Generali Vietnam Starts Official Operations in Quang Ninh

Generali Vietnam Life Insurance Co., Ltd officially opened the modern Customer Service Centre and Insurance Consulting Office in Phuc Yen Plaza at Floor 12B, Ha Long DC Tower, No. 8 Road 25/4, Hong Gai Ward, Ha Long City, Quang Ninh Province. Mr Chung Ba Phuong, CEO of Generali Vietnam, said: "The business expansion to Quang Ninh and other localities will positively contribute to the development of the financial services industry in particular and the Vietnamese economy in general, show strong growth and reaffirm Generali Group’s commitment to sustainable development in Vietnam." To date, Generali Vietnam has opened Customer Service Centres and Insurance Consulting Offices in major provinces and cities in the country, including Ho Chi Minh City, Hanoi, Dong Nai, Hai Duong, Ba Ria Vung Tau, Can Tho, Vinh Phuc and Quang Ninh. In the coming time, the group will expand its operations to other potential markets. Thu Ha … [Read more...]

BUSINESS IN BRIEF 13/6

Vietnam-China forum focuses on cross-border trade A Vietnam-China Comprehensive Economic and Trade Cooperation Forum took place in Hanoi on June 10, aimed at creating opportunities for bilateral trade and lifting the two countries' economic relations to a higher level. Speaking at the forum, Deputy Minister of Industry and Trade Ho Thi Kim Thoa affirmed that Vietnam-China comprehensive cooperation in recent years have seen strong development, contributing to socio-economic development of the two countries, and their border provinces in particular. She noted the high growth rate of cross-border trade between Vietnam and China, which averaged 23% a year, raising the value from US$3.5 billion in 2006 to US$8.6 billion in 2012. Agro-forest-aquatic products and processed industrial goods are major Vietnamese export items to China; meanwhile, Vietnam mainly imports machinery, transportation vehicles, electronic goods, food, and home appliances from China. At the forum, Wang Nai Xue, … [Read more...]

Manulife Vietnam champions blood donation drive

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Manulife Vietnam, a leading life insurer in Vietnam, today dropped the curtain on its 2013 annual blood donation drive "Give blood - save life" to celebrate the firm's 14th anniversary. Manulife Vietnam, in cooperation with District 7's Red Cross Society, organised the event at District 7's Manulife Plaza with nearly 200 volunteers, including senior management, employees, agents and visitors, donating 201 blood units. The drive will be expanded to encompass key cities of Manulife operations. Since its operations in 1999, Manulife Vietnam has been strongly contributing to the community through many supporting activities, with blood donations a key focus. Chung Ba Phuong, CEO of Manulife Vietnam, said: "Caring and sharing is part of our business philosophy and we are proud that this meaningful activity has become our annual tradition. I am very happy to see many staff and agents, with smiles on their faces, to participate in this blood donation today. They are true heroes who … [Read more...]

Manulife sets up at HDBank in a bid to corner market

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HDBank will become a distributor of Manulife Vietnam life insurance products. This partnership, inked last week, is designed to turn HDBank into a one-stop shop for all the financial planning needs of customers. With Manulife's insurance solutions available in HDBank branches, customers can now find it easier to access to Manulife's financial planning products and services to address their specific needs and to protect their family's wealth and future against unforeseen circumstances. The agreement will initially apply to Ho Chi Minh City HDBank branches, but soon expand to more branches nationwide. Manulife Vietnam CEO Chung Ba Phuong said: "This year, besides the agency channel, we see a lot of opportunities to expand into the bancassurance channel to reach more customers. This agreement is a good chance for us to expand our presence and provide HDBank customers with more convenient products and services." Manulife, which in 1999 became the first fully foreign-owned life … [Read more...]

