Hyundai Marine & Fire Insurance Establishes Integrated Domestic and Overseas Coverage Solution for Vietnamese Students

Hyundai Marine & Fire Insurance builds one-stop coverage system with Hi-International Student Insurance
Signs MOU with the Association of Vietnamese Students in Korea (VSAK)

Hyundai Marine & Fire Insurance announced on the 11th that it has signed a “strategic memorandum of understanding (MOU) for group insurance enrollment and the establishment of an integrated coverage system” with the Association of Vietnamese Students in Korea (VSAK) to support the lives of Vietnamese students in Korea. The signing ceremony was held on the 9th at the Embassy of Vietnam in Korea and was attended by Yoo Youngcheol, Executive Director and Head of Corporate Sales Division 2 at Hyundai Marine & Fire Insurance, VSAK Chairman Nguyen Tran Hung, and Vu Ho, Ambassador of Vietnam to the Republic of Korea, adding significance to bilateral cooperation in education and insurance finance.

From the left, Yu Youngcheol, Executive Director and Head of Corporate Sales Division 2 at Hyundai Marine & Fire Insurance; Vu Ho, Ambassador of Vietnam to Korea; and Nguyen Tran Hung (right), president of the Association of Vietnamese Students in Korea, are posing for a commemorative photo after signing a memorandum of understanding at the Embassy of Vietnam in Korea on the 9th.

This agreement was pursued to protect the health rights of Vietnamese students, who account for the largest share (37.6%) of international students in Korea. In particular, it aims to close the medical coverage gap for language trainees who are excluded from National Health Insurance coverage for six months after entering the country. Hyundai Marine & Fire Insurance will introduce a global integrated coverage solution in collaboration with VBI (VietinBank Insurance), a local Vietnamese insurer. Hyundai Marine & Fire Insurance currently holds a 25% stake in this company.

The core of this program is a “global integrated solution” that connects insurance coverage in Vietnam and in Korea into a single framework. Students enroll in VBI insurance before departing from Vietnam and simultaneously apply for Hyundai Marine & Fire Insurance’s Hi-International Student Insurance. The insurance contract is then concluded upon their entry into Korea, at which point coverage begins. Through this, they can receive coverage not only for injuries and illnesses that occur during their stay in Korea, but also for medical expenses incurred after returning to Vietnam.

Hyundai Marine & Fire Insurance expects that this MOU will help close the medical coverage gap for more than 20,000 Vietnamese students each year.

Executive Director Yoo Youngcheol said, “The core of this agreement is to help Vietnamese students who have chosen to study in the Republic of Korea focus on their studies without financial burden when they fall ill or are injured,” adding, “We will continue to expand customized insurance services by country and put into practice a model of mutually beneficial global finance.”

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