Abstract: Agricultural insurance is an important tool that helps farmers gain access to appropriate financial services in support of agricultural production and the risks involved. In March 2011, the Prime Minister of Vietnam announced the adoption of a pilot agricultural insurance programme for selected agricultural products such as rice, shrimps, fish, buffalos and cows in 20 localities in the country. Since then, the programme has achieved some of its objectives, but has also had several weaknesses, such that the government is now considering the possible use of a public-private partnership approach. The programme experience is addressed here, leading into a discussion of significant pre-conditions for the sound involvement of the state and insurance companies in such an approach.