HÀ NỘI — Dai-ichi Vietnam Life Insurance Company (Dai-ichi Life Vietnam) and Sài Gòn-Hà Nội Commercial Joint Stock Bank (SHB) on Thursday joined hands in a strategic partnership for 15 years.

Under the strategic cooperation agreement signed by the two sides, Dai-ichi Life Vietnam will be the exclusive distributor of all life insurance products and other optional benefits for SHB customers for 15 years.

Accordingly, besides the insurance products available from Dai-ichi Life Vietnam, in the future, the two sides will coordinate to build product packages to suit the specific needs of each segment of SHB.

Võ Đức Tiến, vice chairman of the Board of Directors of SHB, said this cooperation aims to increase benefits for both sides with insurance-banking services packages.

Dai-ichi Life Vietnam and SHB commit to long-term, sustainable cooperation based on the principle of equality, mutual benefit and mutual trust, to develop macro strategies and strongly increase investment in Việt Nam in the future, Tiến added.

At the ceremony, Deputy Governor of the State Bank of Việt Nam Đào Minh Tú pointed out that the banking system in Việt Nam is implementing the restructuring process in the 2016-20 period with the objective of consolidating and enhancing its competitiveness and meeting the requirements of socio-economic development and international integration of credit institutions in Việt Nam.

Thus, the renewal of business strategies towards expansion, development of non-credit activities and cooperation with international institutions to develop new banking products and services is the trend in the Vietnamese banking sector today.

Tú emphasised, "The insurance market in general is very new, with many potential and opportunities,” adding that he believed this cooperation will open for both SHB and Dai-ichi Life new development stages, creating a positive spillover in the Vietnamese banking and financial system, thereby contributing to accelerating the restructuring of Việt Nam’s financial market in general and the restructuring process of Vietnamese credit institutions in particular. — VNS