On December 19, 2024, Prudential Vietnam Assurance Private Ltd. (henceforth “Prudential Vietnam”) and HSBC Bank (Vietnam) Ltd. (“HSBC Vietnam”) announced a landmark bancassurance partnership, signaling a significant step forward in Vietnam’s thriving financial sector. This collaboration between a leading insurance provider and a prominent international bank underscores their shared commitment to expanding financial solutions for customers, especially high-net-worth individuals, in a rapidly evolving economic landscape.
The partnership is a strategic response to the rising priorities of customers, including healthcare and asset growth. By leveraging Prudential Vietnam’s deep expertise in insurance and HSBC Vietnam’s extensive banking network, the two organizations aim to address these evolving needs. An HSBC survey conducted in Hanoi and Ho Chi Minh City earlier this year reinforced the importance of tailored financial solutions, particularly for high-net-worth individuals.
“Life insurance is not merely a tool for wealth protection, but it is increasingly integral to intergenerational financial planning,” shared Mr. Conor M O’Neill, Chief Financial Officer of Prudential Vietnam, at the announcement ceremony. “With Vietnam’s middle class projected to comprise 50% of the population by 2030, the demand for life insurance is more crucial than ever. Prudential remains dedicated to empowering individuals and families with the tools they need to secure their financial future and prosper over the long term.”
Mr. Tim Evans, Chief Executive Officer of HSBC Vietnam, emphasized the dynamic nature of Vietnam’s consumer market, highlighting that the country is on track to become the 10th largest consumer market globally by 2030, driven by the substantial growth of the middle class. “At HSBC Vietnam, we strive to position ourselves as a trusted partner for this emerging affluent customer segment,” Mr. Evans asserted. “Our collaboration with Prudential enables us to offer a broader range of investment and insurance products, meeting the diverse needs of our customers. By combining Prudential’s industry expertise with HSBC’s distribution network and deep banking knowledge, we are confident in our ability to deliver enhanced experiences and an expanded array of high-quality protection and investment solutions.”
This partnership reflects a mutual commitment to supporting the long-term growth of the bancassurance sector and Vietnam’s broader economy. It aligns with Prudential Vietnam’s strategy to expand its distribution channels and HSBC Vietnam’s dedication to addressing the financial needs of the expanding middle class. Together, they are poised to make a significant contribution to the financial well-being of individuals and families across the nation.
Unlocking the Power of Instant Payments: Eximbank and Visa Introduce Visa Direct
On December 10, 2024, Eximbank, in collaboration with Visa, unveiled Visa Direct, a groundbreaking innovation that transforms the way cross-border financial transactions are conducted. This momentous occasion, held at the Eximbank headquarters, was graced by the presence of the bank’s leadership, representatives from Visa, and esteemed guests, signifying a pivotal milestone in the journey of embracing innovation and transformation.
“Eximbank Receives Approval from State Bank of Vietnam to Amend Chartered Capital to Over VND 18,688 Billion”
On November 25, 2024, the State Bank of Vietnam approved a change in the charter capital of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Eximbank, HOSE: EIB). As a result, Eximbank’s charter capital has been adjusted to VND 18,688,106,070,000 (eighteen thousand six hundred and eighty-eight billion one hundred and six million seventy thousand dong).
Unleash the Festive Cheer and Elevate Your Business with Techcombank: Win a Share of the VND 5 Billion Prize Pool!
“As the year draws to a close, Techcombank is thrilled to announce its new program, ‘Festive Season, Business Boost’, designed to accelerate small and medium-sized enterprises’ success. With a total value of up to 5 billion VND, the program offers an array of enticing benefits. To boost businesses’ luck during this festive season, Techcombank will be awarding monthly grand prizes, including a European tour and three VinFast automobiles. The program, running until January 31, 2025, is sure to bring a boost to businesses as they close out the year.”
“Flexible Capital for Manufacturers: NCB Bank’s Mid-Term Financing Solutions”
National Citizen Bank (NCB) has launched a flexible mid-term business lending program for corporate customers with competitive interest rates. This program is designed to provide a solid foundation for businesses to thrive and boost their performance in the new year.
“Eximbank Launches Exclusive Credit Package for Import-Export Businesses”
Eximbank has just launched an exceptional credit promotion program tailored for import-export businesses, featuring an attractive interest rate starting from 3.7% per year and a range of service fee waivers. This program is specially designed for SMEs and customers who have not previously had a credit relationship with Eximbank.
