York Life enters Vietnam

York Life enters Vietnam

HANOI (DPA): U.S. insurance giant New York Life opened its representative office in Hanoi Friday, and pledged substantial long-term investment in the country as Vietnam and the United States forge closer economic ties under a recently signed trade agreement.

The firm, one of the world's largest insurance companies, will be looking to invest some its 131-billion-dollar investment portfolio in Vietnam, said executives from the company's overseas arm.

"Specific investments in Vietnam will depend on the needs of the local economy," Gary G. Benanav, chairman and CEO of New York Life International, said ahead of a ribbon cutting ceremony.

Benanav said the firm's investment schemes may be similar to those it pursued recently in India and China, where it invested in telecommunications, infrastructure, and water treatment facilities.