Vietnam’s Standing Deputy Prime Minister Visits UOB
On January 11, Nguyen Hoa Binh, Vietnam’s Standing Deputy Prime Minister, visited UOB during his official trip to Singapore, engaging with officials and business leaders to deliberate on the establishment of the Vietnam International Financial Centre (IFC), a project unveiled the previous month.
During the meeting at UOB, which was hosted by Deputy Chairman and CEO Wee Ee Cheong, discussions centered on Vietnam's strategic outlook for the IFC, key policy initiatives, and the potential for global financial institutions to contribute to and bolster the growth of Vietnam's financial landscape.
UOB, which set up operations in Vietnam over thirty years ago as the first Singaporean bank to do so, regards the nation as one of its pivotal regional markets.
“As a locally incorporated institution today, UOB Vietnam offers a comprehensive range of onshore banking services, while also utilizing our broad ASEAN network to provide seamless offshore access.
This positions us to assist Vietnamese companies in their regional expansion, multinational corporations investing and operating within Vietnam, and international firms making their entry into the market,” stated Wee.
The bank is constructing a new national headquarters in Ho Chi Minh City's IFC precinct, which will accommodate its expanding local workforce of over 1,500 employees.
In April of the previous year, UOB revealed intentions to raise the charter capital of its Vietnamese subsidiary to VND10 trillion (approximately $520 million).
This follows three separate capital infusions made since 2021 into its wholly-owned subsidiary in Vietnam, solidifying UOB's status as one of the foreign-owned banks with the largest charter capital in the country.
UOB's stock concluded trading at $36.02 on January 9, marking a slight daily increase of 0.028% but reflecting a 2.12% decline over the past year.
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