Manulife Financial has entered into an agreement to purchase the shares of its joint venture partner, Chinfon Global Corp.

The agreement increases Manulife’s interest in its Vietnam operations to 100% from 60%. The company will be renamed Manulife (Vietnam) Ltd. The terms of the agreement were not disclosed.

“This move creates an excellent opportunity for us to significantly strengthen our position in the Vietnamese life insurance market, a market we see as offering tremendous growth potential,” said Vic Apps, executive vice-president and general manager for Asia, Manulife Financial.

Marc Sterling, vice-president, regional operations Asia, said, “This excellent premium growth sets the stage for a bright future for Manulife in Vietnam.”