Contract Signing Ceremony between BaoViet & Strategic Partners

On 13 September 2007, Vietnam Insurance Corporation ( BaoViet) signed subscription contracts with its strategic partners, including HSBC Insurance ( Asia Pacific ) Holdings Limited (HSBC Insurance ) and Vietnam Shipbuilding Industry Group (Vinashin).

 

Under the contract signed between BaoViet and HSBC Insurance, HSBC Insurance purchased 10 per cent of BaoViet’s stake, for VND 4,121 billion ( US$ 255 million).

Under the contract signed between BaoViet and Vinashin, Vinashin purchased 3.56 per cent of BaoViet’s stake, for VND 1,467 billion (US$ 90 million).

 

Attending the ceremony were Mr Nguyen Sinh Hung, Standing Deputy Prime Minister; Mr Vu Van Ninh, Minister of Finance. The signing of the contracts between BaoViet and its strategic partners has great significance to the development of BaoViet. This also shows the strong support from the Government in the equitization of BaoViet and marks a critical milestone in the Government’s policy on equitization of State- owned enterprises.