Disciplined Investment. Sustainable Value

Ranked among the top 10 asset management firms in Vietnam by assets under management (AUM) and investment advisory, PVI AM delivers high-performing, benchmark-setting solutions across fund management, portfolio management, and investment advisory. By seamlessly balancing profitability with rigorous risk management, the company ensures consistent and sustainable returns for clients and partners.

Our Investment Approach Our History

USD ~800M+

AUM & Advisory

9.5%

Dividend payout ratio (POF: 2015-2025)

10% - 20%

Average Annual Growth
in Assets under Management

2015–2025

A Decade of Excellence

About PVI AM

Institutional Excellence in Vietnam's Fixed Income Markets

Established in 2015, PVI Asset Management (PVI AM) serves as the specialized investment management arm within the PVI ecosystem, operating under the strategic direction of PVI Holdings. With the support of its two major parent companies, PetroVietnam (PVN) and HDI Global SE (Germany), and drawing on the expertise of Ampega Asset Management – the fund management company of the Talanx Group – PVI AM is built upon an institutional foundation designed to meet international governance standards.

Our fixed-income investment capabilities are forged from an insurance-grade capital management framework that prioritizes absolute discipline, rigorous risk control, and long-term sustainability. Over the years, our managed portfolios have consistently delivered stable returns of approximately 8–10% per annum, while generating predictable cash flows from high-quality assets. This track record reflects our prudent credit underwriting and selective asset allocation.

Moving beyond financial performance, PVI AM has solidified its position as a trusted financial management partner for insurance companies and major institutional investors. We operate with a consistent, transparent, and proven approach that has successfully navigated multiple market cycles.

Explore Our Investment Philosophy

Core Strengths

Investment discipline across all cycles

Rigorous risk management to mitigate negative impacts from market volatility

Deep expertise in fixed income

Focusing on generating stable cash flows and maintaining performance across market cycles

Value investment philosophy

Focusing on corporate fundamentals, with a flexible asset allocation strategy tailored to cycles and market adaptability to optimize returns and preserve capital.

USD ~800M+

Assets Under Management & Advisory

10.5%

Dividend Yield of POF (2025)

8.2%

Dividend Yield of PIF (2025)

How Decisions Are Made

Disciplined Decision-Making

At PVI Asset Management, our investment decisions are guided by rigorous analysis and professional judgment based on deep local market insight. Governed by a structured framework of accountability, we ensure every risk is assessed and managed in alignment with our clients' objectives, while communicating transparently throughout the investment process.

Method

Balanced Risk-Return Decisions

Risk management is embedded throughout the investment process to achieve sustainable, risk-adjusted returns. Every investment decision balances return potential, downside protection, liquidity considerations, and capital preservation within a disciplined investment framework.

Balancing Risk and Return

Methodology

Risk assessment is integrated throughout the entire investment process to strike a balance between profitability and an acceptable level of risk. Every decision simultaneously considers expected returns, liquidity, risk control, and capital preservation to achieve sustainable investment performance.

Discipline Across Market Cycles

Behavior

Investment discipline is maintained across market cycles. During periods of volatility, decisions prioritise long-term outcomes over short-term reactions, supported by structured analysis and professional judgment, proactive management, timely action and transparent communication with investors.

Governance as Decision Architecture

Control

Clear governance frameworks define accountability, decision rights, and risk oversight. These structures ensure that flexibility and judgment operate within disciplined boundaries, protecting investor interests over time.

Our Team

Leadership Driving Excellence

Our leadership combines deep institutional expertise with a commitment to delivering superior risk-adjusted returns and transparent client service.

Board of Directors

Mr. Jens Holger Wohlthat

Chairman of the BOD

Strengthening governance standards in line with global insurance best practices

Mr. Jens Holger Wohlthat currently serves as Chairman of the Board of Directors of PVI AM, providing strategic guidance and supporting the enhancement of the Company's corporate governance framework in line with the HDI Group's international standards. With more than 40 years of experience in the global insurance industry, he has held various senior management positions at HDI Global SE and HDI-Gerling International Holding AG. His experience contributes to strengthening governance and risk management practices while supporting PVI AM's sustainable development by combining international best practices with the specific characteristics of the Vietnamese market.

