3:26:17 PM | 7/8/2005
Vietnam Insurance Corp. Has New Affiliate
The Vietnam Insurance Corporation (Bao Viet) has converted its non-life insurance section into an independent subsidiary called Bao Viet Vietnam from July 1, 2004 under the Ministry of Finance's Decision 1926/QD/BTC approved on June 21.
The new company, with initial chartered capital of VND900 billion (US$57.3 million), started operating from July 1, focusing on the services of non-life insurance, reinsurance and financial investment.
Deputy General Director of Bao Viet, Tran Trong Phu, will become Director of Bao Viet Vietnam.
There are 15 enterprises offering non-life insurance products in the country, of which HCM City Insurance Company (Bao Minh) and Bao Viet dominate the market.
An unnamed representative of Bao Viet Vietnam said the parent company hopes the subsidiary's specialisation and in-depth market information will further expand its non-life insurance market.
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