During his recent visit to the United Kingdom to participate in the Vietnam-UK High-level Forum on Economy and Trade, National Assembly Chairman Vuong Dinh Hue and a high-level delegation met with Prudential PLC to discuss the Vietnamese government’s priorities as well as how insurers can increase financial inclusion. The diplomatic meeting aimed to strengthen relationships and restate Prudential’s commitment to Vietnam.
|NA Chairman Vuong Dinh Hue met with Prudential’s leaders, led by chairwoman Shriti Vadera, Mark FitzPatrick, Interim Group CEO, and Phuong Tien Minh, CEO of Prudential Vietnam, during his official visit to the UK. Source: VNA/VNS Photo: Doan Tan |
Prudential has put its focus on building a resilient business to provide the best services to customers. Insurers like Prudential play an important role in developing innovative savings and protection products to meet Vietnam’s evolving needs while strengthening and deepening its capital markets and harnessing new technology to increase financial inclusion.
Shriti Vadera, chair of Prudential said, “The world still faces significant economic headwinds, but we are optimistic about the year ahead – and I know the same is true of the Vietnamese economy, with the very robust 5-per-cent growth figures for the first quarter of 2022, given the wider conditions."
Talking to Prudential chairwoman Vadera, the NA0 leader congratulated the group on its global success, expressing his hope that it will continue operating successfully in the country and fulfil its social responsibility.
He asserted that the Vietnamese government and the NA are ready to consider and deal with the problems facing businesses, including those from the UK, when operating in Vietnam.
|Vadera said Prudential is delighted to be part of the country’s development, and it can help with this process by issuing long-term bonds. Source: VNA/VNS Photo: Doan Tan |
Prudential demonstrates its commitment to working with the government through three key initiatives: Green finance, insurtech, and helping Ho Chi Minh City to become an international financial hub.
Following the Vietnamese government's commitment to reach a net-zero emission by 2050, Prudential focuses its support towards a just and inclusive transition to green finance.
As a substantial investor in Vietnam’s domestic capital markets, Prudential is in a strategic position to manoeuvre in green finance. To further support the financing of renewable energy and the development of social and green bonds in Vietnam, greater depth of rating agencies and breadth of coverage would be the important next steps. These can help Vietnam to get closer to its net zero targets and further establish the country as a regional leader in green finance.
As a leading insurance player in the market, Prudential leverages digitalisation as an enabler in providing customers with innovative products, distribution, and servicing models. The Pulse application, Prudential’s health and wellness platform, has shown how technology and insurance are a perfect match in providing new and innovative services to the masses.
Although insurtech for life insurance is still in its infancy, a collaboration between relevant authorities and the industry can bring new and interesting solutions that would benefit the Vietnamese people.
Prudential also expresses its commitment to Vietnam as one of the key strategic markets in Asia. Prudential has significant experience in operating life and asset management companies in various mature and emerging markets under various policy frameworks.
The company has actively leveraged this valuable knowledge to share and advise governments and other stakeholders in various policy development settings.