Manulife Vietnam starts 2013 with further growth

Manulife Vietnam, a leading life insurer in Vietnam, reported strong growth in the first quarter of 2013 with total premiums and deposits of VND 512 billion, an increase of 16 per cent over the same period last year. Total assets under the Company s management were VND 7,184 billion, an increase of 29 per cent. Insurance sales through bancassurance also experienced rapid growth compared to the same quarter of 2012. With these achievements, Manulife Vietnam continued its sustainable growth in the early part of 2013 and also affirmed its growing strength in bancassurance operations. Mr. Chung Ba Phuong, CEO of Manulife Vietnam said We experienced outstanding growth last year and maintained this momentum in the first quarter. This year, besides the established agency channel, we also see a lot of opportunities to expand further into bancassurance to reach more potential customers. Along with our strategy of diversifying our life insurance portfolio and providing customers with … [Read more...]

Manulife Vietnam sees 16% premium increase in Q1

Phuong Thao Total assets under the company's management were nearly VND7.2 trillion, an increase of 29%. Insurance sales through bancassurance also experienced growth compared to the same quarter of 2012. Chung Ba Phuong, CEO of Manulife Vietnam, said in a statement recently released that the enterprise has seen a lot of opportunities to expand further into bancassurance to reach more potential customers besides the established agency channel. In the first quarter, Manulife Vietnam opened a new representative office in downtown Can Tho City, offering customers improved service facilities as per its commitment to grow with quality. … [Read more...]

BUSINESS IN BRIEF 3/4

Minister slams Vinalines for tardy restructuring process Minister of Transport Dinh La Thang has criticised General Director of Vinalines Nguyen Canh Viet for being absent from a meeting on restructuring Ministry of Transport companies, including Vinalines. The minister frankly outlined the problems facing Vietnam National Shipping Lines (Vinalines) and Vietnam Shipbuilding Industry Group (Vinashin) at the meeting. After some Vinalines members said that the firm's general director had gone to Cambodia, Minister Thang said, "Going to Cambodia could help him to save Vinalines?" The minister said the pace of Vinalines' restructuring was too slow, and he urged greater speed. He also wanted to confirm whether Vinalines could finish the government's restructuring project or not. Vinalines Deputy General Director Le Anh Son said, "Without the restructuring, Vinalines would face high risk of bankruptcy. Currently, the group is insolvent and the banks are not in favour of extending the debt … [Read more...]

Manulife Vietnam grows 19pct in sales

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Life insurer Manulife Vietnam reported a positive growth for 2012 with annualized premium equivalent insurance sales of VND718 billion, increasing 19pct over 2011. It total premiums and deposits were at over VND2.1 trillion, a 21pct year-on-year surge. This is strong evidence of the company's commitment to business development and market expansion in Vietnam, Chung Ba Phuong, CEO of Manulife Vietnam, said in a statement released on Tuesday. The insurer focused on developing a customer-driven agency force as part of its strategy to differentiate itself from competitors. In 2012, Manulife Vietnam had the most MDRT (Million Dollar Round Table) qualified agents. This internationally recognized title honors outstanding agents in the life insurance and financial services business. The enterprise had 286 MDRT qualified agents in 2012, up 55pct from 2011. Manulife Vietnam also promoted ties with strategic banking partners in 2012 to diversify products and services, improve service … [Read more...]

Manulife Vietnam grows 19% in sales

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Phuong Thao It total premiums and deposits were at over VND2.1 trillion, a 21% year-on-year surge. This is strong evidence of the company's commitment to business development and market expansion in Vietnam, Chung Ba Phuong, CEO of Manulife Vietnam, said in a statement released on Tuesday. The insurer focused on developing a customer-driven agency force as part of its strategy to differentiate itself from competitors. In 2012, Manulife Vietnam had the most MDRT (Million Dollar Round Table) qualified agents. This internationally recognized title honors outstanding agents in the life insurance and financial services business. The enterprise had 286 MDRT qualified agents in 2012, up 55% from 2011. Manulife Vietnam also promoted ties with strategic banking partners in 2012 to diversify products and services, improve service quality and reach out to new customers. It posted up an 85% increase in bancassurance sales last year. … [Read more...]

