South Korea's Samsung Life Insurance Co. Ltd. is seeking to acquire shares in Baoviet Life Corp., The Korea Times reported, citing industry sources.

The company is reportedly in talks with the Vietnamese life insurer about the potential investment.

Bao Viet Holdings, the majority state-owned parent of Baoviet Life, has yet to permit foreign ownership of shares in its life subsidiary, although the Vietnamese government is working on plans to privatize some state-owned firms, the report noted.