ACE Asia Pacific, an arm of the US insurance ACE Group, received a license to establish a general insurance company in Viet Nam on Thursday.
Vietnamese Minister of Finance Vu Van Ninh presented the license to ACE Asia Pacific in a ceremony in Ha Noi witnessed by Prime Minister Nguyen Tan Dung.
“I would like to thank the Ministry of Finance and the Vietnamese Government for their support, and we look forward to officially launching our property and casualty insurance business in Viet Nam,” ACE Group president and CEO Evan Greenberg said in a Thursday statement.
“With the country’s acceptance into the World Trade Organization, Viet Nam is poised to continue its rapid growth and increased prosperity for its people,” he added.
The new company in Viet Nam will be called ACE Insurance Company Limited.
On the same day, Minister Ninh presented a general insurance license to the Liberty Mutual Insurance Company, also from the US.
ACE opened a representative office in Ha Noi in 1996 and commenced its life insurance operations in September last year, with about 2,000 agents now.