What are some of the key EB trends in Vietnam? And how might they change over the next five years?
This month, we sat down with Ms Van Anh Tran Thi, Deputy Director at our network partner Bao Viet Insurance (Bao Viet) to find out all this and more. Keep reading to hear what she had to say, and learn what they value most about being part of the MAXIS network…
Thanks for joining us today, Ms Van Anh. Can you tell us a bit about Bao Viet and what your key differentiator is in the market?
Of course! At Bao Viet, we provide accident, disability, life and medical cover to over 3,500 employees across Vietnam. We’re proud of our breadth of coverage, with 79 branches and 350 customer centres, meaning we can provide insurance to people in all the provinces of Vietnam, improving access across the country.
When it comes to what differentiates us, we’re the number one provider of medical insurance in Vietnam. We also pride ourselves on our commitment to corporate social responsibility (CSR). We try to ensure sustainability across our operations where possible and make a big effort to have a positive impact on people in our local communities.
What are some of the key employee benefits trends you’re seeing across Vietnam? What benefits do employees want and need the most?
We’re seeing a big emphasis being placed on health and wellness across the country at the moment, with a particular focus on mental health support. Alongside this, employees are demanding more from their employers when it comes to work-life balance – they want jobs with flexible working arrangements that allow them to prioritise wellness, make time for important family commitments and cut down commute times.
In general, people in Vietnam want their benefits package to go beyond foundational medical cover, with programmes designed to enhance the overall EB offering. There’s a demand for additional health and wellness services such as telemedicine and healthcare apps that can be accessed at the click of a button, and more advanced technology is something that’s attractive to a lot of people. Many employees value more innovative solutions that allow them to submit claims or receive healthcare virtually, meaning their benefits can fit into their day-to-day lives more conveniently.
And what do you anticipate will be the key trends over the next five years?
I think that this focus on technology will continue over the next five years, with the integration of AI and digital tools becoming more and more common as the technology develops, as well as virtual options that people can access easily, no matter where they live and work or what their day-to-day schedules look like.
I’d also expect to see a continued focus on mental health and holistic wellbeing in response to employee demands, with a shift towards personalised benefits and value-based care.
Finally, I think we’ll see a stronger emphasis on preventing illness rather than just treating it, with screening and early-detection solutions becoming more widely implemented.
What do you think the value is of being part of the MAXIS network and do you have any highlights?
We truly value being part of the MAXIS network and are committed to being a trusted, reliable partner to our shared multinational clients. Together we’re able to offer extensive coverage and vast local expertise, with a strong focus on employee wellbeing. I believe that our collaboration and communication puts us in a great position to win local business together and deliver value to our clients, helping them to meet the needs of their employees and support them through whatever healthcare challenges they might face.
Bao Viet won the ‘CSR champion’ award at the MAXIS Global Forum in 2024, can you tell us a bit about why CSR is so important to you?
There’s an increasing focus on CSR around the world, and it’s something that our partners, customers and employees are all passionate about. For us, it’s an opportunity to make sure we’re having a positive impact in the places we live and work, and give back to our local community.
Vietnam is a developing country with a population of more than 100 million people, and although progress is being made, we face harsh natural disasters and epidemics every year. This means that CSR is a top priority for all organisations, especially insurance companies. At Bao Viet, we have always devoted time and resources to activities that help the local community, and we’re always ready to support those in difficult circumstances. We believe that CSR is about more than the amount of money a company chooses to donate to a charity or cause, but about the real impact it is having when it comes to society or the environment.
We’re really proud of the work we do in this space and it was a privilege to win the ‘CSR champion’ award at the MAXIS Global Forum in 2024, despite strong competition from other members of the MAXIS network!