The year 2025 marks the 50th anniversary of diplomatic relations between Việt Nam and Germany and also brings PVI close to its 30-year milestone. Over that journey, PVI has become a model of successful partnership, combining the internal strength of PetroVietnam (PVN) with the international expertise of HDI Global SE, a member of Germany’s Talanx Group.

This collaboration has enabled PVI not only to lead the industrial insurance market but also to adopt international standards in governance, transparency, and reinsurance. It also demonstrates Việt Nam’s ability to attract high-quality foreign investment linked with management reform and sustainable growth.

On this occasion, Việt Nam News spoke with David Hullin, Member of the Executive Board of HDI Global SE – a strategic shareholder of PVI Holdings – about the potential of Việt Nam’s non-life insurance market, PVI’s cooperation journey with HDI Global SE, and prospects for future bilateral collaboration in insurance and finance.

As a strategic shareholder directly involved in PVI Holdings’ management, how do you assess the growth potential of Việt Nam’s non-life insurance market, especially in the industrial segment?

Việt Nam is emerging as one of the fastest-growing insurance markets in the region, driven by urbanisation, foreign direct investment and rising demand for asset protection. Industrial insurance is the backbone of that market, tied to the growth of energy, infrastructure and manufacturing.

PVI currently holds about 17.5 per cent of the market and is the leading player in industrial insurance, with gross written premiums of roughly VNĐ12.5 trillion in 2024. That figure reflects not only scale but also PVI’s ability to manage complex risks in oil and gas, wind power, shipping and global supply chains.

There is still enormous room for growth. Insurance penetration in Việt Nam remains modest compared with its GDP, and the economy’s shift towards industry and services will keep generating demand. This provides a solid foundation for PVI to expand, not just in Việt Nam but also gradually across ASEAN.

 

As Việt Nam deepens global integration and adopts international financial standards, how has HDI Global SE supported PVI in applying Germany’s advanced risk management practices?

Knowledge transfer has always been our most important mission. Since becoming a strategic shareholder, HDI Global SE has helped PVI adopt Solvency II – Europe’s most rigorous risk management framework – as well as IFRS 17 accounting standards.

This allows PVI not only to meet domestic regulatory requirements but also to align with global best practices, improving transparency and financial performance.

One milestone was the IFRS 17 implementation project, supported by SAS and KPMG, which made PVI one of the pioneers in Việt Nam. We also work together to strengthen risk assessment, develop data-driven pricing models and enhance reinsurance management. These efforts make PVI stronger and at the same time help raise standards across Việt Nam’s insurance industry.

By implementing the Input given by HDI, PVI Insurance obtained an Upgrade to A- of their Financial Strength Rating by AM Best, which gives PVI a distinct advantage in their Business Operations in Việt Nam and internationally.

How do you see PVI’s role as a bridge for Việt Nam–Germany cooperation, not only in business but also in strengthening bilateral ties?

PVI is one of the most vivid examples of Việt Nam–Germany economic cooperation. Our involvement goes far beyond financial investment – it is a long-term partnership built on sharing knowledge, standards and resources.

The relationship combines German discipline, transparency and long-term vision with the dynamism, creativity and responsiveness of Vietnamese enterprises. Thanks to this blend, PVI retains its local identity while meeting international standards.

This cooperation also helps build confidence among German businesses and investors looking to enter Việt Nam, creating a positive ripple effect beyond the insurance sector.

From your international experience, what emerging global trends in industrial insurance should PVI look to capitalise on?

Companies worldwide face increasingly complex risks. The top three are cyber security, supply chain disruption and natural disasters. In addition, the energy transition and the rapid rise of artificial intelligence pose new challenges for insurers.

HDI Global SE has developed solutions in these areas, from business interruption coverage to cyber risk insurance. We share this expertise with PVI so it can design products tailored to the needs of clients in Việt Nam and across ASEAN.

I believe PVI, with its 'Risk Partner' strategy, can support customers not just in claims settlement but also in comprehensive risk management, which is a long-term competitive advantage.

As Việt Nam and Germany celebrate 50 years of diplomatic relations and PVI nears its 30th anniversary, what are your expectations for the future of this partnership?

I am very proud that PVI is seen as a symbol of Việt Nam–Germany cooperation. Looking ahead, I expect PVI to expand across ASEAN, play a bigger role in cross-border insurance programmes, and continue upgrading its financial governance to international standards.

With strong business results in 2024 and the first half of 2025, PVI already has a solid foundation. I am confident our cooperation will extend beyond business, helping strengthen bilateral economic relations and opening up new opportunities for sustainable investment and development between the two countries.

As the Việt Nam–Germany strategic partnership broadens, how can insurance and finance contribute to economic ties and support Việt Nam’s sustainable development?

Insurance and finance are the 'soft infrastructure' of any economy. A renewable energy project, a seaport or a highway cannot move forward without comprehensive insurance solutions.

At the bilateral level, the partnership between PVI and HDI demonstrates this clearly: when capital standards, reinsurance and risk management improve, German investors feel more confident bringing funds into Việt Nam.

Looking ahead, I believe insurance and finance will remain an essential bridge – protecting businesses, enabling high-quality capital flows, and supporting Việt Nam’s sustainable growth and deeper integration into the global economy.-VNS