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Japanese insurer to set up US$18.2 million Vietnam firm
Mitsui Sumitomo Insurance Company (MSIG) Vietnam received a licence from the Ministry of Finance on September 18 to set up a US$18.2 million wholly owned insurance company in the country.
MSIG Vietnam, a subsidiary of Japanese Holdings (Asia) Private Limited, whose headquarters are in Singapore, is now the first wholly-invested Japanese insurer in Vietnam. It provides a wide range of non-life insurance products, including property, marine cargo, motor and engineering.
The new operation is expected to begin in the first quarter next year.
Hideki Wake, CEO of MSIG Asia described the decision to establish a wholly-owned subsidiary in Vietnam as a long-term commitment to Vietnam’s post-WTO socio-economy development process.
“We recognize the importance of this market and its remendous economic potential. Our business plan is to achieve US$6.7 million in 2010 and US$12 million in 2013,” Wake said.
Vietnam opened a representative office in Vietnam in 1995. In 1997, the firm established a joint-venture company here with two other insurers, including Bao Minh Insurance Corporation.
MSIG currently operates in more than 40 markets in the Asia Pacific, the United States and Europe. In March, MSIG had total assets of more than US$83.9 billion.
VOV
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