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 On 18 December 1993, the Socialist Republic of Vietnam issued Decree 100CP regarding insurance business in Vietnam. The Decree has opened a new era in Vietnam’s insurance industry. Together with multi-component economy, Vietnam’s insurance industry was developed based on socialist-oriented market economy, reflecting the general policy of the government and demands of the Vietnamese insurance market, after being an exclusive agency for many years. Having gained full authorization from the Ministry of Finance and approval from the People’s Committee of Ho Chi Minh City through the Licence No. 1529/GP-UB, Nha Rong Joint-stock Insurance company has officially opened and operated since 11 July 1995.
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With large entrepreneurs in various industries as share holders, Nha Rong Joint-stock Insurance company (BAO LONG) has gained a prestigious position not only domestically but also internationally. With an enthusiastic, confidential, and highly qualified energetic team BAO LONG has is ideally set up to run with the developing speed of domestic economic growth and of the insurance industry itself. The company has widened the scope of their activities domestically and overseas, and has also organised branches in the North (Hanoi), in the Midlands (Khanh Hoa), in the South East region (Ba Ria – Vung Tau) as well as a nationwide network of insurance agents. Nowsadays, the company is ready to establish relationships with other domestic and international reputable insurers in order to reinforce and exchange both experience and professional competence, to co-ordinate and co-operate business, in such a way to expand the reinsurance market with leading reinsurers. Over seven years, the company has gained a fixed share in the Vietnamese insurance market which gradually stabilizes the operation mechanisms, maintaining a number of regular clients and creating a new client bank. As a result, the company has created a sound financial base with an annual turnover increasing by over 10%. Apart from paying tax to the government, paying dividends to share holders, in the beginning of 2000 the company’s total capital has doubled the initial charter capital contributed by the shareholders. The company also built a sizeable head office in the city center.
Today Nha Rong Joint-stock Insurance company becomes a reliable insurer in Vietnam’s insurance industry. However, for proper requirements and demands of clients who need a better insurance service in the market economy, BAO LONG comes to learn that we need to strive to improve our performance and services.
With the help of Board of Directors and the efforts of the Board of Management and the entire staff working together for the motto “All for the customer”, BAO LONG is determined to win victory in the development of the company in order to provide clients with the most secure, reliable, convenient and effective insurance service. |
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