BIDV, MetLife link up for joint venture

MetLife Limited (a subsidiary of MetLife, Inc.) and two local partners, the Bank for Investment and Development of Vietnam (BIDV) and its affiliate Bank for Investment and Development of Vietnam Insurance Joint Stock Corporation (BIC), today launched their joint venture, with the aim of delivering world-class, innovative insurance products that cover the needs of Vietnamese customers across all of their life stages.

The joint venture, named BIDV MetLife Life Insurance Limited Liability Company (BIDV MetLife), got its establishment and operation license granted by Vietnam’s Ministry of Finance in July 2014.

“Vietnam is a key strategic focus for MetLife and today marks the beginning of a journey together with our partner BIDV towards our goal of becoming a top-tier life insurer in the country. After today, BIDV MetLife’s products will be available to Vietnamese consumers initially through 90 BIDV transaction points in Hanoi, with more BIDV branches being incorporated in the future,” said Christopher Townsend, MetLife’s president for Asia.

“We look forward to bringing more products, technology and capabilities to Vietnam to help consumers add more value to their lives,” Townsend underscored.

BIDV chairman Tran Bac Ha said, “BIDV’s commitment to our customers as well as our drive to grow our retail business through innovation resonates with MetLife’s core values, creating a synergy that will benefit customers in Vietnam. We are very pleased that with this partnership, BIDV will be able to offer a full suite of financial products to our customers.”

Of the joint venture’s charter capital of VND1 trillion (approximately $48 million), 60 per cent will come from MetLife and the rest from BIDV and BIC.

The partnership also involves an exclusive bancassurance agreement whereby BIDV MetLife’s products will be made available through BIDV’s national bank network.

BIDV MetLife brings together the credibility and trust of BIDV, one of Vietnam’s oldest and leading banks, which currently serves six million customers, partnering with the experience of MetLife, a leading global life insurance provider with nearly 150 years of experience, serving 100 million customers worldwide, financially stable with $836.8 billion in total assets, and offering innovative financial products and high levels of service.

MetLife, a Global Fortune 500 Company, has been in Asia for over 60 years and its 2013 operating earnings for Asia was $1.2 billion.