Vietnam Licenses First 100% Foreign-Owned Life Insurer
VNA HANOI, June 28 - The first wholly foreign-owned life insurance cmpany has received an operation licence from the Ministry of Planning and Investment (MPI).
The Chinfon - Manulife Insurance Company (CMIC) a joint-venture between Taiwanese Chinfon Global Corp. and Manulife Financial of Canada, is capitalised with US$ 8.5 million to which the former contributes 40% and the later, 60%. It plans to begin operations in August.
"The Vietnamese life insurance market has good long-term potential", said Victor Apps, executive vice president and general manager of Manulife Asia.
