MetLife, Inc., Bank for Investment & Development of Vietnam (“BIDV”), and Bank for Investment and Development of Vietnam Insurance Corporation (“BIC”) have signed an agreement to establish a life insurance joint venture (“JV”) in Vietnam.
The signing ceremony was witnessed by Prime Minister Nguyen Tan Dung of Vietnam, Tran Bac Ha, chairman of the board of management of BIDV, and Kurt Campbell, a member of MetLife's board of directors and former assistant secretary of state, during the prime minister's visit to the United States.
The JV follows the memorandum of understanding (“MOU”) that was previously signed by both parties in July and, MetLife said, delivers on a key component of its strategy: expanding its presence in emerging markets. At the same time, the JV also represents BIDV's strategic direction into the field of life insurance.
The new JV will have a charter capital of VN$D 1 trillion (approximately US$48 million), and MetLife will own 60 percent of the company and BIDV and BIC will have the remaining 40 percent. The joint venture will initially focus on offering life and health insurance products. Alongside the establishment of the JV, there is also an exclusive bancassurance distribution agreement between the JV and BIDV.
Commenting on the signing, Chris Townsend, president of Asia for MetLife said, “This JV agreement between MetLife and BIDV expands MetLife's footprint into fast growing Southeast Asia and highlights our commitment to the country. We look forward to partnering with BIDV, a bank with a long and distinguished history and brand, to deliver a suite of innovative life insurance products to customers in Vietnam in order to provide them with the ability to achieve and maintain their financial security.”
Tran Bac Ha, chairman of BIDV, said, “The JV with MetLife is a perfect complement to our already strong banking business in Vietnam. We are confident that this new JV business will become a real leader in the life insurance industry in Vietnam and we are looking forward to offering Vietnamese people world class insurance products and services in the near future.”
Learn more: www.metlife.com; www.bidv.com.vn.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].