T&T Group and DB Group have joined forces in a strategic alliance, aiming to drive investment collaboration across various sectors in Vietnam but with a primary focus on the insurance industry.
A delegation from Vietnam’s T&T Group, led by chairman of the board Do Quang Hien, embarked on a visit to the headquarters of DB Group, a prominent economic powerhouse in South Korea, on May 25.
Under this comprehensive accord, T&T Group and DB Group will support each other's endeavours with the shared goal of becoming leaders in Vietnam's thriving insurance sector. Additionally, the two groups have committed to jointly exploring and executing ventures across multiple other industries.
Speaking at the signing ceremony, Do Vinh Quang, vice chairman of the Board of Directors and Deputy CEO of T&T Group, highlighted the shared vision of both companies to excel in Vietnam's insurance sector.
Recognising the potential in other areas such as finance, asset management, IT, and real estate, Quang emphasised the importance of leveraging these strengths to achieve sustainable growth for both conglomerates.
He expressed confidence, stating, “This strategic collaboration will unlock new opportunities, enhance business efficiency, and contribute to the long-term development of both Vietnam's and South Korea's economies.”
Kim Ju Won, vice chairwoman of DB Group, warmly welcomed the T&T Group delegation and expressed her optimism for a fruitful partnership built upon the collective expertise and capabilities of both companies. She envisages a collaborative landscape spanning various industries.
“In a challenging economic climate characterised by sluggish growth, the alliance between T&T Group and DB Group exemplifies proactive business acumen,” she added.
“This collaboration demonstrates the commitment of Vietnamese and South Korean enterprises to seek new opportunities and foster mutual growth. As it approaches its 30th anniversary milestone, this landmark alliance reaffirms T&T Group's position as a leading private conglomerate in Vietnam,” Won concluded.
In March, DB Insurance acquired a 75 per cent ownership stake in the Vietnam National Aviation Insurance Corporation (VNI), following the transfer of shares from a group of investors consisting of 19 individuals and one institution.
DB Insurance has been active in the Vietnamese insurance sector for over a decade. In addition to its recent investment in VNI, they are also the major shareholder in the Post and Telecommunication Joint Stock Insurance Corporation.
Founded in 1969, DB Group operates across three core business domains, covering insurance, financial credit, and manufacturing-services. Despite its relatively recent establishment, it has achieved remarkable and sustainable growth.
As one of South Korea's top ten conglomerates, DB Group's influence extends beyond the financial and insurance sectors, with ventures in steel production, semiconductor materials, and environmentally friendly lighting solutions.
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