc expressed his delight in welcoming Mr. Mark Tucker, Chairman of AIA Group, a leading global life insurance corporation. AIA’s operations in Vietnam have shown remarkable growth, significantly contributing to the country’s socio-economic development.

The Deputy Prime Minister highlighted Vietnam’s focus on implementing breakthrough solutions to drive socio-economic growth, aiming to become a developed nation by 2045. With rising average incomes, the demand for insurance across sectors and households is increasing steadily.

Vietnam is committed to building an independent, self-reliant economy while actively engaging in comprehensive and effective international integration. To achieve double-digit growth in the coming period, Vietnam will continue to prioritize three strategic breakthroughs: institutional improvement, human resource development, and infrastructure enhancement. Additionally, the nation is advancing socio-economic development through high-tech applications, innovation, digital transformation, and artificial intelligence.

In recent years, Vietnam has undertaken several century-defining projects, such as the Long Thanh International Airport, which ranks sixth globally in capacity. The country also aims to complete 3,000 kilometers of highways by 2025 and develop world-class seaports like Cai Mep-Thi Vai and Dinh Vu.

Currently, Vietnam is constructing Gia Binh Airport, one of the world’s top 10 largest airports, and initiating the high-speed rail project connecting Lao Cai, Hanoi, and Hai Phong, valued at approximately $8 billion. Plans are also underway for the North-South high-speed railway, estimated at $67 billion.

In the financial sector, Vietnam has established a legal framework for virtual assets, is setting up international financial centers in Da Nang and Ho Chi Minh City, and has seen robust growth in its stock market. Moving forward, Vietnam will focus on green finance, the crypto asset market, and strengthening the insurance sector and social security system.

Commending AIA’s operations in Vietnam, the Deputy Prime Minister encouraged the group to continue investing in Vietnam through direct or indirect means, such as bonds and innovation, ensuring sustainable growth and fulfilling commitments to policyholders.

Chairman Mark Tucker praised the Vietnamese government’s efforts in developing the insurance sector and enhancing customer trust, particularly with the recent legislative simplifications approved by the National Assembly.

Expressing interest in Vietnam’s international financial center development, Mr. Tucker noted that AIA’s extensive international experience positions it to offer optimal models for building and operating such centers, as well as expertise in insurance, finance, banking, and digital transformation.

Mr. Tucker affirmed AIA’s commitment to long-term investment and cooperation in Vietnam, contributing meaningfully to the nation’s socio-economic progress.

Discussing the international financial center, Deputy Prime Minister Ho Duc Phoc stated that Vietnam has studied global best practices to adopt suitable models. The country is drafting regulations for center operations, featuring superior mechanisms in taxation, customs, fees, land leasing, financial transactions, and foreign exchange management.

“We anticipate the international financial center will drive socio-economic breakthroughs, attracting capital, advanced technology, and high-quality human resources,” emphasized the Deputy Prime Minister, welcoming AIA’s investment in the center.

The Deputy Prime Minister also discussed potential collaboration between AIA and Vietnam’s leading enterprises (both state-owned and private) and government agencies (tax, customs, treasury) in science, technology, innovation, and digital transformation, aiming for mutual benefits. He wished AIA continued success and growth.