National Assembly chief Vuong Dinh Hue meets Prudential brass during UK visit

Friday, Jul 01, 2022 16:55

National Assembly Chairman Vuong Dinh Hue holds talk with the Prudential management led by chairwoman Shriti Vadera, Interim Group CEO Mark FitzPatrick and Prudential Vietnam CEO Phuong Tien Minh, during his visit to the UK. — VNA/VNS Photos Doan Tan Photos Doan Tan

Prudential plc executives called on National Assembly Chairman Vuong Dinh Hue and the high-level delegation he led to Britain to attend the Vietnam – UK High-level Forum on Economy and Trade to discuss the Vietnamese Government’s priorities and the role of insurers in increasing financial inclusion in the country.

This meeting was aimed at strengthening relationships and underlining Prudential’s commitment to Viet Nam.

After the two-year-long COVID-19 pandemic, Prudential is focusing on building a resilient business to best serve its 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, Prudential’s chairwoman, 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.”

Hue congratulated her firm for its success globally including in Viet Nam, and expressed the hope it would continue operating successfully in the country and fulfil its social responsibility.

He said the Vietnamese government and the National Assembly are ready to address the problems businesses face when operating in Viet Nam, including those from the UK.

Prudential chairwoman Shriti Vadera said her company is delighted to be part of Vietnam’s development and could help the process by issuing long-term bonds. — VNA/VNS Photos Doan Tan

Prudential pledged to cooperate with the Vietnamese Government in three key initiatives: Green Finance, InsurTech, and development of HCM City into an international financial hub.

In terms of Green Finance, with the government's commitment to reach net-zero emissions by 2050, Prudential is focused on supporting a just and inclusive transition, particularly of the country’s energy systems.

As a substantial investor in Viet Nam’s domestic capital markets, Prudential is in a strategic position to enter green finance.

To further support the financing of renewable energy and development of social and green bonds in Vietnam, greater depth of rating agencies and breadth of coverage are the important next steps.

These can help Vietnam get closer to its net-zero targets and further establish itself as a regional leader in green finance.

Insurance tech: As a leading insurance player in the market, Prudential uses digitisation as an enabler for providing customers with innovative products, distribution and servicing.

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 consumers.

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 will benefit the Vietnamese people.

Development of HCM City into an international financial hub: Prudential expressed its commitment to Viet Nam as one of its key strategic markets in Asia.

Prudential has significant experience in operating life and asset management companies in both mature and emerging markets under various policy frameworks.

It has leveraged this valuable knowledge to share and advise governments and other stakeholders in various policy development settings. — VNS

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