The Republic of Korea's conglomerate DB Group announced on May 30 that it has signed a memorandum of understanding (MOU) on business cooperation with Vietnam's T&T Group.
The two have agreed to share their infrastructure and know-how in Vietnam, and to enhance mutual synergy through various collaborations.
T&T Group, established in 1993, is a leading Vietnamese company engaged in various businesses including financial services, energy, trade and real estate. It has over 200 subsidiaries and employs around 80,000 people.
DB Group's Vietnam business is led by DB Insurance, its property and casualty insurance unit established in 1984. DB Insurance made a leap forward in Vietnam's market by acquiring PTI Insurance in 2015, becoming the third-largest insurance company in terms of market share in the Southeast Asian country.