HCM CITY — Việt Nam has a limited number of credentialed actuaries, far fewer than what’s needed to sustain the next decade of expansion for the country’s insurance sector, experts said.

Recent panel discussions at the University of Economics Ho Chi Minh City (UEH) and the National Economics University (NEU) in Hà Nội, which attracted over 300 students, shared that Việt Nam’s insurance market is standing at what experts call a “hinge stage”. 

Having only developed in the last 20 years with an insurance penetration rate of around 2 per cent of GDP, the market has an immense runway for expansion compared to its regional and global peers. The regulatory momentum is also worth noting as recent changes to Việt Nam’s Insurance Business Law, the first major update in nearly two decades, are expected to significantly boost the sector’s transparency, compliance, and sustainable development.

Trần Huy, Fellow of the Society of Actuaries (FSA), appointed actuary, FWD Vietnam, said: “This dynamic means demand for qualified actuaries will only rise - those who can understand risks, navigate regulations, and design products that protect customers will be the most valuable professionals in the industry.”

The role of an actuary extends far beyond traditional price-setting, with actuaries positioned to make decisions on critical matters, from developing a company's strategy to the financial safety and social welfare of a country. Actuaries must balance the needs of clients, the financial industry, and the company's long-term interests. This includes intricate valuation to ensure high-value, safe investments that maintain an insurance company's ability to pay claims. 

Lê Nam, CFO, AIA Vietnam, emphasised this sentiment: “For actuaries, risks are opportunities. Our job is to transform uncertainty into strategies that protect customers, sustain companies, and build public trust.” 

This multi-layered responsibility requires actuaries to balance finance, customer needs, and social impact, making it one of the few professions that operates at the intersection of mathematics, economics, and human welfare.

At the panels, when asked about the rise of AI, all panelists agreed that the rapid advancement of technology is not a threat to actuaries, but an opportunity, encouraging students to master their logic, data and communications skills. The panel asserted that AI will serve as a powerful "co-pilot," not a competitor, transforming actuaries into high-level strategists. 

Phương Bá Chung, FSA, CEO Techcom Life, chairman TCA, head of the Insurance Section - National Data Centre, said: “Actuaries, with their deep grounding in math and logic, are uniquely positioned to truly understand and control what AI produces. AI can calculate, but it cannot reason or design for society. That’s where actuaries step in.” 

With the evolution of technology, repetitive and manual tasks can now be streamlined with the help of AI. 

For example, specialised software helps actuaries model cash flows for millions of customers, a task that would be impossible on a spreadsheet, enabling them to project future premiums and benefits. AI is also used directly for tasks like fraud detection in claims, providing immediate value to the company by identifying risk.

Trần Huy said: “Don’t wait until after graduation. Take your first exams as soon as possible. Every step you complete now is a head start into one of the world’s most rewarding professions.” 

This journey demands persistence, but the rewards are clear: a globally recognised credential, high-value career prospects, and the chance to contribute to Việt Nam’s financial future.

As Việt Nam attracts foreign investment, builds its social safety net, and embraces digital transformation, actuaries will be central to ensuring that growth is sustainable and trustworthy. For students looking for careers that blend math, technology, finance, and real-world impact, actuarial science offers a pathway unlike any other. —VNS