Vien Dong insurance firm releases background

Thursday, May 15, 2008
Vien Dong Insurance Joint Stock Co (VASS) has joined the non-life insurance market since 2004 with a chartered capital of 72 billion dong and that is now 300 billion dong. VASS's shareholders include many potential and prestigious monetary commercial institutions like Saigon Thuong Tin Joint Stock Commercial Bank (Sacombank), Oriental Commercial Joint Stock Bank, Military Bank, Hanoi Building Commercial Joint Stock Bank (Habubank), HCM City Securities Co and Vietfund and Lam Son Sugar and Sugarcane Co.

So far, VASS with the headquarters in HCM City has provided its over 50 insurance service packages to 33 provinces nationwide and launched 24 branches, 45 customer service offices and over 2,500 agents through out the country.

In order to improve its competitive capacity, VASS has cooperated with many non-life and life groups such as Vietnam National Reinsurance Co (Vinare), Liberty Mutual, Aon Re, Lioyd's London, Munich Re and Pacific International.

Last year, VASS' revenue from insurance service reached 167.5 billion dong, an over two fold increase against 2006 and 35.8 billion dong from pre tax profit and that could be 246.8 billion dong and 84 billion dong respectively within this year.

In 2008, the company targets to double its chartered capital to 600 billion dong from the current of 300 billion dong.

On the OTC market, VASS' shares are being traded ranging between 17,000 dong and 18,000 dong per share.