Mr Duong Thanh Danh is Regional Manager of Asia-Pacific for HDI Global. He left Vietnam aged 10 and grew up in Paris, before embarking on a career in risk and insurance for the steel and mining sectors for 20 years. Now based in Singapore, Mr Duong spoke to us about Vietnam’s importance to his business, his optimistic outlook for the future and his reasons for supporting the EuroCham Gala Dinner.
Why is Vietnam important to HDI Global and PVI?
"We believe that Vietnam has great potential. This is a stable market in which both inflation and foreign exchange have been kept under control, and where the divestment of State-Owned Enterprises and the liberalization of the market is opening up new opportunities for Vietnam’s economy and for foreign investors. On top of this, Vietnam’s population is benefiting from a demographic dividend: Young, educated and energetic people are helping to boost economic growth. Together, this is helping to create an attractive investment environment for HDI Global and Petro Vietnam Insurance (PVI).
“Like other sectors, the insurance market in Vietnam has a lot of room to grow. Right now, it makes up just 2 per cent of GDP. But, this is sure to rise as major infrastructure projects fuel Vietnam’s growth in the future. Looking ahead, I don’t think it is too optimistic to predict an annual growth rate of 10 per cent in the insurance market; and this is promising for a business like ours which specialises in commercial and industrial insurance.
"Our business is about supporting and insuring these projects from conception to construction, not just on site but throughout the whole supply chain. This is the reason we have been growing our investment in PVI which now stands at just under 50 per cent.
“But our belief in the potential of Vietnam is not limited to its favourable domestic situation. We also believe that Vietnam has a huge role as a hub in the ASEAN region and in the ASEAN Economic Community.
Why has HDI Global and PVI decided to sponsor the EuroCham Gala Dinner?
“As a German insurer - headquartered in Hannover - our business is at the heart of Europe. However, as a global brand with offices in 5 continents, we also want to support European business in new and emerging markets. Over the last two decades, a huge number of European companies have opened in Vietnam and we count a lot of these businesses as our clients. This positive trend of European investment in Vietnam shows no signs of slowing down, not least because the EU-Vietnam Free Trade Agreement should come into force soon.
“This is the first time HDI Global and PVI have ever been a Platinum Sponsor of an event like this in Vietnam. The fact that we have taken this step is testament to the success of European business in Vietnam over the last two decades, and to the promise of further success in the future. I look forward to meeting the other guests at this event to celebrate together and make new connections at this important time for EU-Vietnam relations.”