Korea Life expects high growth in Vietnam’s life insurance market where just 5-6 percent of its 85 million population have joined life insurance, said General Director of Korea Life Vietnam, Hyun Jungseop.

He said that as the world economy is coping with the financial storm, Korea Life’s decision to invest in Vietnam, particularly the inauguration of its branch in Hanoi, is a grounded consideration.

Mr Jungseop also attributed the attraction of the Vietnamese life insurance market to its high young population rate as well as its accession to the World Trade Organisation that would help the country maintain economic growth and increase per-capita income.

He appreciated assistance the Vietnamese Government and relevant agencies extended to Korea Life, and hoped to receive more support for its operations.

Licensed by the Ministry of Finance on June 12, 2008, Korea Life Vietnam has an initial investment capital of US$60 million. The company plans to open two more branches in Ho Chi Minh City later this year.