Yes, the phone have speed dial.

To setup speed dial:
1. From the main menu, select Settings > Phone settings > Keypad > Numeric keys
2. Highlight the key with which you wish to assign the speed-dialing number (from 2 to 9), press Edit > Contacts.
3. Scroll to choose a contact you want to assign from Contacts and press OK.

To change a number assigned to a key:
1. From the main menu, select Settings > Phone settings > Keypad > Numeric keys.
2. Highlight the key with which you wish to re-assign the speed-dial number press Edit > Contact.
3. Scroll to choose the new contact you want to assign from Contacts and press OK.

You can find this on the manual you can download in Alcatel A392G page here in The Informr.

Does the A392G have speed dial?