UOB raises charter capital to $387 million, reaffirming commitment to Việt Nam

UOB raises charter capital to $387 million, reaffirming commitment to Việt Nam

The UOB’s announcement of an increase in charter capital and a plan for a new headquarters building in HCM City reaffirms the bank’s strong commitment to long-term investment in Việt Nam.

Wee Ee Cheong, Deputy Chairman and CEO of UOB Group. — Photo courtesy of UOB

UOB announced that it would increase the charter capital of its Việt Nam subsidiary to VNĐ10 trillion (US$387 million). 

The fresh capital injection of VNĐ2 trillion is currently under review by the State Bank of Việt Nam.

Once approved and completed, the capital injection will bring the total charter capital of UOB Việt Nam to VNĐ10 trillion. 

UOB has made three capital injections into its wholly-owned subsidiary in Việt Nam since 2021. The latest means UOB Việt Nam’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.

UOB Group will also invest in a new headquarters building for UOB Việt Nam in HCM City. Strategically located in the city centre, the headquarters aligns with the bank’s vision and the Government’s goal of developing HCM City into an international financial hub. 

Wee Ee Cheong, Deputy Chairman and CEO, UOB, said: “Việt Nam 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 Việt Nam is more than just a building. It epitomises our long-term commitment to the country.”

With strong support from the Group, UOB Việt Nam is strengthening its competitiveness and accelerating growth in digital banking.  

For the retail segment, the bank is making significant investments in digital technology and artificial intelligence 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.   

For corporate clients, UOB Việt Nam is committed to supporting businesses across their supply chains, helping them seize new opportunities and advance their sustainability goals. 

Going forward, UOB Việt Nam will continue to support foreign investment and local enterprises, facilitating growing trade and investment flows into Việt Nam and contributing to the country’s economic growth ambitions. 

Over the past five years, UOB’s Foreign Direct Investment Advisory (FDIA) unit, established in Việt Nam in 2013, has supported over 340 companies in expanding into the market. 

These companies have pledged investments of over US$8 billion and are expected to create around 53,000 job opportunities in Việt Nam.

UOB recently signed a MOU with the Investment and Trade Promotion Centre (ITPC) to attract high-quality FDI into HCM City and Southern Việt Nam, particularly in high technology, green growth, sustainable development, infrastructure, digital transformation and healthcare. 

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