The United Overseas Bank Limited (UOB) announced on April 8 that it will increase the charter capital of its Vietnam subsidiary to VND10 trillion ($400 million). The fresh capital injection of VND2 trillion ($80 million) into UOB Vietnam is currently under review by the State Bank of Vietnam.

Once approved and completed, the capital injection will bring UOB Vietnam’s total charter capital to VND10 trillion ($400 million). 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, making it the second-largest foreign-owned bank in the country in terms of charter capital.

Reaffirming its strong commitment to Vietnam, where UOB is the only Singaporean bank with a subsidiary, UOB Group will also invest in a new headquarters building for UOB Vietnam in Ho Chi Minh City. This new building will support the bank’s business growth and workforce expansion over the next five years. Strategically located in the city center, 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, UOB Vietnam Plaza will embody prosperity and sustainability while providing a modern, professional, and efficient workspace for UOB’s growing workforce in Vietnam.

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

Mr. 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 buildings in all five of our key ASEAN markets underscores our confidence in this region and our steadfast support for our customers and communities.”

Enhancing competitiveness and driving growth with Vietnam’s economy

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 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. 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 (FDIA) 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 ($5.92 billion) and are expected to create around 53,000 job opportunities in Vietnam.

UOB recently signed an MoU with the Investment and Trade Promotion Centre (ITPC) to attract high-quality FDI into Ho Chi Minh City and Southern Vietnam, particularly in key sectors such as high technology, 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. In Vietnam, 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 ($42.92 billion), exceeding its original S$30 billion ($22.2 billion) target set for 2025.

Deepening support to the local community

In line with UOB’s commitment to making a positive impact in 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 (CSR) initiatives to address the needs of local communities. These include: (i) A five-year partnership with Saigon Children's Charity (2023–2027) to equip five computer rooms in schools across the Mekong Delta, benefiting over 2,000 students by enhancing their digital learning and computer skills; (ii) Partnering with a leading non-governmental organisation (NGO) in Vietnam to plant 10,000 trees in the Ca 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. These include: (i) A first-time partnership with a leading education technology (EdTech) platform to provide 90,000 children from underprivileged families across 60 cities in Southeast Asia, including Vietnam, 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; (ii) UOB My Digital Space Programme – 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, the programme has benefited about 38,000 students regionally. This year, as part of the UOB My Digital Space Programme, about 20,000 children from disadvantaged backgrounds across Southeast Asia will receive digital learning tools and skills, further equipping them for the future.