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Global insurer begins operations in VN
Mitsui Sumitomo Insurance has begun commercial operations in Viet Nam, with headquarters in Ha Noi and a total investment capital of VND300 billion (US$17.2 million).
"Our company concentrates on Japanese and Taiwanese customers working and living in Viet Nam and plans to penetrate the domestic market of non-life insurance," said general director Shinji Morioka.
Though Viet Nam had a population of more than 86 million, it was quite difficult to make Vietnamese people understand the importance of participating in insurance, he said.
The company had a representative office in Viet Nam since 1995 and established a joint venture company with two other insurers after two years.
With the commencement of commercial operations, Mitsui Sumitomo is the first Japanese general insurer with a wholly-owned subsidiary in Viet Nam.
Mitsui Sumitomo will market a wide range of non-life insurance products to both enterprises and individuals, including property, marine cargo, motor and engineering.
"We are extremely honoured to be able to start our business in Viet Nam which is undergoing rapid economic growth and is centrally located in the Greater Mekong Sub-region where it is attracting global attention," president and chief executive officer of Mitsui Sumitomo Asia Toshiaki Egashira said.
"Mitsui Sumitomo's presence coincides with Viet Nam joining the World Trade Organisation. We recognise the importance of this market and its tremendous economic potential," Egashira said.
"Mitsui Sumitomo aims to achieve VND110 billion ($6.3 million) next year and VND200 billion ($11.4 million) in 2013. The company is also aiming to be in the black in one financial year to strengthen our potential to develop".
Mitsui Sumitomo also committed to using its profits to invest in Viet Nam.
The company also has a strong network in Indochina, including operations in Thailand and Cambodia.
It is one of the top insurers in Japan. It has a network of 314 offices in 40 countries and regions worldwide. About 6,000 out of 24,000 employees are non-Japanese.
VietNamNet, Viet Nam News
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