Insurer PVI’s CEO appointed Petrovietnam capital representative in Phu My Fertilizer

State-owned Petrovietnam has appointed Nguyen Xuan Hoa, vice chairman and CEO of its insurance arm PVI, as chief of the Party Committee at its another subsidiary - Petrovietnam Fertilizer and Chemicals Corporation (PVFCCo).

Hoa has also been entrusted to represent Petrovietnam’s ownership (60%) in PVFCCo, also called Phu My Fertilizer. He will take over the new positions from March 21.

Hoa was born in 1972 in the northern province of Hai Duong. He holds a bachelor's degree in finance and accounting, a master's degree in business administration, and others in political theory and corporate governance.

He has worked in Vietnam's oil and gas industry since 1994, starting his career at PV Gas. He has held many important positions such as deputy CEO and board member of PV Gas, board member and CEO of PV Power, and deputy CEO of Petrovietnam.

Hoa served as PVI chairman from March 29, 2019 to January 16, 2020. He has been the company’s standing vice chairman and CEO since 2020.

PVI, listed on the Hanoi Stock Exchange (HNX) as PVI, operates in the fields of non-life insurance, reinsurance and asset management.

Hoa is assessed to have made great contributions to the development of PVI. He has closely directed the firm to strengthen risk management, control costs, carry out restructuring and corporate governance, and perfect the business model according to international standards.

In 2019-2023, despite the impact of Covid-19 and economic difficulties, PVI still recorded a 10% increase in total revenue and consolidated pre-tax profit, with the return on equity (ROE) hitting nearly 12%. The company maintained an average dividend payout ratio of 29.2%.

In 2023, PVI’s net revenue reached VND6.71 trillion ($271.8 million), a year-on-year rise of 3%, while its after-tax profit hit over VND1 trillion ($40.5 million), up 15%, its record high.

PVI closed the Monday trading session at VND47,700 ($1.93) per share.