Vietnam’s Bao Viet 8-mth gross profit up 43 pct

Vietnam’s largest insurer, Bao Viet Holdings, said on Wednesday gross profit in the first eight months of this year jumped 43 percent from a year earlier to VND828 billion.

Gross profit for the Hanoi-based group, 10.3 percent owned by HSBC Insurance, was 6.3 percent above the annual projection after January-August revenues rose 10.7 percent to VND6.65 trillion, a Bao Viet statement said.

HSBC Insurance wants to buy another 8 percent in Bao Viet, the statement quoted a representative of the foreign investor as telling Deputy Prime Minister Nguyen Sinh Hung at a meeting on Monday.

HSBC Insurance and Bao Viet will start talks on the 8-percent stake purchase via a separate share issue scheduled later in 2009, the statement said without giving further details.

Bao Viet shares advanced VND900, or 2.6 percent, to close at VND34,800 on Wednesday.

thanhnien, Reuters

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