United Overseas Bank (UOB) Vietnam increased its charter capital by 60 per cent on December 26 to approximately VND8 trillion (nearly $328 million) through a capital injection from its Singapore-based parent bank UOB, it announced on the same day.

This was UOB Vietnam’s second increase in charter capital in the past three years, demonstrating its strong commitment to investing in long-term growth in Vietnam.

Mr. Victor Ngo, CEO of UOB Vietnam, said Vietnam is a strategic market for UOB in ASEAN. The decision to raise its capital is evidence of its long-term commitment to Vietnam’s development and confidence in Vietnam’s significant potential.

This will also help UOB realize its ambition to become a leading retail bank and leading foreign bank in Vietnam, he said.

After 30 years in Vietnam, the bank has five branches in Ho Chi Minh City and Hanoi with over 1,300 employees. It maintained steady growth of over 30 per cent in total assets between 2018 and 2022.