PVI plans switch from Hanoi bourse to HCMC exchange

By Khanh An, Long Nguyen
Tue, February 28, 2023 | 1:12 pm GMT+7

Vietnamese insurance firm PVI, a member of the state-owned Petrovietnam, is making preparations to shift its shares listed on the Hanoi bourse to the Ho Chi Minh Stock Exchange, and is committed to improving its earnings per share (EPS).

The move is part of the business plans the Hanoi-headquartered insurer unveiled Monday at its "Resilient Leaders" investor conference, at which PVI also announced its 2022 business results and strategic development directions.

PVI chairman Jens Holger Wohlthat (on screen, right) virtually attends the PVI investor conference on February 27, 2023. Photo courtesy of PVI.

PVI chairman Jens Holger Wohlthat (on screen, right) virtually attends the PVI investor conference on February 27, 2023. Photo courtesy of PVI.

PVI reported its total assets in 2022 at more than VND26 trillion ($1.1 billion); total revenue exceeded VND14 trillion ($588.7 million), up 30% compared to 2021, and pre-tax profit hit VND1.1 trillion (about $46.26 million), which represented growth for five consecutive years.

Non-life insurance remained the largest contributor to PVI's total revenue, accounting for 70%, with original premium revenue in 2022 surpassing VND10 trillion ($420.5 million), up 21% year-on-year, and placing the 2017-2022 combined annual growth rate (CARG) at 8.4%.

PVI held 14.8% of the Vietnamese non-life insurance market at the end of the last financial year, thanks to the continued consolidation of corporate governance towards transparency and sustainable development.

The firm’s reinsurance business enjoyed 50% year-on-year growth in premium revenue, or VND2.4 trillion (more than $101 million), and a 2017-2022 CAGR of 14%. The revenue accounted for 17% of PVI’s total last year, making PVI Re the top leader in Vietnam’s reinsurance segment for the first time.

In terms of investment, PVI has shifted its investment portfolio to fixed-income assets and reduced investment in stocks. In 2022, profit from financial operations contributed more than 63% to PVI’s total profit before tax, also maintaining positive five-year growth.

"In the future, PVI will maintain a flexible asset allocation strategy to realize our dual goals, which are high investment efficiency and better risk control," PVI leaders stated in a report.

At the investor conference, PVI chairman Jens Holger Wohlthat said in addition to high investment efficiency in 2022, PVI pursued a prudent investment strategy. This included risk management measures to minimize risks and defaults from partners against the 2022 overall picture of market turbulences.

Regarding PVI shares, he said the board of directors is weighing tactical moves for providing information to Vietnam and other Southeast Asian countries to make the stock more attractive.

"We are preparing to list PVI shares on the HCMC bourse (HoSE) as a replacement for the Hanoi exchange (HNX). PVI is committed to efforts to increase EPS, dividend per share, and stock value in an efficient manner,” Wohlthat told the conference.

“We are committed to efficient operations, safe investment activities, and paying high dividends in cash. We may consider paying in shares when conditions allow us to, and distribute at least 90% of profit after tax to shareholders," he said.

PVI shares closed the Tuesday morning trading session on HNX at VND50,000 ($2.1) per unit. Petrovietnam is the majority shareholder of the insurer.

Comments (0)
  • Read More
Vietnam-Singapore ties set for elevation to comprehensive strategic partnership

Vietnam-Singapore ties set for elevation to comprehensive strategic partnership

Vietnam and Singapore will elevate bilateral ties to a comprehensive strategic partnership and Singaporean Prime Minister Lawrence Wong will visit Vietnam next year.

Politics - Wed, November 20, 2024 | 8:16 pm GMT+7

Vietnam’s Vingroup establishes robotics firms, with co-founder’s 2 sons as major shareholders

Vietnam’s Vingroup establishes robotics firms, with co-founder’s 2 sons as major shareholders

Vingroup, Vietnam’s largest private conglomerate by ecosystem, has set up a robotics unit as it moves to ramp up its industrial-high technology ecosystem.

Companies - Wed, November 20, 2024 | 6:17 pm GMT+7

E-commerce, digital platforms likely to pay taxes on behalf of their sellers in Vietnam

E-commerce, digital platforms likely to pay taxes on behalf of their sellers in Vietnam

E-commerce and digital platforms will have to declare and pay taxes on behalf of their sellers starting January 1, 2025, according to a draft amendment to the Law on Tax Administration.

Finance - Wed, November 20, 2024 | 5:37 pm GMT+7

Flexibility, adaptability key to effective leadership: PepsiCo Vietnam exec

Flexibility, adaptability key to effective leadership: PepsiCo Vietnam exec

In a rapidly changing world, leaders need to develop the skill of being “as flexible as seaweed,” says Nguyen Viet Ha, general director of PepsiCo Foods Vietnam.