Manulife Vietnam launches new education product

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Phuong Thao This product provides children aged 0-12 a savings fund that could be used for their university education and a medical fund to cover unforeseen hospitalization expenses after illnesses or surgery. The product has two plan options, protection plan and savings plan. Both plans are designed with the benefit of guaranteed cash coupons during the university years and financial protection for the family including waiver of premium and family income subsidy against risks of death or total disability on the policy owner. Besides, the savings plan offers customers better benefit of guaranteed cash coupons from 105% to 120% of the sum assured. Meanwhile, the protection plan provides a medical fund for their children with total benefit up to 50% of the sum assured, including daily hospitalization cash subsidy, surgical expense reimbursement and special claim refund. … [Read more...]

Manulife goes the extra yard

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Manulife Vietnam, the first 100 per cent foreign-owned life insurance company licenced in Vietnam, has opened its new customer service office at Maritime Bank Building's in Ho Chi Minh City's District 1 last week. Manulife is ready to charm customers with many products The new office, designed to offer customers more convenient and better service, covers a total area of 1,470 square metres. It supplements the company's existing headquarters at Manulife Plaza in District 7 and its transaction office at WMC Building also in District 1. To mark the occasion, Manulife Vietnam has granted 20 portions worth VND 20 million ($9,600) to the Nguyen Huu Tho scholarship fund established by the Vietnam Fatherland Front Committee of District 1 to support poor students in the area. Besides the advantage of locating in the downtown area of Ho Chi Minh City, the new office offers customers a professional, spacious and well-equipped serving environment. And as part of the company's initiative of … [Read more...]

Manulife Vietnam launches new investment-linked insurance products

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Manulife Vietnam has just launched two new investment-linked insurance products into the market. The leading life insurer in Vietnam's products are 'Manulife-The key support for our dream' catered to energetic and ambitious youngsters and 'Manulife-The key support for your love' reserved for customers aged from 40 with a stable career. The two new products are unique in that their customers are only required to pay premiums in six years with declining payments to get insurance benefits up to 20 years against mortality risks and 31 serious illnesses as well as hospital allowances of a maximum VND1 million ($48) per day. Besides, these two new products generate monthly stable dividends floating on market interest rates. With prominent features, 'Manulife-The support for your dream' helps young energetic customers realise their ambitious plans without worrying about financial and health issues while 'Manulife-The support for your love' with the secured financial plan brings … [Read more...]

BUSINESS IN BRIEF 28/8

Fahasa among Top 500 Asia-Pacific retailers The Ho Chi Minh City Book Distributors Joint Stock Company (Fahasa) has been selected as one of the top ten retailers in Vietnam and among the top 500 Asia-Pacific retailers in 2012, by the Singapore-based Retail Asia magazine. Fahasa has currently 56 bookstores across the country with a turnover of VND1,400 billion in 2011. The company expects to earn VND1,500 billion in 2012. The country's leading book distributor has also been named one of the top ten retailers in Vietnam this year, along with Saigon Commercial Cooperative Union or Saigon Co-op; HCMC-based jewelry trader Saigon Jewelry Holding Company (SJC); Phu Nhuan Jewelry Joint Stock Company (PNJ); Nguyen Kim Electronic Appliance Center; Big C supermarket chain; Parkson department store chain; The Gioi Di Dong, a chain of mobile phone stores; Vien Thong A, a chain of mobile phone stores; and TCT Group, that has five marts and Nha Dep Decor & Furniture Shops. … [Read more...]

Manulife Vietnam continues strong growth in the second quarter of 2012

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Manulife Vietnam, a top-three life insurer in Vietnam, has reported strong second quarter growth with total premiums and deposits increasing by 29 per cent and the annualiszed premium equivalent (APE) increasing by 26 per cent over the same quarter last year. '"The success of the first quarter inspired all our agency force and employees to strive even harder for strong growth in the second. With our strategy of diversifying our life-insurance product portfolio and providing customer services of international standards, we aim to become a key financial support for Vietnamese customers,'" said Chung Ba Phuong, CEO and general director of Manulife Vietnam. … [Read more...]

