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.