UOB reaffirms long-term commitment to Vietnam with fresh capital injection

September 21, 2021 | 16:35
UOB is reaffirming its long-term commitment to contributing to Vietnam’s economic growth and deepening its support of customers by increasing its charter capital from VND3 trillion to VND5 trillion ($130.43-217.4 million).
UOB reaffirms long-term commitment to Vietnam with fresh capital injection
UOB is among the largest foreign-invested banks in Vietnam.

The capital injection was approved by the State Bank of Vietnam in Official Letter No.6388/NHNN-TTGSNH on September 8.

Wee Ee Cheong, deputy chairman and CEO of UOB said, “The fresh capital injection demonstrates UOB’s commitment to deepening our presence in Vietnam and contributing to the country’s ongoing development. We have grown from a representative office in 1993 to a wholly-owned subsidiary bank in 2018. Over the last three years, UOB Vietnam has grown steadily and achieved 53 per cent compound annual growth in assets. The increased capital base will enable us to support existing and new customers in Vietnam through our progressive solutions and the connectivity we offer across UOB Group’s regional network.”

UOB Vietnam focuses on meeting the financial needs of individuals and corporates by providing solutions that are relevant to different life and business stages. In helping individuals meet their protection needs and achieve their financial goals, the bank has a strategic bancassurance alliance with Prudential Vietnam Assurance to offer Prudential’s life insurance products.

The bank has also paved the way for sustainable financing in Vietnam as one of the pioneers in providing green loans to businesses. In January 2021, the bank extended green loan facilities to two local companies, ATAD and Phan Vu Investment, for the construction and operation of their own solar photovoltaic systems on their factory rooftops.

In addition, UOB Vietnam actively promotes foreign investment into the country. In November 2020, the bank renewed its MoU with Vietnam’s Foreign Investment Agency, stepping up efforts to facilitate investments into sectors including renewable energy, manufacturing, infrastructure, healthcare, and technology. To date, the bank has supported more than $2 billion ($87 million) in investments into Vietnam, which have created more than 17,000 jobs.

This year, UOB Vietnam also launched its inaugural Management Associate Programme with the aim of nurturing the next generation of bank leaders in Vietnam. The programme provides young, local talents with work experience in and exposure to different banking functions at the bank and across UOB Group’s regional network.

In caring for employees, the bank has been providing virtual medical advisory support and oxygen concentrators to safeguard their health and well-being during the pandemic. UOB Vietnam also implemented Flexible Work options, including staggered work hours, as well as allowing employees to take two hours off monthly to attend to personal matters and to work remotely two days a week when COVID-19 restrictions are lifted.

Just as UOB Vietnam is dedicated to supporting its customers and colleagues, it also contributes actively to social and community development. Throughout the pandemic, UOB Vietnam has been making donations in cash and in kind to support vulnerable communities in the country.

Harry Loh, CEO of UOB Vietnam, said, “The prolonged pandemic continues to impact lives and livelihoods. While uncertainty remains as to when we will overcome the pandemic, one thing we are certain of is that UOB Vietnam remains committed to helping our customers, colleagues, and the community see through to better times. Together, we will be resilient, manage the risks, and navigate the changes to emerge stronger.”

By Luu Huong

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