Vietnam’s PVI Holdings forms strategic partnership with Korea’s Lotte Insurance

PVI Holdings and Lotte Insurance executives at the signing ceremony

PVI Holdings, Vietnam’s largest insurer in in the energy segment, has signed an international cooperation agreement with Lotte Insurance in Seoul, Korea, to jointly distribute both companies’ services in the global market.

“Our strategic goal is to expand globally, especially in Vietnam, where many Korean businesses have been present. So we hope this partnership will help PVI provide services for Lotte subsidiaries not only in Vietnam but also in other countries,” stated Kim Hyun Soo, Lotte Insurance chief executive.

Lotte Group, one of Korea’s five biggest conglomerates (Korean call them the “chaebol”), has footholds in areas of food, retail, real estate, distribution, tourism, petrochemicals, information technology and finance. The giant aims to become Asia’ leading syndicate by 2020.

Meanwhile, Lotte Insurance, whose credit rating has been raised to A+ by the Korea Investor Service, has been operating for nearly 70 years, and is the parent chaebol’s insurer for all of its units around the globe, including the UK, Russia, Belgium, Japan, China, India and Vietnam, among others.

The Vietnamese partner has also been upgraded to B++ by the US-based rating agency AM Best.

A financial arm of Vietnam’s energy giant PetroVietnam and one of 50 best-listed companies in Vietnam, last year, PVI targets to be the local leading insurance and financial institution within the next 10 years.

PVI expects the partnership to prosper, as the two companies are significantly supported by their parent groups. “PVI will ensure the success of Lotte Group’s operations in Vietnam and is willing to collaborate with Lotte Insurance in executing other projects locally and internationally,” Bui Van Thuan, PVI chief executive, affirmed during the signing ceremony.

The Lotte Hanoi Centre, the local second tallest building, is currently insured by PVI.

“This comprehensive agreement represents a remarkable milestone for the development of both firms, and will open up further partnership opportunities, as Vietnam and Korea have signed a bilateral trade agreement,” the Vietnamese insurer said in a statement following the ceremony.

Related stories:

Vietnamese insurer PVI plans capital increase in core biz

Vietnam, Korea sign VKFTA, plan to triple trade turnover

Vietnam’s insurer BIC to offload 35% to Canadian Fairfax in strategic partnership

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.