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INSURANCE | Staff Reporter, Korea

Samsung Life in talks to buy 20% stake in Bao Viet Life: report

The move comes after the Vietnamese government’s plan to privatise SOEs.

Samsung is reportedly aiming expand its foothold into Vietnam with plans to acquire about 20% stake in Bao Viet Life, reports Korea Times.

"We can't comment on details at this point, but it is true the discussion is underway with Bao Viet," a Samsung Life spokesperson said. "There are hurdles to be addressed regarding some legal issues with the Vietnamese government."

Also read: Korean life insurers hit by short-term pain in shift towards protection products

The life insurer is fully owned by Bao Viet Holdings which has a market cap of over $2.65b. The government owns 72% of the parent firm’s shares.

Bao Viet may soon allow foreign firms to acquire shares in its life insurance unit following the Vietnamese government’s plans to privatise a number of some state-owned firms.

Samsung Life's move comes after Korean president Moon Jae In’s New Southern Policy which pushes Korean firms to strengthen its presence in ASEAN as its country members have become Korea’s second-largest trading bloc next to China.

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