ACE Life Opens First Branch in Vietnam

The US insurer ACE Life has officially opened its first branch in Vietnam after establishing a representative office in the country in 1996. The branch, located in Hanoi, is also its third office in Vietnam.

 

ACE Life chairman Lam Hai Tuan said that his firm chose Hanoi as the strategic market, given that 50 per cent population of the city are potential customers of life insurance companies. ACE Life Vietnam, with paid-in capital of US$20 million, was licensed to offer life insurance in Vietnam in late June last year during the visit by Vietnamese Prime Minister to the US.

 

Starting official operation from last September, ACE Life Vietnam has opened two offices in Ho Chi Minh City. It plans to open an office in Can Tho city next month and another in Danang city within this year, Tuan said.

 

The US insurer is also planning to branch out into non-life insurance services in Vietnam, which will focus on investment in bonds, shares and real estate projects.