Prudential Plc on Tuesday announced that it had reached an agreement to sell 100 per cent of its Prudential Vietnam Finance Company (PVFC) to Shinhan Card Co Ltd, a subsidiary of the Shinhan Financial Group (Shinhan), at a cost of US$151 million. The United Kingdom-based financial services group’s PVFC was launched in 2006 as the first foreign non-bank financial institution licensed for consumer finance lending in Viet Nam. Today, it is the fourth-largest consumer finance company by outstanding loan balance. “Prudential and Shinhan will work closely to ensure a smooth transition of the business. PVFC remains committed to all of its customer obligations and operations will continue as normal until the transaction has been completed,” Prudential said in a statement. It remains fully committed to the Vietnamese market through its life insurance business, Prudential Vietnam Assurance Private Limited, and asset management business, Eastspring Investments Fund Management Company (Viet Nam). “PVFC is a high-quality business, but it is not core to our strategy in Viet Nam. We are delighted that Shinhan will be able to lead this consumer finance business through to the next stage of its development. Viet Nam remains an attractive and important market to Prudential where we have high-quality and fast-growing life insurance and asset management operations,” Nic Nicandrou, Chief Executive of Prudential Corporation Asia, said. “As part of this transaction, we are further expanding our regional platform through the new long-term bancassurance partnership with Shinhan in both Viet Nam and Indonesia to continue serving the growing savings… [Read full story]
Korean Kim set to push Viet Nam onto podiums (25-02-2009) HA NOI — A South Korean master has arrived in Viet Nam with high hopes for the country's national taekwondo team this year. Expert Kim Jae-sik, 27, pocketed a gold medal at Madrid's 17th world championship in 2005, beating Weneslau Marcio of Brazil in the men's 62kg final. Kim retired two years later and the Vietnamese team will be his first test as national coach, to lead Viet Nam past its Thailand rivals to grab as many gold medals as possible. If he succeeds, his contract will be extended to…... [read more]
Local bank links with S Korean group (21-11-2007) HCM CITY — The Phuong Nam Joint-Stock Commercial Bank (Southern Bank) and a leading South Korean financial services company on Monday signed an agreement to work together to improve the financial activities of the local bank. Seung Yu Kim, Hana' s board chairman and chief executive officer, said Southern Bank had a strong network and excellent long-term strategies and objectives. With a target to become a multifunctional financial group in Viet Nam and the region, Southern Bank wants to step up cooperation with local and foreign financial services giants, said a bank…... [read more]
Korean professor translates love for Viet Nam's books (30-03-2009) by Khang Di A Korean professor's de-sire for a closer relationship between Viet Nam and South Korea fuels his interest in translating Vietnamese literature, including the famous Truyen Kieu (The Tale of Kieu) by 18th century writer Nguyen Du. Ahn Kyong-hwan, who is a professor at South Korea's Chosun University, says that he hopes his books help Korean readers understand more about Viet Nam, the country, and its people's soul and energy. One of the first Korean translators to introduce Vietnamese literature to South Korea, Ahn has spent years discovering the…... [read more]
Korean movie magic comes to Viet Nam (05-12-2006) HA NOI — Korean cinema comes to Viet Nam on Friday as part of South Korean Film Week. Although the seven movies earmarked to hit the city's screens have not been big hits with audiences in Korea they are artistically very appealing, according to the director of the Korean Culture Centre in Viet Nam, Kim Sang-ug. One of the films, Spring, Summer, Autumn, Winter and Spring, is the work of prominent independent movie maker Kim Gi-duk. The film, which made its audience debut in 2003, tells the story of a monk's life…... [read more]
S Korea plans culture centre in Viet Nam (31-10-2005) HA NOI — The government of the Republic of Korea (RoK) has decided to set up a cultural centre in Viet Nam, the first of its kind in Southeast Asia, according to the RoK's embassy in Ha Noi. "Our two countries have many things in common geographically, historically and culturally so that the emergence of a Korean cultural centre in Viet Nam will certainly promote our cultural exchange and mutual understanding between our two peoples," said Ahn Tae Sung, first secretary for culture and press affairs of the Korean embassy. Asked…... [read more]
