Vietnamese, RoK firms cooperate in guarantee insurance development

BIDV Insurance Corporation (BIC) will cooperate with Seoul Guarantee Insurance (SGI) of the Republic of Korea (RoK) in developing guarantee insurance products in Vietnam under a memorandum of understanding recently signed by the two sides in Hanoi.

Friday, March 29, 2019 11:01

Vietnamese, RoK firms cooperate in guarantee insurance development ảnh 1

BIDV Insurance Corporation (BIC) will cooperate with Seoul Guarantee Insurance (SGI) in developing guarantee insurance products in Vietnam under a memorandum of understanding recently signed by the two sides in Hanoi. (Photo: thoibaotaichinhvietnam.vn)

Hanoi (VNA) – BIDV Insurance Corporation (BIC) will cooperate with SeoulGuarantee Insurance (SGI) of the Republic of Korea (RoK) in developingguarantee insurance products in Vietnam under a memorandum of understanding recentlysigned by the two sides in Hanoi.

They will also work together to propose state management agencies amend andsupplement legal regulations to facilitate the development of guaranteeinsurance.

BIC General Director Tran Hoai An said guarantee insurance is a new sector inVietnam, with few insurance firms offering these services, and legal regulations have yet to becompleted.

However, he said, Vietnam has great potential for guarantee insurancedevelopment as the macro economy is forecast to grow stably, leading to anincrease in demand for guarantee insurance.

Guarantee insurance will offer another channel ensuring financial safety forcustomers, and contribute to the growth of the insurance sector and thenational economy, he said.

Guarantee insurance is commonly used inthe construction industry as security for a project or piece of work agreedupon in a contract.

SGI was established in 1969 under the name of Korea Fidelity and SuretyCompany. As a comprehensive guarantee service provider, SGI is currently thedomestic market leader in the surety and credit insurance industry.-VNA

VNA

#BIDV Insurance Corporation #Seoul Guarantee Insurance #Republic of Korea #state management agencies #financial safety #Korea Fidelity and Surety Company #Vietnam #VietnamPlus #Viet Nam News Korea (RoK)

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