According to Ngo Trung Dung, Deputy Secretary General of the Insurance Association of Vietnam, the figure is set to rise to 15 percent by 2025.
Revenue from insurance premiums was 186.22 trillion VND (8 billion USD) in 2020, up 16.5 percent year-on-year.
Of this, 130.55 trillion VND came from life insurance premiums, a rise of 22 percent.
Insurers paid out 47.03 trillion VND in claims during the year, Dung said.
He noted that the insurance sector is forecast to experience significant change over the next decade, adding that given the fierce competition, insurance companies should embark on digital transformation./.