INCHCAPE Insurance Holdings (Hong Kong), part of the international services and marketing group, has become the first insurance broker to be fully licensed to conduct retail business in Vietnam.
The company is setting up a joint venture with Vietnamese state-owned insurance company Baoviet.
Each partner will invest US$125,000 to cover the operation's start-up costs.
The new company, Inchinbrok, will operate initially from Hanoi and Ho Chi Minh City, providing the first retail insurance broking service in the country.
The company will arrange general commercial insurance and financial services on behalf of multinational companies investing in Vietnam and Vietnam-foreign joint ventures.
Inchinbrok will place business with Baoviet along with other insurance companies in the country, thus helping in the development of a more competitive market.