The Republic of Korea's conglomerate DB Group on Tuesday announced it has signed a memorandum of understanding (MOU) on business cooperation with Viet Nam's T&T Group.

The two have agreed to share their infrastructure and know-how in Viet Nam, and to enhance mutual synergy through various collaborations.

T&T Group, established in 1993, is a leading Vietnamese company engaged in various businesses, including financial services, energy, trade and real estate. It has over 200 subsidiaries and employs around 80,000 people.

DB Group's Viet Nam business is led by DB Insurance. Its property and casualty insurance unit was established in 1984. DB Insurance made a leap forward in Viet Nam's market by acquiring PTI Insurance in 2015, becoming the third-largest insurance company in terms of market share in the Southeast Asian country. — VNS