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Prudential successful in Vietnam with consumer finance
Prudential, one of the world’s largest insurers, has had early success in its drive to build a financial services operation in Vietnam, the UK “Times” reported on June 11.
The UK's second largest insurer, which generates more than half of its profits overseas, has used Vietnam to launch its second foray into consumer finance. Prudential Vietnam Finance, launched last October, specialises in making household loans of up to about 30,000 USD in Vietnam as it targets the country’s increasing affluent population.
Prudential’s move to launch a Vietnam-branded credit card later this year is part of its ambition to become a dominant financial services player in Vietnam within the next 20 years, the newspaper said.
Although the UK insurer will compete with local state-run commercial lenders and private finance companies, the Prudential, as the first foreign company to be granted a lending licence, has first-mover advantage.
However, it will have to compete with HSBC, Europe's biggest banking group, and SG, the French financial services group that also received a lending licence last year.
VNA
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