UOB Vietnam increases charter capital to $384M

Since 2021, the bank has made three capital injections into its wholly owned subsidiary in Vietnam. With this most recent addition, when completed, UOB Vietnam's charter capital will be doubled compared to 2021, making it the second-largest foreign-owned bank in Vietnam by charter capital.

This latest capital increase coincides with UOB's plan for a new headquarters building in Ho Chi Minh City. The facility is intended to support the bank's business growth and workforce expansion over the next five years.

UOB unveiled plan for its new headquarters building in Ho Chi Minh City, to be completed in the next 5 years. Photo courtesy of UOB

Situated in the city center, along the Saigon River in District 1, the future headquarters aligns with UOB's vision and the government's strategy to develop Ho Chi Minh City into an international financial hub. The headquarters (UOB Plaza Ho Chi Minh City) is expected to reflect themes of prosperity and sustainability, while providing a modern, professional, and efficient workspace for UOB's growing workforce in Vietnam.

Designed by Gensler, a leading global design and architecture firm, and inspired by Asia's earliest currency—the shell—its architecture symbolizes prosperity, trade, and continuous growth. More than just a corporate headquarters, UOB Plaza is designed as a dynamic workplace that fosters interaction and connectivity through its public spaces. With a strong focus on well-being, the building integrates green spaces and natural lighting to create a comfortable, inspiring, and heathy working environment.According to Wee Ee Cheong, Deputy Chairman and CEO of UOB, with the completion of the Vietnam headquarters, UOB Group will have dedicated headquarters buildings in all five of its key ASEAN markets: Singapore, Malaysia, Indonesia, Thailand, and Vietnam.

He emphasized Vietnam's importance in the bank's regional strategy and reaffirmed UOB's long-term commitment to the country.

"The upcoming UOB Plaza in Vietnam is more than just a building. It represents our enduring commitment to the country," Wee Ee Cheong said. "Having our own headquarters buildings in all five of our key ASEAN markets reflects our confidence in the region and our unwavering support for our customers and communities."

With strong backing from the group, UOB Vietnam continues to enhance its competitiveness and accelerate its digital banking transformation to better serve both individual and corporate clients.

For the retail segment, UOB is investing significantly in digital technologies and artificial intelligence to develop a new digital banking platform, scheduled for launch this year. This initiative aims to enhance the customer experience and respond to growing demand for seamless digital financial services. The bank is also expanding its wealth management and investment offerings, providing customers with more personalized financial solutions.

For corporate clients, UOB Vietnam is focused on supporting businesses across their supply chains, helping them seize emerging opportunities and advance their sustainability objectives. The bank remains committed to facilitating foreign investment and supporting local enterprises, thereby contributing to Vietnam's economic development.

Wee Ee Cheong, Deputy Chairman and CEO of UOB, standing next to the UOB Plaza Ho Chi Minh City headquarters building's model. Photo courtesy of UOB

Over the past five years, UOB's Foreign Direct Investment Advisory (FDIA) unit, which was established in Vietnam in 2013, has assisted more than 340 companies in expanding into the Vietnamese market. These companies have pledged investments exceeding SGD8 billion (US$5.9 billion) and are expected to create around 53,000 jobs in Vietnam.

UOB recently signed an MOU with the Investment and Trade Promotion Center (ITPC) to attract high-quality foreign direct investment into Ho Chi Minh City and southern Vietnam. Key target sectors include high technology, green growth, sustainable development, infrastructure, digital transformation, and healthcare. This collaboration reinforces UOB's role in supporting the city's efforts to attract international investors and advance its ambition of becoming an international financial center.

As Vietnam works toward its net-zero emissions target by 2050, UOB is supporting green initiatives and contributing to the economy's transition toward sustainability.

In Vietnam, UOB has financed 19 green projects spanning renewable energy, manufacturing, agriculture, and sustainable aquaculture. These efforts are part of the bank's broader commitment to supporting businesses on their sustainability journeys. As of December 2024, UOB Group's sustainable finance portfolio grew by 43% to SGD58 billion, surpassing its initial target of SGD30 billion set for 2025.

In line with its commitment to creating a positive impact in the communities it serves, and as part of its regional initiatives marking the bank's 90th anniversary, UOB Vietnam continues to advance its Corporate Social Responsibility (CSR) programs to meet local community needs.

These initiatives include a five-year partnership with Saigon Children's Charity (2023–2027) to equip five computer rooms in schools across the Mekong Delta, helping over 2,000 students improve their digital literacy and computer skills. Starting in 2025, UOB will also work with a leading NGO in Vietnam to plant 10,000 trees in the Ca Mau mangrove forest over three years, supporting climate action and environmental sustainability.

UOB Vietnam also participates in group-wide programs designed to empower communities by equipping them with essential knowledge and skills. These include a partnership with a leading education technology (EdTech) platform to provide digital learning opportunities for 90,000 underprivileged children across 60 cities in Southeast Asia, including Vietnam.

Through its UOB My Digital Space program, a multi-year initiative to bridge the digital divide, UOB has connected about 38,000 students regionally with digital learning tools since its launch. This year, the program aims to benefit an additional 20,000 children from disadvantaged backgrounds across Southeast Asia, further preparing them for the future.