Shinhan Life Obtains Approval for Establishing Vietnam Corporation... "Official Launch Scheduled for Next Year"

Approval Granted for Establishment After 7 Months
New Entry into Korean Life Insurance Market After 13 Years

[Asia Economy Reporter Ki Ha-young] Shinhan Life Insurance has obtained approval to establish a local life insurance company in Vietnam just seven months after applying. Shinhan Life Vietnam plans to officially launch in 2022 after a one-year preparation period for starting operations.

Shinhan Life announced on the 19th that it received approval from the Vietnamese Ministry of Finance to establish a local life insurance company. This new establishment approval for life insurance in Vietnam is the first in five years since 2016, and for Korean life insurance companies, it is the first in 13 years since 2008.

Typically, approval for new financial institutions in Vietnam takes about 2 to 3 years, but the approval for Shinhan Life Vietnam was granted in the shortest period of seven months after the application was submitted in July last year.

Shinhan Life established a business model based on the synergy of Shinhan Financial Group and made efforts to secure financial stability, including depositing capital of 100 million USD (approximately 110 billion KRW) in December last year.

A Shinhan Life official said, "This approval was effective due to group-level support and quick feedback on requests from the local Ministry of Finance," adding, "With active support from the Korean Embassy in Vietnam and financial authorities, we were able to obtain the establishment approval faster than expected."

This content was produced with the assistance of AI translation services.