UOB CEO mulls new headquarters in Ho Chi Minh City and joining VIFC

UOB vice chairman and CEO Wee Ee Cheong and Vietnam’s Party General Secretary and State President To Lam

The meeting took place on May 30 on the sidelines of the Shangri-La Dialogue 2026. Cheong said the bank is planning to build a new headquarters in Ho Chi Minh City, with groundbreaking expected in July.

The bank is also studying potential participation in Vietnam International Financial Center (VIFC). Once completed, the centre is expected to facilitate capital flows from Singapore and ASEAN into Vietnam, while connecting international investors with opportunities in the VIFC.

“We see Vietnam as a key market in UOB’s ASEAN strategy and one of Southeast Asia’s most dynamic and resilient economies,” Cheong said.

“We see tremendous opportunities in Vietnam’s ongoing transformation and its increasingly important role as a strategic hub within ASEAN. Over the past three decades, we have remained committed to supporting the country’s development journey and look forward to further strengthening our partnership with Vietnam by boosting cross-border trade, supporting foreign direct investment (FDI) flows, and empowering local enterprises to grow sustainably,” he added.

UOB has operated in Vietnam for more than three decades, beginning with the establishment of a representative office in 1993. Today, UOB is the only Singaporean bank with a wholly owned subsidiary in Vietnam, operating five branches across Ho Chi Minh City and Hanoi.

With total charter capital of VND10 trillion ($390 million), UOB Vietnam is currently the second-largest foreign-owned bank in the country. Following the completion of the integration of Citibank Vietnam’s retail banking business into UOB in 2025, the bank significantly expanded its customer base, strengthened market coverage and reinforced its presence in one of ASEAN’s fastest-growing markets.

UOB has also played an active role in facilitating FDI into Vietnam, while supporting Vietnamese companies in expanding overseas. Since 2020, the Bank’s FDI Advisory Unit has supported more than 400 companies in expanding operations into Vietnam, with total committed investments estimated at S$9 billion ($7 billion), contributing to the creation of more than 60,000 jobs.

This has positioned UOB among the most active foreign banks supporting foreign investment inflows into Vietnam, while also helping Vietnamese enterprises access international markets through trade finance, cross-border cash management and regional banking solutions.

Vietnam leads ASEAN in consumer optimism Vietnam continues to lead the region in consumer optimism, according to the sixth edition of the ASEAN Consumer Sentiment Study (ACSS) released by UOB on November 20.

UOB sees Vietnam growth easing in fourth quarter United Overseas Bank (UOB) expects Vietnam’s economic growth to ease in the fourth quarter, though full-year expansion remains robust.

UOB lifts Vietnam growth outlook to 7.5 per cent for 2026 Vietnam has entered 2026 with solid economic momentum, supported by strong growth last year and a more upbeat outlook from regional economists.

Banks ramp up plans to establish VIFC subsidiaries Banks are accelerating plans to set up subsidiary banks at the Vietnam International Financial Centre to expand the ecosystem and enhance international competitiveness.