Vietnam Business Forum magazine (VIB Forum)’s reporter Nguyen Mai has an interview with Mr. Huynh Thanh Phong, Regional Managing Director of Prudential for Vietnam, India and Thailand.
Prudential Vietnam appears to be gaining a momentum in its development considering the fast growing investment activities in the past years. Do you think that a favourable time has commenced for life insurers like Prudential in view of emerging investment opportunities?
Investment returns in Vietnam have been quite robust over the last few months. While these returns are good news for life insurers such as ourselves, we continue to encourage investors to focus on the medium to long term returns from our life insurance products. Prudential’s over 150 years of investment experience has enabled us to take a longer term view and we continue to have great confidence in the Vietnamese economy in general, and the national financial markets in particular.
Given your position in Prudential’s Asian market, how can you describe the next stage of life insurance market development in Vietnam, particularly bearing in mind the coming of new big players from America and the European Union?
As the Vietnamese financial services market develops, there will inevitably be increased competition from both local and foreign players. Notwithstanding this, Prudential is fully committed to building our business in Vietnam in the long term and we always welcome sound competition, as we believe this helps to strengthen the industry.
Our strategy for Vietnam will be to continue to focus on meeting more of our customers’ savings, investment, protection and retirement financial needs. We will do this by providing demand-based products through our high quality sales teams backed up by superior customer services.
Do you feel pleased with what Prudential Vietnam has achieved during the past five years? What makes you most pleased?
I am most proud of Prudential Vietnam helping more than 2.2 million Vietnamese people to lead more financially secure lives. This achievement is even more remarkable as Prudential Vietnam just launched in 1999.
Prudential Plc. executives always underline the importance of Vietnam’s market. How long do you foresee the country will be the driver of Prudential in Asia?
In Asia, Prudential now has life insurance operations in 12 markets, and funds management operations in 9 markets. As the company has continuously expanded its presence, we have seen increasing contributions from a number of our newly established markets, particularly Taiwan, India and Korea.
Prudential Vietnam remains a remarkable success story for Prudential Plc. It is fair to say that in spite of the market’s initial explosive growth and the gradual growth in Vietnamese financial services we continue to be one of Vietnam’s most sustainably developed companies, the best known and most highly valued. To ensure our track record of success continues in Vietnam, we have recently launched Prudential Fund Management Company Vietnam to help meet the increasing investment needs of the Vietnamese people.
Vietnam is also at forefront of a number of other Prudential plc initiatives. The company has recently launched a financial education programme targeting Vietnamese women called “Investing in Your Future.” The programme involves seminars taught by Prudential employees covering the basics of financial planning and personal finance including saving, protection and investment.
In your opinion, what are the main factors leading to Prudential Vietnam’s achievements?
Without a doubt the biggest contributor to our success in Vietnam is our people; Prudential Vietnam has established very strong staff and agent systems in the country.
I also believe Prudential’s proven expertise in building businesses in Asia as well our strong brand and financial resources are important factors contributing to our success in Vietnam.
As the Regional Managing Director, please share some of the next targets you have set for Prudential Vietnam?
With a long term commitment to Vietnam, particularly in life insurance, we will continue to focus on how we can best meet the savings, protection, investment and retirement financial needs of the people of Vietnam.
P.V
Vietnamese
