On December 19, 2024, Prudential Vietnam Assurance Private Ltd. (“Prudential”) and HSBC Bank (Viet Nam) Ltd. (“HSBC”) announced a bancassurance partnership in Ho Chi Minh City. The collaboration aims to expand financial solutions for customers, particularly high-net-worth individuals, as Vietnam's economic growth continues to drive demand for wealth protection and planning services.

This partnership leverages Prudential’s insurance expertise and HSBC’s banking network to address rising priorities among customers, such as healthcare and asset growth, identified through an HSBC survey conducted in Hanoi and Ho Chi Minh City earlier this year. By combining their strengths, the two organizations aim to deliver tailored protection and investment products to meet evolving customer needs.

“Life insurance is not just a tool for wealth protection—it is also increasingly becoming essential for intergenerational financial planning," Mr. Conor M O’Neill, Chief Financial Officer of Prudential Vietnam, shared at the announcement ceremony. "Vietnam’s rapidly growing middle class, projected to encompass 50 per cent of the population by 2030, further highlights the urgency and potential of expanding access to life insurance. As families seek greater financial security, Prudential remains steadfast in its mission to empower individuals and communities with solutions that safeguard their futures and support long-term prosperity.”

Mr. O’Neill expressed optimism about the partnership's potential to contribute to sustainable growth and provide customers with trusted financial solutions.

Highlighting the country’s evolving consumer market, Mr. Tim Evans, Chief Executive Officer of HSBC Vietnam, noted that Vietnam will become the 10th largest consumer market in the world by 2030. This is supported by a substantial growth of the middle class. This is a key theme to the Vietnamese growth story.

"HSBC Vietnam, as a bank, aims to position ourselves to support this emerging affluent customer segment who are looking for both investment and insurance products," emphasized Mr. Evans. "As a result, we have chosen to partner with Prudential to offer our customers a broader range of product options. Together, we aim to meet our customers’ needs for quality investment-linked insurance solutions. I believe that by combining Prudential’s expertise with HSBC’s distribution network, deep banking expertise, and premium customer base, we will deliver enhanced experiences and a wider range of high-quality protection and investment solutions for our customers in Vietnam.”

The partnership aligns with Prudential’s strategy to grow its distribution channels and HSBC’s commitment to addressing the financial needs of Vietnam’s expanding middle class. Together, they aim to support the long-term growth of the bancassurance sector and the broader economy.