The PVI Insurance Corporation (PVI Insurance) signed an MoU on July 11 with South Korea’s NH P&C Insurance on a five-year cooperative arrangement.

The two insurers will establish a relationship to identify more business opportunities, expand the reinsurance field, and simultaneously take advantage of their customer and service networks to develop the strengths of their products and services.

Speaking at the signing ceremony, Mr. Duong Thanh Danh Francois, Chairman of PVI Insurance, said Vietnam and South Korea have upgraded relations to a comprehensive strategic partnership, while the Vietnam-Korea Free Trade Agreement (VKFTA) has firmly boosted trade and investment between the two countries. PVI Insurance hopes to work closely with NH P&C Insurance in all fields of potential, especially agricultural insurance and reinsurance.

“I believe the cooperative program between PVI Insurance and NH P&C Insurance will provide a solid basis for the two to take advantage of their competitive advantages to bring mutual benefits and create high-value results, promoting the sound relationship between the two companies,” he said.

Meanwhile, Mr. Choi Mun Seob, CEO of NH P&C Insurance, said he hopes the two sides will cooperate closely in Vietnam’s insurance market and jointly develop and create a new profit model, for the two companies to grow together.