Viet Nam-Japan non-life insurance JV opens doors

[Viet Nam]

Viet Nam-Japan non-life insurance JV opens doors
HA NOI - The United Insurance Company of Viet Nam (UIC), a triple
joint venture non-life insurance
company formed with Japanese and Vietnamese partners, held its
opening ceremony in Ha Noi, this
week.
The company will provide non-life insurance services to foreign
investment clients in Viet Nam. Its
long-term target is to enter into the Vietnamese insurance market
which is now receiving increAsing
amounts of foreign capital.
Viet Nam's State-owned company, Bao Minh Insurance Company and
Japan's, Mitsui Marine and
Fire Insurance Co., Ltd, and the Yasuda Fire and Marine Insurance
Co., Ltd, agreed to establish the joint
venture with a total capital of US$6 million. The UIC was
established under an investment license issued
by the Ministry of Planning and Investment, in November of last
year.
The Ha Noi-headquartered joint venture will engage in several
activities, including: cargo import-export,
hull and liability insurance for ship owners; and insurance for
fire, business interruption, workmen's
compensation, engineering, property, credit and financial risk.
The joint venture company will also work in all other areas of
insurance and reinsurance based on the
requirements of clients and in accordance with the insurance-related
legislation and laws of Viet Nam.
Bao Minh's stake in the joint venture accounts for 51 per cent of
total investment. The Mitsui Marine and
Fire Insurance Company and Yasuda Fire and Marine Insurance Company,
each has a 24.5 per cent
stake in the triple joint venture.
The duration of the joint venture is 25 years.