UOB committed to Vietnam with fresh capital and new headquarters

UOB committed to Vietnam with fresh capital and new headquarters

UOB announced on April 8 that it will increase its charter capital of its Vietnamese subsidiary to VND10 trillion ($385 million).

This fresh capital injection of VND2 trillion (about $77 million) into UOB Vietnam is currently under review by the State Bank of Vietnam.

UOB has made three capital injections into its wholly owned subsidiary in Vietnam since 2021. The latest injection means UOB Vietnam’s charter capital has doubled from its 2021 levels, and it is now the second-largest foreign-owned bank in the country in terms of charter capital.

Reaffirming its commitment to Vietnam, where UOB is the only Singapore bank with a subsidiary, UOB will also invest in the group's new Vietnamese headquarters in Ho Chi Minh City. This new building will support the bank’s growth and workforce expansion over the next five years. Strategically located in the city centre, the headquarters aligns with the bank’s vision and the government’s goal of developing Ho Chi Minh City into an international financial hub. Designed with a future-oriented vision, the UOB Vietnam Plaza will embody prosperity and sustainability while providing a modern, professional, and efficient workspace.

With the completion of its headquarters in Vietnam, UOB Group will have local offices across all five of its key ASEAN markets – Singapore, Malaysia, Indonesia, Thailand and Vietnam.

Wee Ee Cheong, deputy chairman and CEO of UOB, said, "UOB has established the most extensive footprint in Southeast Asia, and we have been part of the ASEAN growth story. Vietnam is a key market in our ASEAN strategy, and we are dedicated to deepening our presence here for the long term. The upcoming UOB Plaza in Vietnam is more than just a building. It epitomises our long-term commitment to the country. Having our own headquarters in all five of our key ASEAN markets underscores our confidence in this region and the steadfast support for our customers and the communities."

Driving competitiveness and growth

With strong support from the group, UOB Vietnam is strengthening its competitiveness and accelerating growth in digital banking to better serve both individual and corporate customers.

For the retail segment, the bank is making significant investments in digital technology and AI to develop a new digital banking platform, which is set to launch this year. This will enhance the banking experience and meet the growing demand for seamless digital financial transactions. The bank is also strengthening its wealth and investment offerings, providing customers with more tailored financial solutions to grow and manage their assets effectively.

For corporate clients, UOB Vietnam is committed to supporting businesses across their supply chains, helping them seize new opportunities and advance their sustainability goals. Going forward, UOB Vietnam will continue to support foreign investment and local enterprises, facilitating growing trade and investment flows into Vietnam and contributing to the country’s economic growth ambitions.

Over the past five years, UOB’s Foreign Direct Investment Advisory unit, established in Vietnam in 2013, has supported more than 340 companies in expanding into the market. These companies have pledged investments of over S$8 billion ($6 billion) and are expected to create around 53,000 job opportunities in Vietnam.

UOB has signed an MoU with the Investment and Trade Promotion Centre to entice high-quality overseas investment to Ho Chi Minh City and southern Vietnam, particularly in key high-tech sectors such as green growth, sustainable development, infrastructure, digital transformation, and healthcare. This partnership reinforces the bank’s commitment to supporting the city in attracting international investors and advancing its vision of becoming an international financial centre, in line with the government's direction.

As Vietnam advances its efforts to achieve its net-zero commitment by 2050, UOB remains committed to supporting green projects and driving the transition of the domestic economy. UOB has financed 19 green projects across renewable energy, manufacturing, agriculture, and sustainable aquaculture, contributing to the bank’s broader efforts in helping businesses on their transition journey. As of December 2024, UOB Group’s sustainable finance portfolio had grown by 43 per cent to S$58 billion ($43 billion), exceeding its original S$30 billion ($22.2 billion) target set for 2025.

Supporting local communities

In line with UOB’s commitment to making a positive impact on the communities it serves and as part of its regional initiatives marking the bank’s 90th anniversary, UOB Vietnam will continue to implement Corporate Social Responsibility initiatives to address the needs of local communities.

One initiative is a five-year partnership with Saigon Children's Charity (2023–2027) to equip computer rooms in five schools across the Mekong Delta, benefiting over 2,000 students by enhancing their digital learning and computer skills.

Another initiative is partnering with a top non-governmental organisation in Vietnam to plant 10,000 trees in the Cà Mau mangrove forest over three years starting in 2025, contributing to climate action and environmental sustainability.

UOB Vietnam also participates in group-wide initiatives designed to empower and inspire communities by equipping them with essential knowledge and skills to progress and build resilience.

For the first time, the bank has entered into a partnership with a top education technology platform, EdTech, to provide 90,000 children from underprivileged families across 60 cities in Southeast Asia with a head start in school. Through this platform, children in Vietnam will gain easy access to quality educational resources in areas such as coding, computational thinking, and digital literacy over the next three years.

In addition, UOB My Digital Space is a multi-year initiative aimed at bridging the digital divide for children from disadvantaged backgrounds across the region, connecting them to a world of digital learning opportunities. Since its launch, it has benefited around 38,000 students in the region. This year, about 20,000 children from disadvantaged backgrounds across Southeast Asia will receive digital learning tools and skills, further equipping them for the future.

VIR