INCHCAPE Insurance Holdings (Hong Kong) is the first insurance broker to be fully licensed to conduct retail business in Vietnam, through a joint venture with state-owned insurance firm Baoviet.
Each partner will invest US$125,000 in Inchinbrok, which will initially operate from Hanoi and Ho Chi Minh City.
It will provide the first retail insurance broking service in Vietnam, as well as general commercial and financial services for companies investing in Vietnam and Vietnamese-foreign joint ventures.
Inchcape now has insurance operations in 11 Asia-Pacific countries, including Hong Kong, Thailand, Singapore, Malaysia, Taiwan, Japan and South Korea.
Last September, it completed a correspondent agreement with Zuellig Insurance Brokers of the Philippines.