Mr. Duong Thanh Danh Francois

Standing Vice Chairman of the BOD

Anchoring investment discipline in insurance risk principles

Mr. Duong Thanh Danh Francois serves as Standing Vice Chairman of the Board of Directors of PVI AM, providing strategic guidance and supporting coordination across PVI AM, the PVI ecosystem and HDI Global SE. He concurrently serves as Chief Executive Officer of HDI Global SE Singapore responsible for Vietnam operations, Vice Chairman of the Board of Directors of PVI Holdings, and Chairman of the Board of Directors of PVI Insurance Corporation. With more than 30 years of international experience in insurance and investment, he brings broad market perspectives and governance expertise, supporting the continuous enhancement of PVI AM's risk management and investment practices in line with international standards.

Mr. Thorsten Wölbern

Member of the BOD

Championing global investment strategies and capital allocation frameworks

Mr. Thorsten Wölbern serves as a Member of the Board of Directors of PVI AM, providing strategic guidance on investment and asset management development. He previously served as Chief Investment Officer (CIO) of HDI Global SE and currently holds the position of Senior Strategic Advisor for Global Markets and Investments at the HDI Group. He also supports professional collaboration and knowledge sharing between Ampega, the asset management company of the Talanx Group, and PVI AM. With more than 30 years of experience in investment and asset management, he contributes expertise in asset allocation, portfolio management and investment governance in line with international best practices.

Mr. Nguyen Tuan Tu

Member of the BOD

Directing corporate strategy and institutional governance

Mr. Nguyen Tuan Tu serves as Vice Chairman of the Board of Directors of PVI AM, providing strategic oversight and governance guidance for the Company. He concurrently serves as Vice Chairman of the Board of Directors and Chief Executive Officer of PVI Holdings. With more than 30 years of experience in the energy and financial sectors, he previously served as Deputy Chief Executive Officer of PetroVietnam Oil Corporation (PVOIL) and held various management positions at Petechim, bringing extensive expertise in corporate governance, capital management and the management of large-scale enterprises. His experience supports the continued enhancement of PVI AM's governance framework and long-term development.

Ms. Trinh Quynh Giao

Member of the BOD, Chief Executive Officer

Orchestrating institutional asset management and strategic investment excellence

Ms. Trinh Quynh Giao has more than 20 years of experience in investment, mergers and acquisitions (M&A), and investment banking advisory. She was appointed as a Member of the Board of Directors of PVI AM on 26 November 2024 and has served as Chief Executive Officer of PVI AM since September 2022. Prior to joining PVI AM, she held various senior management positions at Indochina Capital, Red River Holding, VietinBank Securities, and BIDV Securities (BSC). She has also served as a Member of the Board of Directors of Coteccons and Binh Chanh Construction Investment Shareholding Company (BCCI), while directly managing Red River Holding’s investment portfolio in several leading construction and real estate companies, including Phat Dat, Ha Do, BCI, and Licogi. Ms. Giao holds a Bachelor’s degree in Accounting and Finance from the University of New South Wales and a Master’s degree in Economics, specializing in Finance and Banking, from Paris Dauphine University.

Mr. Phan Anh Tuan

Vice Chairman of the BOD, Permanent Deputy CEO

Advancing strategic fund management and institutional investment initiatives

Mr. Phan Anh Tuan serves as Vice Chairman of the Board of Directors and Permanent Deputy Chief Executive Officer of PVI AM. He holds a Master of Science in Money, Banking and Financial Markets from the University of Birmingham (United Kingdom) and was appointed to his current positions on 26 November 2024. With more than 27 years of experience in investment, asset management and strategic advisory, Mr. Tuan has held numerous senior executive and board positions at leading financial institutions and corporations. Prior to joining PVI AM, he served as Deputy Chief Executive Officer, Chief Executive Officer, Vice Chairman, and Chairman of the Board of Directors at Vincom Securities, ABBank Asset Management, SGI Capital, Saigon Post and Telecommunications Services Corporation, and Navibank Securities. His extensive experience in investment management, corporate governance and financial services contributes to the continued enhancement of PVI AM's investment capabilities and governance framework.

Management Team

Ms. Nguyen Thuy Linh

Chief Accountant

Upholding financial integrity and rigorous fiscal governance

Ms. Nguyen Thuy Linh serves as Chief Accountant of PVI AM, overseeing the Company's finance, accounting and financial reporting functions, while ensuring transparent capital management, regulatory compliance and sound financial governance. With 24 years of experience in finance and accounting, she has spent 17 years within the PVI ecosystem, including 15 years serving as Chief Accountant at investment companies within the PVI Group. She also previously held the position of Deputy Director of the Finance and Accounting Department at PVI Holdings, where she developed extensive expertise in corporate finance, accounting, capital management and the operational characteristics of the insurance and asset management industries. Ms. Linh holds a Doctor of Business Administration (DBA) from the University of the Philippines.

