HANOI, Sept 19 (Reuters) - Standard Chartered Plc has secured an approval to sell insurance policies at its two branches in Vietnam, the country's central bank said in a statement on Friday.

The branches in Hanoi and Ho Chi Minh City of the UK lender, one of the first two foreign banks to open their wholly owned banks in Vietnam, would "conduct operation as insurance agents", the State Bank of Vietnam's statement said without elaboration.

Earlier this month, Standard Chartered Bank and HSBC Holdings Plc secured permission to open 100-percent owned banks in Vietnam.

It was unclear when Standard Chartered would start its insurance business.

Vietnam, which became a member of the World Trade Organisation in January 2007, fully opened its insurance market to foreign firms at the start of this year.

Vietnam's insurance sector has been growing at a fast clip in a robust economy.

Non-life insurance premiums jumped 43 percent in the first half of this year to $339 million from a year-ago and after a 31 percent annual growth in the whole of 2007, industry reports released last week show.

The life insurance premiums have a lower growth rate than non-life insurance, with revenues in the first half of this year expanding 13.6 percent to $303 million, while last year they rose 12 percent from 2006, according to industry figures.

($1=16,515 dong)

(Reporting by Ho Binh Minh; Editing by Anshuman Daga) Keywords: VIETNAM/INSURANCE tf.TFN-Europe_newsdesk@thomsonreuters.com cmr

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