The visit of the Lower Saxony delegation to PVI signifies a crucial step in consolidating relations between Vietnam and Germany and strengthens the ties between PVI and German investors.
A business delegation from the Lower Saxony State of Germany on Monday paid a visit to the headquarters of PVI Joint Stock Company (PVI) in Hanoi, signifying a strengthened cooperation between businesses from the two countries.
The meeting aligned with the visit of Lower Saxony’s premier, Mr. Stephan Weil, who is accompanied by representatives of more than 40 businesses from Lower Saxony to Viet Nam on Monday.
Lower Saxony’s premier, Mr. Stephan Weil, speaks at the meeting
During the meeting, the German state’s premier shared about Lower Saxony’s strengths. As Germany’s second-largest state, Lower Saxony is renowned for its robust industrial development, notably as Europe’s largest automobile industry cluster, featuring prominent names such as Volkswagen and Continental. Moreover, the state plays a pivotal role in Germany’s renewable energy sector, particularly in wind and biomass, aligning well with potential collaboration in Vietnam’s gas energy transition planning.
Germany holds a significant position as Vietnam’s largest trading partner in the EU, with bilateral trade reaching 18 billion euros (over US$19 billion) in 2022. Conversely, Vietnam is Germany’s most prominent trading partner in ASEAN. Presently, over 500 German companies have established their presence in Vietnam.
Delegation of Lower Saxony State of Germany visits PVI’s headquarters in Hanoi
From a local cooperation perspective, trade between Vietnam and Lower Saxony was valued at 1.4 billion euros ($1.46 billion) last year, equivalent to more than one-tenth of the trade revenue between the two countries.
HDI Global SE, based in Lower Saxony and wholly owned by the Talanx Insurance Group, is investing in PVI. With ownership of more than 50 per cent of PVI’s equity, HDI Global SE provides crucial support in management expertise, product development, risk management, and human resources.
Mr, Stephan Weil commended the productive cooperation between PVI and HDI in recent years, highlighting their established and prestigious standing in both countries’ insurance industry. Meanwhile, Mr. Hoang Quoc Vuong, Chairman of the Board of Directors at Petrovietnam, expressed Petrovietnam’s commitment to supporting PVI comprehensively, from strategy and mechanisms, aiming to solidify its leading position domestically and globally.
Chairman of the Board of Directors at Petrovietnam, Mr. Hoang Quoc Vuong, speaks at the meeting
Mr. Hoang Quoc Vuong also shared Petrovietnam’s responsibility in leading the energy transition and renewable energy development in Vietnam, aligning with the strengths of German enterprises in technology, policies and financial resources. He called for support from Lower Saxony’s authority to facilitate cooperation between Petrovietnam’s units and German enterprises in these areas, emphasising the need for PVI to play an active role in enhancing and supporting this collaboration.
Mr. Jens Wohlthat, PVI’s Chairman of the Board of Directors, highlighted the company’s expansion in various Asian markets, leveraging HDI Global SE’s global network to provide insurance solutions domestically and internationally. He shared: “This expansion has contributed to our company’s resilience and competitiveness in a rapidly changing world. The success story of PVI’s growth and transformation underscores the power of strategic collaboration. It is the commitment to our shared vision of building a world-class insurance and financial services company that thrives on innovation and customer-centricity”.
Delegation of Lower Saxony State of Germany visits PVI’s Office
The visit of the Lower Saxony delegation, comprising many large German businesses, not only signifies a crucial step in consolidating trade and investment relations between Vietnam and Germany but also strengthens the ties between PVI and German investors. This development opens new prospects for long-term cooperation, particularly in expanding industrial insurance activities, an area in which PVI has demonstrated strength over the years.
Chairman of the Board of Directors at PVI, Mr. Jens Wohlthat, speaks at the meeting
PVI operates under the financial oversight of its parent company – PVI Holdings which operates through various subsidiaries, primarily comprising PVI Insurance Corporation in the non-life insurance sector, PVI Reinsurance Joint Stock Corporation (HaNoiRe) in reinsurance, and PVI Asset Management Joint Stock Company (PVI AM) in asset management. PVI Holdings also manages two subsidiary investment funds: PVI Opportunity Investment Fund (POF) and PVI Infrastructure Investment Fund (PIF).
In the non-life insurance sector, 2022 marked a significant achievement as PVI Insurance crossed the revenue milestone of more than VND12 trillion (about 454.5 million euros) for the first time, retaining its top position in the market with a 14.8 per cent market share.
In February 2023, AM Best, the US-based financial credit rating organization specializing in the insurance industry, upgraded PVI Insurance’s financial capacity from B++ (good) to A- (excellent), making it the highest credit rating ever attained by a Vietnamese company. This rating has enhanced PVI Insurance’s competitiveness and its ability to tap into new customer sources, particularly international clients who seek partners with a high level of trust.
In the reinsurance sector, HaNoiRe emerged as the Vietnamese reinsurance company with the highest premium revenue in the market in 2022, surpassing its annual plan by 135 per cent.
