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Under the deal, Dhipaya and ENC PLUS (Korea) will co-operate with Bao Minh to provide insurance services to Thai investors in Viet Nam. — VNS Photo
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BANGKOK (Biz Hub ) — Vietnamese insurer Bao Minh Corporation signed an agreement with Thailand's Dhipaya Insurance Company and Korean insurance brokerage ENC PLUS in Bangkok on December 12.
Under the deal, Dhipaya and ENC PLUS (Korea) will co-operate with Bao Minh to provide insurance services to Thai investors in Viet Nam.
Bao Minh will also introduce to Dhipaya its customers who invest in Thailand.
Founded in 1951, Dhipaya, a State-owned company, provides insurance services for major public projects and the Petroleum Corporation of Thailand.
Its premium income topped US$850 million in 2013, making it one of the leading insurance companies in Thailand.
It has finalised strategies to expand its operations in Mekong riparian countries like Laos, Myanmar, Viet Nam, Cambodia, and China in the next five years.
Therefore, Dhipaya seeks to expand co-operation with local insurers in those countries including Viet Nam.
ENC PLUS is a (re)insurance broker who supports Bao Minh with reinsurance for large-sized projects in Viet Nam. ENC also works with Dhipaya to insure projects in Thailand with which Korean petrochemical contractors are involved and supports it with various types of reinsurance.
Dhipaya plans to sign a similar agreement with another Vietnamese insurer, Bao Viet Insurance Corporation.
At present, Thailand and Korea are the two nations that are increasing their investments in Viet Nam considerably.
For that reason, co-operation between Bao Minh, Dhipaya, and ENC PLUS will be a good augury for development of co-operation in the insurance industry between Viet Nam, Thailand, and Korea. — VNS