Companies - Wed, November 20, 2024 | 3:52 pm GMT+7

Central Vietnam province okays $88 mln automobile part project

Central Vietnam province okays $88 mln automobile part project

Binh Thuan province's industrial zone authority on Tuesday granted an investment registration certificate to a $88 million project invested by Taiwan’s NeoSCM Limited.

Industries - Wed, November 20, 2024 | 3:44 pm GMT+7

Thai packaging firm Thantawan Industry makes inroad into Vietnam

Thai packaging firm Thantawan Industry makes inroad into Vietnam

Thantawan Industry Public Company Limited, a leading Thai manufacturer of premium plastic packaging, has inked a deal for a 30-year factory lease, marking its inaugural investment in Vietnam.

Industries - Wed, November 20, 2024 | 3:34 pm GMT+7

Developer Novaland gets legal hassles cleared for satellite urban area bordering HCMC

Developer Novaland gets legal hassles cleared for satellite urban area bordering HCMC

Major property developer Novoland has had legal obstacles for its Aqua City project cleared after Dong Nai Chairman Vo Tan Duc approved Tuesday a critical adjustment to the southern province’s urban development plan.

Companies - Wed, November 20, 2024 | 2:29 pm GMT+7

Pegatron to quadruple workforce at $800 mln project in Vietnam

Pegatron to quadruple workforce at $800 mln project in Vietnam

Pegatron Vietnam, a subsidiary of Taiwanese electronics manufacturer Pegatron Corporation, is set to soon quadruple the company's workforce for its $800-million project in Vietnam.

Industries - Wed, November 20, 2024 | 2:03 pm GMT+7

Thailand’s WHA greenlighted to invest $55 mln in central Vietnam industrial park

Thailand’s WHA greenlighted to invest $55 mln in central Vietnam industrial park

WHA Group, a leading Thai provider of fully integrated logistics and industrial facilities solutions, has secured in-principle approval from the Vietnamese government to invest in an industrial park in central Vietnam.

Industrial real estate - Wed, November 20, 2024 | 12:01 pm GMT+7

Indonesia, Brazil sign cooperation deals worth $2.65 bln

Indonesia, Brazil sign cooperation deals worth $2.65 bln

Indonesia and Brazil on Monday sealed cooperation agreements worth $2.65 billion in the areas of renewable energy, sustainable agriculture and technology at the Indonesia-Brazil Business Forum held in Rio De Janeiro, Brazil, on the sidelines of the G20 Summit.

Southeast Asia - Wed, November 20, 2024 | 11:57 am GMT+7

Nusantara not yet feasible as Indonesia’s capital city: authorities

Nusantara not yet feasible as Indonesia’s capital city: authorities

Indonesian Minister of Home Affairs Tito Karnavian said Jakarta still holds the capital status despite the enactment of State Capital Law No. 3 of 2022, adding that the capital city will officially be relocated after the president issues a presidential decree.

Southeast Asia - Wed, November 20, 2024 | 11:55 am GMT+7

Malaysia’s Halal industry to make up 10.8% of GDP by 2030

Malaysia’s Halal industry to make up 10.8% of GDP by 2030

Malaysia’s Halal industry is projected to account for 10.8% of the country's GDP by 2030, with an estimated value of RM231.1 billion ($51.7 billion).

Southeast Asia - Wed, November 20, 2024 | 11:48 am GMT+7

Thailand takes more fiscal measures to sustain growth momentum

Thailand takes more fiscal measures to sustain growth momentum

The Thai government is working on a raft of fresh fiscal measures to sustain an economic recovery, foster new foreign investment, and lower the near-record household debt, says Thai Prime Minister Paetongtarn Shinawatra's top aide.

Southeast Asia - Wed, November 20, 2024 | 11:46 am GMT+7

Indonesia named world's most generous country in 2024

Indonesia named world's most generous country in 2024

Indonesia has been the world's most generous country for the seventh consecutive year since 2017, reported local weekly magazine Tempo.

Southeast Asia - Wed, November 20, 2024 | 11:41 am GMT+7

Work begins on Mitsubishi Estate’s $55 mln logistics facility in northern Vietnam

Work begins on Mitsubishi Estate’s $55 mln logistics facility in northern Vietnam

Logistics facility brand Logicross, under Japan’s Mitsubishi Estate, kicked off the construction of its Logicross Hai Phong ready-built warehouse in Vietnam’s northern city of Hai Phong on Tuesday.

Industrial real estate - Wed, November 20, 2024 | 10:58 am GMT+7

French logistics giant eyes to launch electric barges on inland waterways in Vietnam

French logistics giant eyes to launch electric barges on inland waterways in Vietnam

CMA-CGM Group, a French shipping and logistics company, has plans to deploy electric barges, initially on inland waterways in Vietnam.

Companies - Wed, November 20, 2024 | 10:43 am GMT+7