BIDV-QBE: A Model Joint Venture Project

BIDV-QBE: A Model Joint Venture Project

To date, more than 50 units have signed insurance agent contracts with the Vietnam-Australia Insurance Joint Venture (JV) Company (BIDV-QBE), constituting an average year-on-year increase of 25-30 per cent in insurance revenues. In light of its great achievements, BIDV-QBE is an outstanding model in insurance business cooperation between Vietnam and Australia.  

The Vietnam-Australia Insurance JV Company is the first insurance joint venture in Vietnam set up by the Bank for Investment and Development of Vietnam (BIDV) and the International General Insurance and Reinsurance Group (QBE) from Australia. So far, the company has experienced five years’ of consistent development. Though not a long path, it demonstrates the marked and initial success of an effective joint venture. Offering various professional insurance products, the company has provided services for many major construction works in investment and development. The company has also provided insurance for assets and businesses, as well as risk management insurance services, meeting all the requirements of its customers and gradually contributing to the formation of the fast growing non-life insurance market in Vietnam.

The company has affirmed its position in Vietnam and is renowned as a company with professional insurance skills. This has been achieved, according to Le Van Loc, chairman of BOD of the company, thanks to the desire of BIDV-QBE to increase the quality of its services and to raise its prestige, fully implementing its commitments to its clients. The company also ensures the safety of enterprises in the face of hidden risks and market instability. 

Besides increasing the quality of services for its customers, the company has contributed to the development of the insurance industry. Its experienced cadres have joined boards for insurance studies, which are organised by the Ministry of Finance. In 2003, the company cooperated with the Ministry of Finance and the Vietnam Insurance Association to organise a seminar on professional insurance responsibility with experts from QBE giving lectures and presentations.  

The training of staff members and market exploiters is an important factor at the Vietnam-Australia Insurance JV Company and all underwriters of the company have attended training courses in the Australian and New Zealand Institute of Insurance and Finance. Furthermore, experts from QBE have been invited to give lectures and presentations on professional Insurance Products to the insurance industry and its collaborators in local banks.

In the coming time, the company will continue to develop its advantages, gradually expanding its activities into other potential markets for further development.

• Thu Huyen