Mr. Bui Tuan Trung

Head of Operational Division

Optimizing asset management operations and large-scale portfolio frameworks

Mr. Bui Tuan Trung serves as Business Development Director of PVI AM, responsible for managing operational systems and asset management frameworks amid increasingly complex financial environments. Prior to joining PVI AM, he held senior leadership positions at Bao Viet Group, where he directly managed investment portfolios worth over USD 800 million across fund management and securities activities. With over 30 years of leadership experience in investment and asset management, he is a key driver of sustainable growth and business scale expansion for the company.

Mr. Tran Thanh Son

Senior Advisor

Strategic Investment Advisory and Asset Management Development

Mr. Tran Thanh Son serves as Senior Advisor to PVI Asset Management (PVI AM), providing strategic guidance on investment management, corporate governance, and the development of the firm's asset management business. With over 20 years of experience in finance, investment, and corporate advisory, he supports the Executive Management in shaping investment strategies, strengthening governance frameworks, and enhancing operational excellence in line with international best practices. Prior to joining PVI AM, he held senior leadership positions at leading global professional services firms, including PwC and KPMG, as well as major corporations. His extensive experience in corporate strategy, finance, and investment brings valuable strategic insight and practical expertise to PVI AM's long-term growth and investment capabilities.

Mr. Nguyen Anh Vu

Head of Investment Division

Setting investment strategy and driving investment growth

Mr. Vu Nguyen brings over 14 years of experience in corporate finance, capital markets, and investor relations. He currently serves as Head of Investment at PVI Asset Management, leading investment activities and building strategic partnerships with institutional investors. Prior to this, he gained hands-on experience executing complex capital raising transactions at Coteccons, TTC Group, and Novaland. His work spanned domestic and international capital markets, covering corporate bond issuances, equity fundraising, and project finance arrangements across the real estate, renewable energy, and construction sectors. He has worked directly with institutional investors, legal advisors, and underwriters to structure and execute transactions requiring close multi-party coordination. Vu holds a Master's degree in Banking and Finance from the University of Leicester (UK), graduating with Distinction, and is holding ACCA certificate (the Association of Chartered Certified Accountants).

Mr. Mai Cuong

Investment Director

Executing treasury products and investment portfolio management

Mr. Mai Cuong serves as Investment Director at PVI AM, where he leads the development and execution of the firm's investment strategies, with a primary focus on fixed income solutions designed to deliver stable returns, sustainable capital growth, and disciplined risk management for investors. Prior to joining PVI AM, he held senior leadership positions at An Binh Bank, KB Securities Vietnam, and PVI Holdings, gaining extensive experience across banking, securities, and investment management. He has more than 15 years of experience in the financial services industry and holds a Master's degree in Finance from the University of Technology Sydney, Australia.

Ms. Nguyen Thi Lan, CFA

Head of Portfolio Management

Leading institutional portfolio strategies and disciplined asset allocation

Ms. Nguyen Thi Lan serves as Portfolio Management Director at PVI AM, overseeing the firm's fixed income portfolios with a focus on strategic asset allocation, market analysis, in-depth credit assessment, and portfolio quality management to deliver sustainable long-term value for institutional clients and investment funds. Prior to joining PVI AM, she held senior positions at Vietcombank, VietinBank, and VietinBank Fund Management, bringing over 20 years of experience in banking, finance, and asset management. She is an Australia Awards Scholarship alumna and among the first generation of CFA Charterholders in Vietnam, combining international academic training with extensive practical expertise in portfolio management and investment strategy.

Ms. To Thuy Trang

Head of Research

Strengthening investment insight and market-driven decision-making

Ms. To Thuy Trang serves as Head of Research Department at PVI AM, overseeing all investment research and analysis activities. She focuses on macroeconomic analysis, sector research, and evaluation of investment opportunities in capital markets, while supervising the assessment of key investment factors to support the fund's decision-making process. With over 20 years of experience in finance and asset management, she has deep expertise in private investment and investment analysis. Prior to joining PVI AM, she held key investment positions at Lodgis Hospitality Holdings (a Warburg Pincus and VinaCapital joint venture) and Tri Tin International, an advisory firm for Red River Holding Fund Management Company

Ms. Nguyen Thu Binh, FRM

Head of Risk Management

Fortifying enterprise risk frameworks and institutional asset protection

Ms. Nguyen Thu Binh is the Head of Risk Management at PVI Asset Management (PVI AM), responsible for enterprise risk management, investment risk oversight, internal audit, and regulatory compliance. With more than 10 years of experience in the financial industry, she previously held senior positions at leading Vietnamese commercial banks, including Vietcombank and Techcombank. Ms. Binh holds Master's degrees from WorldQuant University and the University of Strathclyde. She is a certified Financial Risk Manager (FRM), Certified Internal Auditor (CIA), and a licensed Fund Management Practitioner in Vietnam. She also holds a number of internationally recognized professional certifications, reflecting her strong expertise in risk management, governance, and investment