Manulife sponsors Vietnam’s team at the London Olympics

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One July 8, 2012 Manulife Vietnam, a top life insurer in Vietnam, sponsored a package of VND200 million ($9,500) for the Vietnamese team joining the 2012 Olympic Games in London. The amount includes VND10 million ($475) for each of 18 Vietnamese Olympians to cover personal expenses. This sponsorship underscores Manulife's commitment to supporting Vietnam's sports development under the cooperative agreement signed with the Vietnam Sports Administration in April 2012. "We are very proud to be able to reaffirm our support to the Vietnam Sports Administration. This is a great opportunity for us to express our care for Vietnam's top sportsmen and demonstrate our commitment to Vietnam's sporting future. We wish all of our Olympians great achievements at the London Games," said CEO of Manulife Vietnam Chung Ba Phuong Vietnam Sports Administration's vice chairman Lam Quang Thanh said: "This sponsorship not only gives financial support to the athletes but also a source of motivation to … [Read more...]

Manulife Vietnam reports strong growth in Q1

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Manulife Vietnam has just reported it had achieved a strong growth in insurance sales in the first quarter of 2012, with a year-on-year increase of 34% in annualized premium equivalent (APE). In addition to the business growth, the insurance service provider saw its agency force expand 31% over the same period last year. Chung Ba Phuong, CEO and General Director of Manulife Vietnam, said: "The results have proved the effectiveness of our consistent development strategies. Continuing the momentum of success from 2011, we have entered 2012 with a powerful strategic ambition to be a key growth engine for Manulife in the region." Also in the first quarter, Manulife Vietnam opened a new sales office in Halong City, Quang Ninh Province, increasing its network to 17 offices in 13 cities nationwide. This business expansion demonstrates Manulife's long-term commitment to the Vietnamese market. With such achievements, Manulife Vietnam will continue towards its vision to be among the most … [Read more...]

Manulife Vietnam to embrace customers

Life insurer Manulife Vietnam has launched "More Benefits, Better Satisfaction," to champion education and health programmes for customers nationwide. In cooperation with reputable education and healthcare partners, Manulife is offering special benefits to customers whose policies are issued from May 1, 2012 to April 30, 2014 and of annual premium fee from VND15 million ($718). These include a 5 per cent discount for platinum healthcare package and special short-term discount at ParkwayHealth Singapore, an application waiver and free Dell laptop or Ipad for students attending bachelor and postgraduate programmes at James Cook University, Singapore. In addition, its customers can benefit from a 20 per cent discount on admission fees, 5 per cent of tuition fees and 10 per cent of the tuition fees for winter and summer courses and 20 per cent discount for summer courses at the Olympia school Vietnam. Furthermore, each partner will dedicate a member of staff to handle inquiries … [Read more...]

Manulife Vietnam appoints new CEO

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Life insurer Manulife Vietnam has announced the appointment of Chung Ba Phuong as Manulife Vietnam's CEO and general director effective April 1, 2012. Prior to his current appointment, Vietnamese-Canadian Phuong was senior vice president of business development at Manulife-Sinochem Life Insurance Company (MSL) in China for three years, responsible for product pricing, marketing and employee benefits. Before joining MSL in 2009, Phuong worked for an international life insurance company for about ten years. Phuong has a Bachelor of Commerce degree from the University of Manitoba in Canada and is one of the youngest people to have received a fellowship at the Canadian Institute of Actuaries, according to Manulife Vietnam. Operating in Vietnam since June 1999, Manulife Vietnam, the first 100 per cent foreign-owned life insurance company to be licensed in Vietnam, provides financial services to more than 300,000 customers through a network of nearly 12,000 professional agents. … [Read more...]

Generali Vietnam expands operations in Vietnam

(VOV) - The Generali Vietnam Life Insurance (GVL) has officially inaugurated its modern customer service centre and insurance consulting office in the northern city of Hai Phong. According to GVL representatives, Hai Phong is an important port city and a centre for economics, culture, health, education, science, trade and technology in the northern coastal area. The opening of the office in Hai Phong will provide customers with convenient and professional services and diverse products of Generali Vietnam. So far, the company has located consulting offices and customer service centres in major cities including Ho Chi Minh City, Hanoi, Dong Nai, Hai Duong, Ba Ria Vung Tau, Can Tho, Vinh Phuc, Quang Ninh and Hai Phong and has a customer base of more than 75,000. … [Read more...]