On May 18, 2026, in Ho Chi Minh City, PVI Insurance Corporation (PVI Insurance) and the Vietnam-Russia Joint Venture (Vietsovpetro) officially signed a Framework Agreement for the provision of “Personnel, Liability, and Property Insurance for Vietsovpetro” covering the 2027–2028 period. The event not only marks a new milestone in the strategic partnership between the two entities but also reaffirms PVI Insurance’s capability, prestige, and leading position in Vietnam’s energy and industrial insurance sector.
The signing ceremony was attended on behalf of Vietsovpetro by Mr. Vu Mai Khanh, General Director, alongside members of the Board of Management and representatives from relevant departments. Representing PVI Insurance were Mr. Pham Anh Duc, General Director of PVI Insurance Corporation, along with representatives from various divisions, subsidiary units, and the Board of Management of PVI Insurance Vung Tau—the unit directly responsible for implementing onshore insurance programs for Vietsovpetro.
Continuing a Strategic Partnership Spanning Over Three Decades
The partnership between PVI Insurance and Vietsovpetro was established in 1996 and has been continuously strengthened and expanded over the past nearly 30 years. Throughout the development journey of Vietsovpetro—one of the pillars of Vietnam’s oil and gas industry—PVI Insurance has consistently served as a strategic insurance partner, accompanying the joint venture in risk management, asset protection, and financial security for its business and production operations.
The enduring cooperation between the two sides is built on a foundation of trust, professionalism, and a deep understanding of the unique characteristics of the energy and industrial sectors. These fields demand exceptionally high standards regarding financial capacity, insurance experience, and specialized risk management expertise.
Under the Framework Agreement, PVI Insurance will continue to provide Vietsovpetro with a comprehensive suite of insurance programs covering personnel, property, and liability. These programs are tailored to meet the specific operational requirements of a large-scale energy enterprise. Key insurance programs include fire and special perils insurance, public liability, domestic and overseas business travel insurance for employees, cargo and marine hull insurance, medical professional indemnity insurance, machinery and equipment insurance, as well as motor and special-purpose vehicle insurance.
The insurance programs are designed to be flexible, aligning with Vietsovpetro’s actual operational needs, risk management requirements, and budget plans for each phase. Concurrently, they ensure strict compliance with legal regulations and international practices in contract management, claims settlement, and service delivery.
Vietsovpetro’s continued trust is a clear testament to PVI Insurance’s financial strength, execution experience, and leading position in Vietnam’s non-life insurance market. PVI Insurance currently leads the market share nationwide and stands as the sole Vietnamese insurer to maintain a Financial Strength Rating of A- (Excellent) by the international credit rating agency A.M. Best for four consecutive years.
In the field of energy and industrial insurance, PVI Insurance is the core provider partnering with numerous major corporations, enterprises, and key national projects. Its professional expertise, specialized risk management capabilities, and extensive experience in executing large-scale insurance programs remain the bedrock enabling PVI Insurance to effectively meet the increasingly stringent demands of clients amid a volatile energy and insurance market.
Commitment to Companionship and Sustainable Development in the New Era
Speaking at the ceremony, Mr. Vu Mai Khanh, CEO of Vietsovpetro, emphasized: “Today’s Framework Agreement is not merely a continuation of our traditional cooperation, but a strategic step for both sides to jointly adapt to new requirements and challenges, enhance risk management efficiency, and safeguard the welfare of our workforce as well as the entire operations of the Joint Venture.”
Representing PVI Insurance, Mr. Pham Anh Duc, CEO of the Corporation, affirmed that PVI Insurance will continue to leverage its professional expertise, experience, and service network to effectively support Vietsovpetro in deploying large-scale insurance programs, meeting the escalating standards in the energy and industrial sectors.
The signing of the 2027–2028 Framework Agreement not only solidifies the strategic partnership between PVI Insurance and Vietsovpetro after nearly 30 years of companionship, but also establishes a new foundation for cooperation geared toward a more specialized, stable, and long-term trajectory in the next phase of development.
Furthermore, the event continues to validate PVI Insurance’s role, capability, and prestige in the energy and industrial insurance sector, reflecting the sustainable, customer-centric development strategy of the non-life insurer holding the number one market share in Vietnam.