29 June 2022, UK – In his recent visit to the United Kingdom to participate in the Vietnam – UK High-level Forum on Economy and Trade, National Assembly (NA) Chairman Vuong Dinh Hue and a high-level delegation of Vietnam met with Prudential plc to discuss the Vietnamese Government’s priorities and how the role insurers like Prudential can play to increase financial inclusion amongst Vietnamese. This meeting strengthens relationships and is aimed to restate Prudential’s commitment to Vietnam.
After two years of the pandemic, Prudential has put its focus on building a resilient business to provide the best service to customers. Insurers like Prudential play an important role in developing innovative savings and protection products to meet Vietnam’s evolving needs per demographic, while strengthening and deepening Vietnam’s 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% growth figures for the first quarter of 2022, given the wider conditions.”
Talking to Prudential Chairwoman Shriti Vadera, the National Assembly leader congratulated the company on its global success as well as in Vietnam, expressing his hope that it will continue operating successfully in the country and fulfill its social responsibility.
He affirmed that the Vietnamese Government and the National Assembly are ready to consider and deal with the problems facing businesses, including those from the UK, when operating in Vietnam.
Prudential demonstrates the commitment to work with the government to support three key initiatives: Green Finance, InsurTech, and strengthening Ho Chi Minh City to become an international financial hub.
Green Finance: Following the Vietnamese Government’s commitment to net-zero emissions by 2050, Prudential focuses its support on an equitable and inclusive transition, particularly of the country’s energy systems. As a substantial investor in Vietnam’s domestic capital market, Prudential is in a strategic position to maneuver 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 to further establish the country as a regional leader in green finance.
Insurance tech: As a leading insurance player in the market, Prudential leverages digitalization 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 Insur-tech for life insurance is still in its infancy, collaboration between relevant authorities and the industry can bring new and interesting solutions that would benefit the Vietnamese people.
Ho Chi Minh City as an international financial hub: Prudential 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.