PVI Insurance Corporation and Seoul-based NongHyup Property and Casualty Insurance (NongHyup P&C) recently signed a Memorandum of Understanding (MOU) to secure their comprehensive business cooperation at PVI Insurance’s headquarters in Hà Nội.
According to the announcement, the five-year agreement is designed to reinforce collaboration in a number of key areas, such as expanding reinsurance capabilities, leveraging the extensive customer networks of both companies, and fostering innovation in the development of new products and services.
Dương Thanh Danh Francois, chairman of PVI Insurance, at the signing ceremony, said: “NongHyup Insurance is a professional and exclusive insurance company to provide insurance products for farmers in Korea. This is also the business area PVI wishes to develop in the future.”
“The cooperative agreement is expected to unlock business opportunities across the non-life insurance and reinsurance domains, capitalising on the strengths of each company’s customer base, networks, and services for mutual benefit,” he added.
With NongHyup Financial Group, NongHyup Bank, Nonghyup Securities and other Korean companies already operating in Việt Nam, CEO of HongHyup P&C’s Choi Mun Seob said the company also looks forward to entering the Vietnamese market.
“Leveraging Việt Nam’s burgeoning insurance market, along with NongHyup Insurance’s expertise and capacity, we are committed to creating favourable conditions for mutual growth,” he commented.
According to Nguyễn Xuân Hòa, general director of PVI Holdings, agriculture remains a vital sector in Asian countries, including Việt Nam, where approximately 65% of the population are farmers or reside in rural areas, this cooperation agreement holds great significance.
Furthermore, it is also worth highlighting that the comprehensive business cooperation agreement was previously signed at NongHyup’s headquarters in Seoul last month.
PVI is Việt Nam’s largest non-life insurance company both in terms of revenue and network. The company is also the first and only enterprise in Việt Nam to receive a financial credit rating of A- (excellent) by AM Best.
In addition, NongHyup P&C was a member of NongHyup Financial Group, the financial arm of the Korea’s National Agricultural Cooperative Federation. It is an exclusive provider of government policy insurance products for Korea’s cooperative members. — VNS
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