UOB empowers Vietnamese SMEs to harness digital technologies

UOB empowers Vietnamese SMEs to harness digital technologies for business growth

This strategic expansion aims to enhance UOB’s regional connectivity and foster UOB FinLab’s network of more than 21,000 small- and- medium- sized enterprises (SMEs) across ASEAN.

According to the UOB Business Outlook Study 2023, nearly 9 in 10 businesses in Vietnam have adopted digitalisation in at least one department. However, a key challenge for businesses will be in scaling their digitalisation efforts, expanding it from one or a few departments to the entire business.

A total of 41 per cent of SMEs surveyed likely need support to connect with the right technology provider, and 37 per cent of SMEs need access to knowledge and expertise to address concerns in their digitalisation journey. Recognising these challenges, UOB Vietnam is committed to providing tailored programmes, solutions and expertise to Vietnamese SMEs through UOB FinLab.

UOB FinLab targets to engage 5,000 businesses in Vietnam over the next three years through its innovative digitalisation and sustainability initiatives. Its inaugural programme "Xin Chào SMEs: Grow Your Sales through E-commerce and Digital Marketing," is designed to equip SMEs with the necessary knowledge and strategies to effectively adopt digital technologies to fuel sales growth and expand their customer base regionally.

Victor Ngo, CEO of UOB Vietnam said, "We understand the challenges faced by Vietnamese SMEs in embracing digital technologies and staying competitive in the digital era. By launching UOB FinLab in Vietnam, we aim to provide comprehensive support to these SMEs, equipping them with the tools, knowledge and resources needed to succeed in the digital marketplace."

Its inaugural programme is titled "Xin Chào SMEs: Grow Your Sales through E-commerce and Digital Marketing"

The launch of UOB FinLab in Vietnam has garnered support and recognition from key industry leaders, specifically from the Vietnam E-commerce Association.

Nguyen Ngoc Dung, chairman of the Vietnam E-commerce Association said, "Vietnamese SMEs play a vital role in our economy, and their success is crucial for sustainable growth. The launch of UOB FinLab in Vietnam will empower Vietnamese SMEs to embrace digital transformation and unlock new growth opportunities. This will be instrumental in bridging the digital divide and enabling SMEs to compete effectively in the digital marketplace."

To better support Vietnamese SMEs, UOB FinLab will also collaborate with university professors, industry practitioners, innovation experts and tech solution providers in its programmes to deliver an enriching learning experience for participants. By leveraging diverse perspectives, UOB aims to equip SMEs with the practical knowledge and strategies required to navigate the digital landscape effectively.

Shannon Lung, head of UOB FinLab said, "Digital adoption can be daunting for SMEs. We are here to accompany them in their digitalisation journey by providing tailored solutions and necessary support, starting with our inaugural Xin Chào SMEs programme."

"Vietnamese SMEs will be able to gain valuable insights and learn best practices to overcome challenges in adopting digital technologies. By empowering SMEs to embrace digital transformation, we can help them to drive growth, boost competitiveness and contribute to the overall development of Vietnam's economy," Lung said.

With a long-term vision of empowering SMEs and driving economic growth in the region, UOB FinLab looks forward to forging strong partnerships and creating a sustainable impact throughout its journey in Vietnam.

UOB FinLab is UOB’s innovation accelerator that brings the ecosystem together to catalyse business growth and transformation.

With a regional presence in Singapore, Malaysia and Thailand, UOB FinLab provides access to a range of business and technology experts, tools and content through online and in-person programmes.

These programmes range from supporting fintech and startup communities in developing solutions to assisting SMEs in going digital and innovating for sustainability.

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