US insurer MetLife and BIDV on Wednesday agreed to set up a life insurance joint-venture in Viet Nam.—Photo BIDV

WASHINGTON (Biz Hub) — US insurer MetLife and the Bank for Investment & Development of Viet Nam (BIDV) on Wednesday agreed to set up a life insurance joint-venture in Viet Nam later this year.

A memorandum of understanding was signed during President Truong Tan Sang's visit to the US, highlighting MetLife's ambition to expand into Southeast Asia.

It also marks BIDV's strategic foray into life insurance, which complements the bank's business tradition, it said in press release.

The joint venture hopes to leverage the large network of BIDV branches across the country and will offer Vietnamese customers access to global expertise, financial reliability, and a wide range of products and services.

MetLife is the largest life insurer in the US and has been in Asia for over 60 years.

It was named one of the "World's Most Admired Companies" by Fortune Magazine in 2011, and is ranked 40th in this year's Fortune 500 list.

BIDV, founded in 1957, is the bank with the longest history in Viet Nam.

It also has interests in securities, insurance, and a presence in several countries like Laos, Cambodia, Myanmar, and the Czech Repulic.

Christopher Townsend, MetLife's president for Asia, said: "Viet Nam is a dynamic emerging market and is one of the fastest growing life insurance markets in Asia.

"This agreement paves the way for the formation of a unique and compelling partnership and reinforces our commitment to Asia and our goal of becoming a top-tier life insurer in the region. —VNS