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Hanwha Life’s Vietnamese operation rakes in its first profit

Collected: 2016.11.17

Distributed: 2016.11.21

Source: Go Direct

Hanwha Life Insurance Co. that was the first among Korean insurers to venture into Vietnam in 2009 said it was celebrating its first profit from its Vietnamese operation.

Korea’s second life insurer raked in net profit of around 300 million won ($255,689) in July-September period, a rare feat for a foreign entity doing business solo instead of joining up with a local player.

Since establishing a Hanoi office in 2005, the company spent four years to elevate it into a legal corporate status in 2009. Except for the regional head and two employees, the rest of 240 staff are all local hires. Its strategy paid off as the local environment boosted morale and consumer confidence. The company also is highly rated by the Vietnamese society through its generous social benefits. It has been offering medical subsidy for elderly and children of poor families since 2014.

The company hopes to join the top five insurers in Vietnam by 2020. After its presence in Vietnam is secure, it would branch out to other Southeast Asian countries. In July, it pledged 150 billion won in new investment to its Indonesian operation.

By Park Joon-hyung

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