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    PVI   VN000000PVI1

PVI HOLDINGS

(PVI)
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PVI : Insurance cooperates with Hyundai Thanh Cong Vietnam Joint Venture

10/07/2021 | 12:17am EST

On September 24, 2021, PVI Insurance Corporation (PVI Insurance) officially signed a business cooperation contract with Hyundai Thanh Cong Vietnam Automobile Joint Venture Company (HTV).

According to the contract, insurance products and related services for customers buying vehicles or using HTV's services will be implemented through a software system jointly built by the two parties. Customers who purchase insurance under this contract are also provided with a separate contact line and receive special offers and customer care services jointly developed by PVI Insurance and HTV.

Immediately after the contract was signed, specific business cooperation contents will be implemented nationwide in detail between the two parties. In addition to insurance products provided to customers, the two parties will also implement a plan to promote and introduce products to customer portfolio of each party.

Mr. Le Ngoc Duc - General Director of Hyundai Thanh Cong Vietnam said: "The strategic cooperation with the leading insurance corporation in Vietnam, including PVI Insurance, is one of the strategies of HTV, for the purpose of bringing the best quality products and services as well as new values and experiences beyond the expectations to customers." Mr. Le Ngoc Duc added: "In the past, HTV as well as other activities at TC MOTOR also used quite a lot of insurance packages from PVI Insurance such as insurance for components, goods, and property, etc. We appreciate the service quality as well as the values provided by PVI Insurance. We hope that with this strategic cooperation, PVI Insurance will continue to further improve their service quality in the future".

At the contract signing ceremony, Mr. Pham Anh Duc - General Director of PVI Insurance, said: "PVI Insurance will immediately start providing insurance packages at Hyundai dealer system, and also advertise HTV's products to customers of PVI Insurance. Active cooperation agreements between PVI Insurance and leading partners in Vietnam have been bringing practical effects to the parties in terms of revenue and brand. PVI Insurance believes that the cooperation with HTV, the number one passenger car supplier in Vietnam, will also bring practical benefits to customers and both parties".

* Hyundai Thanh Cong Vietnam Auto Joint Venture (HTV):

On March 19, 2021, TC MOTOR - Automobile Division of Thanh Cong Group and Hyundai Motor Group officially entered into a joint venture to distribute Hyundai passenger cars in Vietnam market under Hyundai Thanh Cong Vietnam Automobile Joint Venture ("HTV"). This activity demonstrates the long-term commitment of Hyundai Motor Group to Vietnam market, as well as a methodical and focused development plan and important contribution of TC MOTOR to the improvement of Vietnam automobile industry.

In 2020, Hyundai brand was ranked No. 1 in Vietnam market with 81,368 vehicles sold. In which, Hyundai has a number of models awarded the top spots on their respective segments such as Hyundai Santa Fe, KONA, Accent, etc. These figures show not only the quality of Hyundai products, but also customers' preference and trust for vehicles of Korean brand manufactured and assembled in Vietnam. With the official cooperation in passenger car distribution, TC MOTOR and Hyundai Motor Group will continue to expand production with 2 factories in Ninh Binh, increasing the total capacity to more than 170,000 vehicles annually. The close cooperation in production and distribution is the joint venture's commitment to bring new, high-tech and most suitable products to the domestic market and also for export to other markets in the region.

One of the important goals of the TC MOTOR and Hyundai is to continue to enhance new experiences and values for customers through new technologies of Hyundai Global or premium services through the Hyundai dealer network across the country. In addition, TC MOTOR and Hyundai will also implement more and invest more in activities that bring value to the community and society through key social responsibility programs.

* PVI Insurance:

PVI Insurance is the leading insurance brand in Vietnam for years. In the first 6 months of 2021, PVI Insurance was ranked first in Vietnam's non-life insurance market in terms of original premium revenue. Currently, PVI Insurance is also the market leader in terms of other important criteria: Charter capital, Total assets, Revenue, Profit and ROE, etc.

A.M Best has affirmed the financial strength rating of B++ (Good) of PVI Insurance and assessed that PVI Insurance's insurance business is "stable and efficient in terms of good risk management and cost control." PVI Insurance develops a nationwide retail system with 41 member entities, its website for online sales is www.pvionline.com.vn. PVI Insurance's Northern and Southern Customer Care Centers are invested with advanced technology, modern equipment and professional staffs, hotline 1900 54 54 58 operating 24/7.

Disclaimer

PVI Holdings published this content on 07 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 October 2021 04:16:02 UTC.


© Publicnow 2021
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Financials
Sales 2020 5 608 B 247 M 247 M
Net income 2020 807 B 35,5 M 35,5 M
Net cash 2020 1 144 B 50,3 M 50,3 M
P/E ratio 2020 9,37x
Yield 2020 -
Capitalization 11 056 B 487 M 486 M
EV / Sales 2019 1,00x
EV / Sales 2020 1,06x
Nbr of Employees 2 551
Free-Float 13,9%
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Mean consensus HOLD
Number of Analysts 1
Last Close Price 47 200,00 VND
Average target price 39 777,00 VND
Spread / Average Target -15,7%
Managers and Directors
Hoa Xuan Nguyen Vice Chairman & Chief Executive Officer
Jens Holger Wohlthat Chairman
Nguyet Thi Bui Independent Director
Thuan Van Bui Director
Danh Thanh Duong Director
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