UOB expands its presence in Vietnam

UOB is stepping up its efforts to help companies seize opportunities in the region’s fastest-growing economy, Vietnam.

After securing more than S$3 billion of foreign direct investment (FDI) into the country, it has now signed The Bank and Vietnam’s Foreign Investment Agency (FIA) today signed an expanded Memorandum of Understanding (MOU) with Vietnam's Foreign Investment Agency. Signed on Friday, the updated agreement will see the bank facilitating an additional pipeline of more than S$1.5 billion in FDI into Vietnam.

Vietnam received close to US$14 billion in disbursed FDI in the first nine months of the year across all industries and UOB is helping companies from across the region ride on the momentum, focusing on agreed high growth sectors such as sustainable energy, manufacturing, infrastructure, healthcare and technology.

Wee Ee Cheong, Deputy Chairman and CEO, UOB, said, “At UOB, we have been steadfast in our support of Vietnam’s economic development since establishing our roots in the country almost 30 years ago. Over the years, we have experienced first-hand the rise of Vietnam, driven by a strong economy that is set to become the fourth largest in ASEAN by the end of this year.

“The expanded MOU with FIA reaffirms our close and collaborative relationship in helping regional companies tap Vietnam’s vibrant economy, driving their sustainable advancement and boosting trade flows and job creation across ASEAN. With the seamless connectivity and sectoral expertise we offer throughout our regional network, UOB is well placed to support companies looking to diversify their supply chains amid disruptions caused by the global pandemic.”