PVI at 30: From the oil & gas flame to a USD-billion insurance-financial Institution with global reach

The 30th anniversary of PVI marks a highly significant milestone, reflecting three decades of formation, growth, and strong transformation of a leading Vietnamese insurance brand closely aligned with the development of the national economy.

On January 23, at the VinPalace Co Loa Convention Center (Dong Anh, Hanoi), PVI held its 30th Anniversary Celebration (January 23, 1996 - January 23, 2026) under the theme “PVI – 30 Years of Boundless Innovator.”

The event marked a defining moment, honoring a 30-year journey of resilience, growth, and international integration by one of Vietnam’s most representative insurance enterprises.

Thirty years ago, during the early years of Vietnam’s renovation era, Petroleum Insurance Company (PVIC) was founded from the “flame” of the Vietnam Oil and Gas Corporation (now Petrovietnam – Vietnam National Industry–Energy Group), with a modest yet meaningful mission: to safeguard national oil and gas projects.

Starting with just over 30 employees, a small office at 10 Dien Bien Phu street, Hanoi, and initial capital of VND22 billion ($846,000), PVIC gradually established its position within the oil and gas ecosystem, overcoming the harsh challenges of the energy insurance market while steadily expanding operations and strengthening its financial capacity.

Through turbulent periods - ranging from the global shock of September 11, 2001, to international reinsurance challenges and critical strategic turning points - the resilience, unity, and pioneering spirit of PVI people became enduring values, enabling the company not only to endure but to grow stronger and reach further.

Resilience through major waves – Opening the door to global integration

In the early 2000s, amid sharp volatility in the global energy insurance market, PVI faced existential challenges. Through a strategy of self-reliance and reduced dependence on traditional consortia, PVI successfully established a direct Energy Reinsurance Facility with the London market (UK) - the first and only such facility ever created for Vietnam. This milestone enabled 100% of international oil and gas contractors to place their insurance programs with PVIC, marking a decisive step in PVI’s global integration.

In 2006, PVIC successfully completed its equitization, officially becoming Petrovietnam Insurance Joint Stock Corporation, with charter capital increased to VND500 billion ($19.23 million). The equitization was considered a phenomenon on Vietnam’s stock market, attracting the largest number of participants and the highest average winning bid price. The company was listed under the new name “PVI.”

In 2010, PVI made history by becoming the first and only Vietnamese insurer to receive a B+ financial strength rating from AM Best. One year later, the strategic partnership between Petrovietnam and HDI Global SE (Germany) gave birth to PVI Holdings, forming a comprehensive insurance–financial ecosystem comprising non-life insurance, life insurance, reinsurance, and asset management, with PVI Insurance as the core entity.

This model enabled PVI to continuously surpass revenue milestones and become the first and only insurance enterprise awarded the title “Hero of Labor in the Renovation Period” by the Party and the State.

Overcoming crisis – Rising to market leadership

In 2019, PVI marked a critical transition in governance and strategic orientation between PVN and HDI, preparing for a new growth phase. Shortly thereafter, the Covid-19 pandemic froze the global and domestic economy, placing the insurance industry under unprecedented pressure.

With the spirit of “Rising Above the Pandemic,” PVI maintained uninterrupted operations and service delivery throughout the crisis. Remarkably, during this most challenging period, PVI achieved its strongest growth, firmly rising to No.1 in the Vietnamese non-life insurance market and reaching a historic VND10 trillion ($384.6 million) revenue milestone in 2021, at the peak of the pandemic.

Scale – capability – position after 30 years

By 2025, after three decades of development, PVI had become a regional insurance - financial institution of significant scale. Entering the next phase, PVI set two consistent strategic directions: continuing to safeguard key national projects and industries, while proactively expanding its development space to compete confidently in international markets.

Accordingly, PVI focuses on three strategic pillars: sustainable development under ESG standards and transparent governance; technology-driven growth; and long-term investment in people as the foundation of corporate strength and identity.

International recognition and a new chapter ahead

At the ceremony, PVI Insurance officially became the first and only Vietnamese non-life insurer to surpass $1 billion in revenue in 2025. In the same year, the company achieved a historic double win at the InsuranceAsia News Awards for Excellence 2025 (Asia-Pacific), receiving both “General Insurer of the Year” and “Underwriting Initiative of the Year.” PVI Insurance was also named Top 3 General Insurance Company of the Year in Asia by the Asia Insurance Industry Awards 2025.

Notably, PVI Insurance remains the first and only insurer in Vietnam to hold an A– (Excellent) rating from AM Best, reaffirming its financial strength, credibility, and competitive position on the regional insurance map.