Vietnamese regulators have given New York Life Insurance Company a license to set up a wholly owned life insurance subsidiary in Vietnam.[@@]

Phan Van Khai, the prime minister of Vietnam, presented the license to New York Life Chairman Sy Sternberg at a ceremony in Washington.

New York Life, New York, has been active in selling life insurance and annuities to Vietnamese-speaking consumers living in the United States.

In Vietnam, New York Life plans to sell its products mainly through a network of career agents, the company says.