50 000 life insurance policy

As many as 50,000 workers in HCM City have witnessed falling incomes so far this year, said an official from the HCM City Labour Federation. Ty Hung Company in HCM City has announced to dismiss nearly 1,200 workers from December 1, 2022 due to the company's financial difficulties According to Tran Doan Trung, vice chairman of the trade union organisation, the workers were from 155 companies. Currently, many local companies, including those in garment and textile, footwear and furniture, are facing difficulties due to being affected by inflation and the Russia-Ukraine war. Lots of businesses have had to reduce working hours or even dismiss part of their staff. By November 15, 50,000 workers from 155 companies in HCM City had experienced lower incomes. Amid the situation, Trung forecasted that many firms would fail to offer Tet bonuses for their workers. Nearly 49,000 companies still owed at least one month’s social insurance. So far … [Read more...] about 50,000 HCM City workers face falling incomes

At the closing ceremony of the 2022 Bac Lieu Culture-Tourism Festival The 3-day long event gained achievements in promoting investment to contribute to the province’s development, introducing culture and tourism of the province and honoring Vietnamese UNESCO-recognized intangible cultural heritages, Chairman of the People’s Committee of Bac Lieu Province emphasized at the closing ceremony. Highlight events of the 2022 Bac Lieu Culture-Tourism Festival and Da Co Hoai Lang Festival were the 2022 Bac Lieu Don Ca Tai Tu Nam Bo (Southern amateur music) Festival and the " Space of convergence of Vietnamese Intangible Cultural Heritages’ quintessence " program. The Southern amateur music festival attracted 10 art troupes of Don Ca Tai Tu Nam Bo with 150 artists from provinces and cities in the region. The festival aims to contribute to improving the quality of the cultural and arts movement in Bac Lieu. The Vietnamese intangible cultural heritages that have been honored and … [Read more...] about Bac Lieu Culture-Tourism Festival 2022 attracts 50,000 visitors

According to several business associations in HCMC, some banks have made it a condition that firms’ buy insurance policies through the banks (bancassurance) if they are to get loans, increasing their financial burden. Individual borrowers have also reported that they are being forced to use bancassurance services when they request fresh bank loans or renewal of expired ones. A woman told VnExpress that she was requested by the staff of a private bank in the city to buy a life insurance policy of VND60 million ($2,400), equivalent to 4% of the loan she’d asked for. "I do not need a life insurance policy, but if I do not spend that big sum of money on buying it, I am afraid that the bank will deny the loan," she said. There are reports that many bank employees are taking advantage of the situation of tightened credit to force customers to use bancassurance services. Many commercial banks have reached or nearly reached the credit growth cap set by the central bank. Vietnam … [Read more...] about Banks asked not to force borrowers to buy insurance

J.P. Morgan – a global leading financial institution – acted as the exclusive financial advisor to LienVietPostBank on this transaction. This agreement is expected to come into effect in December with a 15-year term. Under the partnership, Dai-ichi Life Vietnam will be the exclusive provider of all innovative life insurance products and superior add-on benefits for LienVietPostBank customers. They will be introduced to a wide range of insurance products from Dai-ichi Life Vietnam through its network of bank branches and transaction offices across 63 provinces and benefit from the bank’s surging digital banking system, thereby enhancing the customer experience. This is in line with LienVietPostBank’s digital transformation strategy to become Vietnam’s top retail bank. The strategic partnership between LienVietPostBank and Dai-ichiLife Vietnam started in November 2016. After six years of cooperation, LienVietPostBank and Dai-ichi Life Vietnam have provided financial services to … [Read more...] about LienVietPostBank and Dai-ichi Life Vietnam sign exclusive 15-year agreement

Sacombank and Dai-ichi Life Vietnam win the award for Best Bancassurance Provider Vietnam 2022 from the UK’s Global Banking and Finance Review. — Photo courtesy of Sacombank Sacombank and Dai-ichi Life Vietnam were honoured with the award for Best Bancassurance Provider Vietnam 2022 from Global Banking and Finance Review, a leading international finance magazine based in the UK. The prestigious annual award aims to honour companies and business leaders globally for their outstanding achievements in bancassurance activities. Previously, the two companies were named the Most Trusted Bancassurance Provider Vietnam for 2021 by Finance Derivative, a financial and business analysis magazine from the Netherlands. More than five years after entering an exclusive partnership, the bancassurance services offered by Sacombank and Dai-ichi Life Vietnam have achieved many impressive results, providing financial protection solutions for more than 460,000 Sacombank customer families who have … [Read more...] about Sacombank, Dai-ichi Life win bancassurance award