Mr. Nguyen Manh Linh

Legal Counsel

Providing trusted legal counsel and supporting sound governance

Mr. Nguyen Manh Linh serves as Legal Counsel at PVI Asset Management (PVI AM), advising on legal matters across the Company's investment management activities, corporate governance, and business operations. He provides legal support for investment transactions, contract structuring and review, regulatory compliance, and corporate legal affairs, helping ensure that the Company's activities are conducted in accordance with applicable laws and industry best practices. With over 14 years of experience in banking, fund management, and fintech, Mr. Linh has advised on a wide range of investment and corporate transactions. He holds a Master's degree in Civil Law, a Master's degree in Economics, and possesses multiple professional certifications in securities, M&A, and corporate governance.

Our Development

A Decade of Institutional Excellence

Since 2015, PVI Asset Management has delivered disciplined investment solutions that create measurable value across three dimensions: strengthening the financial resilience of the PVI ecosystem through deep institutional knowledge and risk expertise; serving our clients with transparent portfolio management, proactive communication, and long-term capital protection; and partnering with issuers and institutions to facilitate efficient capital allocation in Vietnam's evolving financial markets.

Pre-2015

Foundations within the PVI Ecosystem

Before being established as an independent asset management company, PVI AM’s investment and asset management capabilities had already been cultivated within the PVI ecosystem through the management of insurance investment assets. Building on this strong foundation, PVI AM was established to professionalize asset management activities, separate investment functions under a dedicated governance model, and strengthen prudent, disciplined investment management aligned with the Group’s long-term strategic vision.

2015-2016

Establishing PVI AM and Building a Professional Investment Platform

PVI AM was officially established and commenced operations in 2015, marking an important milestone in PVI’s expansion into professional asset management. Alongside the launch of the PVI Opportunity Fund (POF), the Company began developing a comprehensive fund and portfolio management platform, focusing on investment strategies designed to generate stable income while meeting the risk-return objectives of institutional investors.

2017-2022

Expanding AUM and Developing Long-Term Investment Strategies

Building upon its initial fund management platform, PVI AM expanded its assets under management through the establishment of the PVI Infrastructure Investment Fund (PIF). The launch of PIF represented an important step in the Company’s long-term investment strategy, targeting sectors capable of generating stable cash flows and sustainable economic value.

2022-2024

Strengthening Investment Capabilities, Enhancing Governance, and Reinforcing Risk Management

Between 2022 and 2024, PVI AM focused on strengthening its core capabilities amid a highly dynamic financial market environment. The Company continued to enhance its investment team, particularly in fixed income investing, institutional asset management, and portfolio management.

Through continuous training, accumulated market experience, and direct navigation of multiple market cycles, PVI AM’s investment professionals further strengthened their technical expertise, risk assessment capabilities, and capital market knowledge. The Company also refined its investment process and risk management practices by combining international best practices from the HDI/Ampega ecosystem with deep local market knowledge.

Successfully navigating challenging market conditions reinforced PVI AM’s position as one of Vietnam’s leading fixed income investment managers, while also establishing its reputation as a professional, prudent, and responsible institutional investor

2025-Present

Expanding Beyond the Ecosystem and Building on Core Strengths

PVI AM has entered a new phase of growth with a stronger market-oriented strategy. While continuing to serve the investment management needs of the PVI ecosystem, the Company has progressively extended its investment expertise, portfolio management capabilities, and risk management framework to institutional investors, strategic partners, and clients across the broader market.

PVI AM continues to reinforce its internal capabilities and professionalize its operating model through enhanced governance, operational excellence, transparency, and sustainability — positioning the Company to continue growing as a trusted asset manager with deep investment expertise and a long-term commitment to creating sustainable value.

Careers

Join Our Team

Explore career opportunities at PVI Asset Management. We're looking for talented professionals who are committed to excellence, integrity, and long-term value creation.

View Career Opportunities

Press & Media

Latest News & Announcements

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Information Disclosure Market Insights

Media Inquiries

For press inquiries, interview requests, or additional information, please contact our communications team.

Tel

84.24.32565555

Fax

84.24.32565565

contact@pviam.com.vn

We typically respond to media inquiries within 24 hours during business days.

PVI AM - About us