MetLife will own 60 per cent of the company and BIDV and BIC will have the remaining 40 per cent.—File Photo

HCM CITY (Biz Hub) – MetLife. Inc, the Bank for Investment and Development of Vietnam (BIDV), and the Bank for Investment and Development of Vietnam Insurance Corporation (BIC) signed an agreement on Thursday to establish a life insurance joint venture in Viet Nam.

The signing was witnessed by Vietnamese Prime Minister Nguyen Tan Dung.

The venture follows a memorandum of understanding signed in July this year. It delivers on a key component of MetLife's strategy - expanding its presence in emerging markets.

The venture also represents BIDV's strategic direction into the field of life insurance, which is in line with the bank's business tradition.

It will have a charter capital of VND1 trillion (US$48 million). MetLife will own 60 per cent of the company and BIDV and BIC will have the remaining 40 per cent.

The joint venture will initially focus on offering life and health insurance products and is expected to become operational next year.— VNS