Vietnamese insurers deploy their troops overseas
The Foreign Investment Agency (FIA) has noted the growing tendency of Vietnamese businesses making outward investment when the domestic market has become narrower for them.
Two Vietnamese enterprises have pioneered in exploiting the Lao market, including BIC, which in 2008 set up LVI joint venture with the
LVI is now the second biggest insurance company in
Following the impressive success of LVI, BIC has recently asked for the Ministry of Finance’s permission to increase its capital contribution in the joint venture. BIC plans to buy the 14 percent of stakes from the
PTI has also reported a successful business year in 2012 with Lane Xang, which has the fastest growth rate in
According to Lai Manh Quan, General Director of Lane Xang,
A report showed that
According to Cao Minh Son, CVI’s
Second, Cambodian is a fast growing economy, and there are still few big international insurers.
And third, there is no limitation on the foreign ownership ratio in the finance service sector in
Vietnamese investors have also been nimble enough to set foot in the golden unexploited land. BIDV Bank, PetroVietnam, Hoang Anh Gia Lai, Simco Song Da, Viglacera, Vina Capital, ASV Pharma, Vietnam Airlines and the military telecom group Viettel all have arrived there to seek their opportunities.
The “golden opportunities” that analysts say are the unexploited industries, with 90 percent of industrial goods being fed by the imports. .Meanwhile, other important sectors such as service, healthcare service and finance remain underdeveloped.
BIDV has opened its representative office in Yangon, the biggest city of