HCMC – AIA Vietnam on Tuesday signed an investment management agreement to assign Vietcombank Fund Management Co. (VCBF) to manage the insurer’s investment portfolio in Vietnam.
By Thuy Trieu - The Saigon Times Daily
HCMC – AIA Vietnam on Tuesday signed an investment management agreement to assign Vietcombank Fund Management Co. (VCBF) to manage the insurer’s investment portfolio in Vietnam.
The investment portfolio is worth about VND150 billion and the contract will be valid in three years.
According to the agreement, AIA Vietnam portfolio will be divided into three separated portfolios with diversified investment objectives, namely the Conservative, Balanced, and Growth Portfolios managed by VCBF.
The Conservative Portfolio aims to generate stable income from interest sums, preserving capital through investment in government and corporate bonds. The Balanced Portfolio’s investment objective is to maximize total investment return through capital appreciation and income by investing in both bonds and equities. The Growth Portfolio is aimed to capture capital appreciation by investing in listed equities in Vietnam.
The portfolios will focus on the investment in corporate bonds and companies in high growth sectors such as consumer goods, construction materials, real estate, pharmaceuticals and retail.
Jamie Rains, CEO of AIA Vietnam, pinned high hopes on the cooperation.
“We are very optimistic about the cooperation with VCBF, one of the leading investment fund managers in Vietnam, given their experience and investment ability,” he said in a statement.
“We believe that this partnership will bring the investment opportunities to Vietnam, creating the basis for the development of associated insurance products to meet higher and more diversified demands of customers,” he added.
AIA Vietnam Life Insurance Company is a 100% foreign-owned life insurer and a member of the AIA Group. AIA Vietnam officially started operations in Vietnam in February 2000, offering a wide range of life insurance products and services for savings, education, and protection purposes.
AIA Vietnam has expands its business through a network of branches, representative offices and general agent offices in 29 provinces and cities across the country. The company now has about 300,000 customers.
VCBF is a joint venture between the Bank for Foreign Trade of Vietnam (Vietcombank) and Franklin Templeton Investments on 51:49 footing. Franklin Templeton is one of the world’s largest investment management organizations, with the assets under management of US$645 billion as of September 30 this year.