Representative of Igloo works with farmers in the Mekong Delta region. — Photo courtesy of the company Singaporean insurer Igloo on Thursday launched Viet Nam’s first Weather Index Insurance, a blockchain-based parametric Index Insurance product that automates insurance claims of rice farmers. The product is a partnership between Igloo and PVI Insurance, the Vietnam Meteorological and Hydrological Administration (VNMHA), and international reinsurer SCOR. With underwriting support from PVI and SCOR, Igloo utilises blockchain technology to develop a Weather Index Insurance that automates claims through the use of smart contracts. At an affordable premium starting from VND220,000 per hectare, with a minimum coverage area of 0.1 hectare, the product protects farmers against irregular rainfall distribution. With rainfall data collected from VNMHA and monitored by Igloo, the parametric insurance will pay out claims calculated using pre-assigned values for losses due to weather … [Read more...] about Igloo launches first blockchain-based weather index insurance for rice farmers in VN

Pupils with helmets in the ceremony at Lung Tam primary school, Quan Ba district, Ha Giang The campaign ceremony featured the Board of Directors and employees of Tokio Marine Insurance Vietnam, representatives of the National and Provincial Traffic Safety Committee, the local Department of Transport and Department of Education and Training, local administrative associations, the school management boards, and over 800 pupils. According to Pham Viet Cong, deputy chief of Office at NTSC, the first 10 months this year saw 9,212 traffic accidents nationwide, killing 5,221 people and injuring 6,140. In its endless journey “To Be a Good Company”, Tokio Marine has conducted various CSR programmes annually to support the disadvantaged and contribute to the sustainable development of the local environment and community. The number of traffic accidents increased by 240 cases, equal to 2.67 per cent, in which deaths jumped by 641, up 14 per cent on year. “Road traffic … [Read more...] about Tokio Marine Insurance Vietnam donates quality helmets to Ha Giang students

Located on Le Van Khuong Street, the block has over 40 rooms and the majority of tenants are workers of garment factory Sun Kyoung Vietnam, which is 100% South Korean-owned. Early November this month, the company declared that it will cease operations because partners had suddenly canceled all orders. This meant the dismissal of around 830 employees. Ten days after it made the closure announcement, the company made its final payments to the workers. "I received a total of VND12 million ($484.26) as October salary and financial support," said Chau Thi Ha, a 32-year-old Tra Vinh native who worked at the factory for more than two years. Chau Thi Ha cooks dinner, her family's one meal of the day, at a rented room in HCMC's District 12. Photo by VnExpress/Le Tuyet Since her dismissal, Ha has been scrimping like crazy. After spending over VND2 million per month on rent, she has been very careful about spending in case she couldn't find another job and had to rely on … [Read more...] about Year-end layoffs force frugal life on thousands of factory workers

Vietnam is among the top five rice exporters in the world, with 95 percent of its exports coming from the Mekong Delta region. However, food production is challenged bysevere climateconditionssuch as floods and shifting rainfall patterns that lead to loss of yield for paddy farmers. It is estimated that a one-percent increase in insurance penetration helps reduce disaster recovery expenditure by almost 22 percent. While insurance can hedge against inclement weather, it is expensive. Agri-insurance product development and distribution are impacted by low awareness amongst the farming community, challenging distribution economics and regulatory frameworks. Considering the above challenges and opportunity at stake, Igloo with its end-to-end insurtech capability has tried to create the most optimal value chain supported by ecosystem enablers to deliver agri-insurance at scale. With underwriting support from PVI & SCOR, Igloo utilized blockchain technology to develop a … [Read more...] about Igloo launches the first blockchain-based weather index insurance for rice farmers in Vietnam

'Bridge the Gap’ reaffirms Manulife’s commitment to providing comprehensive protection solutions to help customers in Vietnam and their loved ones build a better future. Manulife Vietnam today announced the launch of its ‘Bridge the Gap’ campaign to raise awareness of the insurance protection gap. A key pillar of Manulife’s Global Impact Agenda is focused on opening up economic opportunities for all, accelerating the upward mobility of underrepresented groups, and making financial solutions more accessible. ‘Bridge the Gap’ reaffirms Manulife’s commitment to providing comprehensive protection solutions to help customers in Vietnam and their loved ones build a better future. Left to right: Sang Lee- CEO Manulife Vietnam, Marilyn Wang, Chief Marketing Officer and Phung Ba Khang, Chief Product & Health Officer Throughout the campaign, Manulife Vietnam will provide educational materials, including articles, videos, and minigames on social media to help … [Read more...] about Manulife Vietnam launches ‘Bridge the Gap’ campaign to raise awareness of insurance protection