Life insurer Manulife Vietnam said that it has received approval from the Ministry of Finance to increase its chartered capital. (Photo: Manulife)

HCM City (VNA) - Life insurer Manulife Vietnam has said that it has received approval from the Ministry of Finance to increase its chartered capital.

With its capital set to rise to 5.72 trillion VND (251 million USD), the company is on course to becoming the largest life insurer in Vietnam.

The company said the capital hike is a part of its long-term commitment to the country.

"The increase in chartered capital is the foundation for Manulife to invest more strongly, bringing customers more effective solutions for financial management, health ... as well as improving our service and developing advanced technology applications,” Paul Nguyen, the company’s CEO, said.

Manulife said it is already the top life insurer in terms of bancassurance.

It is also considered one of the leading insurance companies in terms of digital technology use.-VNA