Madam, in your presentation at AsiaPEC 2026, you highlighted notable shifts in Vietnam's energy market. What are the main drivers shaping the sector's growth ahead?

I believe Vietnam’s energy market is at a stage where the expansion of power supply is deeply connected with the energy transition.

In the first nine months of 2026, Vietnam’s GDP grew by 9.01%, while total power generation and imports rose by 9.3% year-on-year. These figures show a strong link between macroeconomic growth and energy infrastructure development.

Vietnam is not only expanding traditional energy sources but is also diversifying its energy system. This includes the growing share of LNG, wind, and solar power, along with preparations for nuclear energy development and grid upgrades.

This progress will generate massive investment demand while raising long-term requirements on energy security, operational efficiency, and risk control.

How does the concurrent development of multiple energy sources reshape the risk profile, Madam?

Each energy type carries unique technical characteristics, operational conditions, and risk levels.

For instance, offshore oil and gas projects involve engineering structures and equipment operating in specialized environments. LNG plants demand high safety standards, whereas wind, solar, and transmission systems must account for natural conditions, equipment, and stability.

For emerging sectors like nuclear energy, the standards for safety, risk management, and insurance frameworks are even stricter and more specialized.

Therefore, as the energy mix becomes more diverse, the insurance industry must adapt accordingly. We can no longer just look at asset values; but we must deeply understand technical details, potential risks at each project stage, and how they may impact the whole project.

In this context, how should the role of insurance companies be viewed?

In my opinion, insurance must be viewed as a crucial component of a project’s risk management strategy, rather than just a financial solution arranged after investment decisions are made.

For large-scale energy projects, early involvement enables insurance companies to work closely with investors in assessing risk factors, design adequate insurance programs, and plan loss-prevention measures.

We must also meet investors’ requirements, regulatory compliance, reinsurance capacity placement, and claims-handling frameworks when an incident occurs.

An effective insurance program balances risk levels, coverage scope, and market financial capacity. This provides investors more confidence during project execution and operation.

You emphasized combining local insurance capacity with international resources. What advantages does this model bring to energy projects in Vietnam?

I consider this an essential element for a developing market like Vietnam.

Large-scale energy projects typically demand huge underwriting capacity along with highly specialized risk engineering. Therefore, combining the local market expertise of domestic insurers with global reinsurers will help manage and transfer risks much better.

At PVI Insurance Corporation, we act as domestic lead coordinator to work with clients, structure insurance programs, conduct risk surveys, issue policies, coordinate with co-insurers, and handle claims.

Meanwhile, international reinsurers supply underwriting capacity and specialized expertise regarding large, complex, or highly specialized risks.

This ensures that projects are managed by a contact point in Vietnam while still have access to global resources and expertise. This is precisely the strategy PVI Insurance follows in energy insurance.

What competitive advantages enable PVI Insurance to meet the escalating demands of the energy insurance market?

PVI Insurance’s strengths come from solid financial backing, professional expertise, hands-on experience, and a strong global reinsurance network.

PVI maintains its market leadership in Vietnam’s non-life insurance sector and has been rated A- (Excellent) by AM Best since 2023. On the other hand, we maintain strong partnership with global reinsurers - anchored by London as our primary market, along with Asian partners and ongoing expansion across the Middle East and European markets. This gives us great access to high underwriting capacity for large investments and complex risks.

Another core strength is our experience in managing and handling major losses, ranging from complex technical losses (Risk Loss) to widespread natural catastrophe events (Nat Cat Loss). Each type of loss requires careful surveying, damage assessment, and claims coordination. Our experience helps us handle difficult situations smoothly, work well with reinsurers, and protect our clients' rights based on policy wordings.

Ultimately, an insurer's true value is demonstrated not just in placing insurance policies, but more importantly in fulfilling commitments when losses occur. This is how PVI Insurance builds trust and long-term partnerships, especially in high-value, tech-heavy sectors like energy.

Looking ahead, how do you expect the role of the insurance market to change within Vietnam's energy development and transition process?

I expect that the insurance industry will become deeply connected with energy project development, particularly in high-tech and large-scale ventures.

As new technologies and energy models are being introduced, the insurance market must continuously upgrade its risk evaluation capabilities, technical proficiency to match each project type.

For PVI Ins, strengthening international partnerships, maximizing domestic insurance capacity are crucial to meet clients’ growing demands.

I believe that an insurance market with strong technical skills, global connections, and deep local market expertise will actively contribute to building a safe, stable, and sustainable energy system.

To us, supporting the energy sector is not just about business opportunities; it is our responsibility to contribute to the long-term growth of Vietnam's economy.

Thank you very much!