At the agreement signing ceremony. — Photo courtesy of PVI Insurance

Shinhan Bank Vietnam Limited (Shinhan Bank) and PVI Insurance Corporation (PVI Insurance) officially signed an insurance business partnership to promote and widely distribute PVI insurance products to the bank's customer network.

This signing event on 1 August in HCM City marks a milestone for sustainable collaboration between Shinhan Bank and PVI Insurance, thereby leveraging the strengths of both parties in offering customers optimal, secure and convenient financial protection solutions.

Under the agreement, insurance products will be distributed through Shinhan Bank’s network of 51 branches and transaction offices nationwide, assisting Shinhan Bank Vietnam’s customers in accessing diverse insurance services with PVI Insurance's expertise.

Kang GewWon, CEO & General Director of Shinhan Bank Vietnam, said: “This establishes a foundation for the partnership between the two parties and serves as a precursor to future successes in the collaboration between Shinhan Bank and PVI Insurance. This will effectively leverage the strengths of both parties, opening up numerous potential development opportunities for Shinhan Bank and PVI Insurance."

"For Shinhan Bank, we will have more diversified products and services to optimally meet the financial protection demands of customers. In contrast, PVI Insurance will gain more potential customers by distributing insurance products through Shinhan Bank’s extensive nationwide network.”

Pham Anh Đức, General Director of PVI Insurance Corporation, said: “With the experience and capacity of a market-leading enterprise, we are committed to collaborating with Shinhan Bank Vietnam to bring customers the best products, services and mutual benefits, along with creating high-value results and promoting a strong relationship between the two parties.”

By the end of Q2/2024, PVI Insurance continued to maintain its leading position in the non-life insurance market in Việt Nam, with the fastest growth and total revenue reaching VNĐ12 trillion, an increase of 65.7 per cent. This demonstrates PVI Insurance's determination to innovate from orientation to business strategy, promptly adapting to the market.

The insurance market in Việt Nam is undergoing changes and developments towards greater sustainability. According to the management agency's report for the first half of 2024, the sector has consistently maintained efficient growth, with revenue from non-life insurance enterprises estimated at VNĐ38.8 trillion, increasing by 11.2 per cent compared to the same period last year and is expected to achieve the target for 2024 early. — VNS