UOB Vietnam increases charter capital to expand services

The capital injection has received an approval from the State Bank of Vietnam.

This is the second time in the past three years that UOB has increased its Vietnam affiliate bank’s charter capital, demonstrating the bank’s strong commitment to its long-term investment in Vietnam as well as to contributing to the development of the local economy.

Victor Ngo, chief executive officer of UOB Vietnam, said Vietnam is the bank’s strategic market in ASEAN. The decision to increase capital is a testament to the bank’s long-term commitment to Vietnam’s prosperous development as well as its belief in the country’s great potential.

With the capital increase, UOB Vietnam expects to better support the growth of retail services, drive sustainable development and continue to deliver outstanding value to customers, towards becoming one of the leading retail and foreign banks in Vietnam, said the CEO.

Entering the Vietnamese market 30 years ago, UOB has now become a 100% foreign-owned subsidiary bank, with more than 1,300 employees and five branches in Ho Chi Minh City and Hanoi. During the 2018-2022 period, the bank maintained a stable growth rate, with total assets expanding more than 30%.

Moving forward, UOB Vietnam will continue to support local and foreign businesses to create conditions for the growing flow of commercial capital and investment into Vietnam. Recently, UOB extended a memorandum of understanding with the Foreign Investment Agency (Ministry of Planning and Investment), focusing on attracting high-quality FDI capital into Vietnam, and promoting job creation, especially in the fields of high technology, digitalization, and green growth, new energy, semiconductors and finance.