Shinhan Life Opens First Overseas Subsidiary in Vietnam to Expand GA and Digital Channels

Shinhan Life announced on the 25th that it has officially launched a local corporation in Ho Chi Minh City, Vietnam, and has started operations.

[Asia Economy Reporter Oh Hyung-gil] Shinhan Life announced on the 25th that it has officially launched its local subsidiary in Ho Chi Minh City, Vietnam, and started operations.

Shinhan Life's first overseas subsidiary, the Vietnam branch, was established with a capital of 2.32 trillion Vietnamese dong, approximately 114.1 billion Korean won. It consists of about 40 members, including Branch Head Lee Ui-cheol, expatriates, and locally hired employees.

Since setting up a liaison office in Hanoi, Vietnam, in June 2015, Shinhan Life has conducted local life insurance market research and collaborated with Vietnamese financial authorities. In February last year, it obtained approval from the Vietnamese Ministry of Finance to establish the Shinhan Life Vietnam subsidiary.

The Vietnam subsidiary plans to focus its operations on face-to-face channels through partnerships with local GA agencies and digital channels targeting younger customers to ensure initial market entry and stable settlement. It also plans to expand sales channels such as bancassurance through synergy with group affiliates Shinhan Bank and Shinhan Card.

In particular, considering the face-to-face channel characteristics of the Vietnamese life insurance market and the strengths of Shinhan Life's telemarketing (TM), it aims to secure a foothold in the local market by diversifying sales channels covering both face-to-face and non-face-to-face methods.

Seong Dae-gyu, CEO of Shinhan Life, stated, "Based on Shinhan Life's insurance market know-how, we will strive for the development of the Vietnamese insurance industry," adding, "We will introduce differentiated sales models and provide new insurance services to meet the insurance needs of local customers."

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