Insurer purchases $1.46 billion long-term government bond.
Prudential Vietnam has signed a deal with the Ministry of Finance (MoF) for a VND3.2 trillion ($1.46 billion) long-term investment in 20-year government bonds (G-Bonds) in the presence of Prime Minister Nguyen Tan Dung and UK Prime Minister David Cameron.
This is the very first time a 20-year G-Bond has been issued in Vietnam and is a significant development for the country’s bond market.
“This 20-year investment reflects our continued strong commitment to the long-term development of Vietnam and our active partnership with the Vietnamese Government in contributing to the development of the country’s national infrastructure as well as its economic and social development,” said Mr. Wilf Blackburn, CEO of Prudential Vietnam.
He added that Prudential Vietnam continues to work closely with regulators, the government, and the insurance industry in the development of quality services and products to ensure it provides protection and financial planning that serves and protects Vietnamese families.
“This clearly shows the strong government support for businesses and insurers in particular to further grow and attract more long-term investment and increase their contribution to economic growth,” said Mr. Phung Ngoc Khanh, General Director of the Insurance Supervisory Authority at MoF. “This 20 year G-Bond investment demonstrates the trust of investors in the Vietnamese Government and their strong commitment and contribution to the long-term development of Vietnam.”
Prudential entered Vietnam in 1995 with a representative office and began operations in 1999. As a leading life insurer in the country it operates the most extensive nationwide distribution network, comprising seven bank partners and over 230 customer service centers and branch offices in Vietnam’s 63 cities and provinces.
- Prudential Vietnam