Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) and Manulife Vietnam are moving forward with their 16-year bancassurance deal.

Under the agreement that took effect on December 29 last year Manulife Vietnam will be the exclusive provider of insurance solutions to VietinBank customers.

A range of insurance, wealth and retirement products will gradually be distributed through VietinBank's extensive network nationwide by a professional and well-trained sales force supported by the latest digital tools and processes.

One of the first products to be distributed is “Diem Tua Thinh Vuong,” which is designed to enable customers to invest in funds while also protecting them against risks and offering other benefits.

Tran Cong Quynh Lan, deputy CEO of VietinBank, said “Understanding that protecting health and finance is one of the top priorities of every Vietnamese, VietinBank is pleased to accompany Manulife Vietnam in meeting these needs of customers.

“The two sides' shared focus on providing comprehensive, customer-centric financial products, services and solutions will contribute to making the partnership a successful and sustainable one.”

Sang Lee, CEO of Manulife Vietnam, said through this partnership with VietinBank, Manulife has an opportunity to protect 14 million plus customers of the bank by giving them greater access to the right information, advice, services, and solutions.

“We have both been on a similar transformation journey for a number of years now and what makes me truly excited is that we have a shared ambition for delivering best-in-class digital and customer-centric solutions.

“Looking to the future we continue to be very optimistic about the growth of the bancassurance market here in Viet Nam.

“I believe there is also a real opportunity for us to help close the protection gap, improve the life insurance penetration rate, and respond to the public’s growing interest in health and wellness.”

In 2021 Manulife was the combined market leader across all distribution channels in terms of first year premiums. — VNS