MPI recognises UOB for supporting companies to invest nearly $3.7 billion
MPI recognises UOB for supporting companies to invest nearly $3.7 billion
The award was presented by the Ministry of Planning and Investment (MPI) to UOB on February 26 in recognition of the bank’s continued efforts in facilitating foreign direct investment (FDI) flows into Vietnam and supporting companies in the country. UOB is the first Singaporean bank to receive the award.
Wee Ee Cheong, deputy chairman and CEO at UOB, receives a certificate of merit from Do Nhat Hoang, director general at the MPI 's Foreign Investment Agency in the presence of President Nguyen Xuan Phuc
UOB has helped more than 200 companies from countries like Singapore, Malaysia, and China to invest in Vietnam since signing an MoU with Vietnam’s Foreign Investment Agency in 2015.
These companies have projected to invest more than $3.39 billion and create more than 20,000 jobs in Vietnam.
The bank is also set to facilitate a pipeline of $2.43 billion potential investments from companies in sectors such as manufacturing, technology, and consumer goods in the next three years. These investments are expected to create another 13,000 jobs in Vietnam.
Regionally, Vietnam continues to be an attractive destination for FDI driven by companies’ desire to diversify their supply chains as well as to position themselves for a post-pandemic recovery.
In 2021, overseas companies’ commitments rose 9.2 per cent to $31.2 billion, with investments mainly in sectors such as manufacturing and processing as well as power generation. All top investors are from Asia, namely Singapore (34.4 per cent), South Korea (15.9 per cent), and Japan (12.5 per cent).
Wee Ee Cheong, deputy chairman and CEO at UOB said, “In recent years, Vietnam has gained prominence as an investment destination and it is also attracting more interest from foreign investors. UOB is committed to continuing investing in Vietnam and expanding our capabilities, including our FDI advisory services to support companies’ growth and to contribute to the local economy. Vietnam is one of the key beneficiaries of the Regional Comprehensive Economic Partnership trade agreement. The trade pact will drive more foreign investments to Vietnam and the region, and our extensive network in ASEAN will go a long way in connecting global companies to this fast-growing region in the world.”
UOB has a dedicated FDI Advisory Unit that was set up in 2013 to provide support for regional clients investing in the country.
Last year, the bank injected $870 million of fresh capital into UOB Vietnam to speed up efforts to build up its digital capabilities to provide more digital solutions to retail and corporate customers. The additional investment will also broaden UOB Vietnam's capabilities to expand its sustainable financing, as well as offshore and trade financing offerings.
Harry Loh, CEO at UOB Vietnam said, “UOB Vietnam has been steadily rolling out new initiatives, programmes, and solutions in the past year to support our clients' needs. As Vietnam reopens its borders and international travel starts to resume, we are confident that companies will be able to ride on its post-pandemic recovery to seize new opportunities in the market.”
