Charter capital up $5 million to $58.5 million.
ACE Life, the global life insurance division of the ACE Group, announced on September 7 that the charter capital of its company in Vietnam had increased more than VND100 billion ($5 million).
This was the first time in five years ACE Life Vietnam has increased its charter capital, bringing it to more than VND1.3 trillion ($58.5 million).
The increase expresses the strong commitment to ACE Life Vietnam’s stable development, according to Mr. Lam Hai Tuan, Chairman and Country President of ACE Life Vietnam.
Vietnam has created a favorable business environment for foreign investment with policies to support the growth of the insurance industry - a key sector in stimulating economic development, Mr. Tuan was quoted as saying.
2015 marks ten years of ACE Life Vietnam’s operations in Vietnam. The company has opened three new sales offices - in Quang Ngai city in Quang Ngai province, Dalat in Lam Dong province, and Buon Ma Thuot city in Dak Lak province.