Reviewing milestones from the 50 years of Bao Viet’s operations, Chairman of the Board of Directors Dao Dinh Thi said that in 1993, the group advised the Government in issuing Decree No. 100/1993/NĐ-CP allowing the formation of many local insurance companies in the country.
Bao Viet is also the pioneer in offering life insurance in Vietnam since 1996. Its foundation of Bao Viet Securities, the first securities company in Vietnam in 1999, and establishment of Bao Viet Fund in 2005, laid the foundation for the establishment of Bao Viet Holdings in 2007 after its reconstruction.
The group is also the first State-owned company to successfully implement equitisation with the involvement foreign strategic shareholders. The Ministry of Finance is the group’s largest shareholder, representing 70.91% of total shares, followed by Japan’s Sumitomo Life with 18%.
As of mid-2013, the group’s total charter capital reached VND6.8 trillion (US$320 million), equivalent to more than 680 million shares listed on the Vietnamese stock exchange.
Appreciating achievements Bao Viet has made over the last years, Deputy Prime Minister Vu Van Ninh said that the group has contributed greatly to the construction and development of the insurance market in Vietnam, becoming the mainstay for many enterprises during their production and business operations.
To fulfill the target of becoming the leading finance and insurance group in Vietnam and the region, Deputy PM Ninh stipulated the group focus on the specialised field of insurance and finance that make up the Bao Viet brand, while actively getting involved in the implementation of social welfare policies offering agricultural insurance, insurance for fisheries, natural disaster insurance, and nuclear energy insurance.
Ninh urged the group to enhance governance according to international standards and fulfill risk management and transparency of information to secure business operations, in addition to consolidating the organisational structure, developing personnel and investing more in infrastructure development, especially information technology to serve customers.
On the occasion, Vice President Nguyen Thi Doan awarded Bao Viet the Labour Order, first class for its outstanding achievements over the last 50 years.
