¡¡¡¡HANOI, Sept. 4 (Xinhuanet) -- US-based ACE INA International Holdings Ltd, one of the world's largest providers of insurance, reinsurance and financial services, has submitted an application to the Vietnamese Ministry of Finance for an insurance business license.

¡¡¡¡If the application for a life insurance license is approved, ACE will become the fourth foreign insurer in the country, following Britain's Prudential, the US AIA and Canada's Manulife, according to a report of Vietnam Investment Review on Wednesday.

¡¡¡¡After more than six years' presence in the country, ACE plans to expand upon the range of life insurance products currently available in the Vietnamese market and also seeks to serve Vietnam's rural population by developing and marketing products tailored to their particular needs and demographics.

¡¡¡¡"The life insurance industry plays a significant role in mobilizing long-term savings that can be invested to support the country's growing economy and infrastructure," said Brian Anstey, chief executive officer of ACE Asia Life, the company's life insurance arm in the region.

¡¡¡¡"With our experience in 50 countries, we will bring technical expertise, innovative products, and distribution strategies to thelocal market," Anstey said.

¡¡¡¡As part of its application, ACE has pledged an additional 300,000 US dollars for continued technical assistance and training activities in support of Vietnam's insurance sector and other economic development programs.

¡¡¡¡Over the past six years, the company has provided millions of dollars indirect business opportunities and reinsurance to Vietnam's domestic insurers. Enditem

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