The Finance Ministry has given the nod to the BIDV Insurance Company (BIC) to increase its charter capital 2.5 times to 500 billion VND (31.25 million USD), the company announced.
This will be the third time BIC has boosted their charter capital since early 2006. In April 2006, it raised capital to 100 billion VND and the figure was doubled six months later.
According to BIC, the Bank for Investment and Development of Viet Nam (BIDV) made the move to capital for BIC with the aim of improving its financial capacity and competitive edge as well as meeting demand of the insurance sector, which is forecast to boom in the near future.
BIC is currently among Viet Nam's top five non-life insurance companies.
Source: VNA
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