Vietnam’s government may lower its 2025 targets for the life insurance sector, citing challenges in achieving them, according to industry officials. The government aimed for 15% of the population to have life insurance and a premium-to-GDP ratio of 3.5%, but current trends suggest these goals are unlikely. By September 2024, life insurance contracts in effect totaled 12 million, an 11% drop from the previous year, far below expectations for a population exceeding 100 million, said Ngô Trung Dũng, Deputy General Secretary of the Vietnam Insurance Association. Experts attribute slow growth to declining consumer trust, bancassurance criticism, and banks halting insurance sales. Current projections suggest only 10% of the population will hold life insurance by 2025, with premiums reaching just 1% of GDP.