UOB FinLab launches in Vietnam to empower Vietnamese SMEs to harness digital technologies for business growth
Ho Chi Minh City, Vietnam - June 13, 2023 - UOB FinLab, an innovation accelerator powered by the Bank, announces its official launch in Vietnam today. 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, granting them access to digitalisation and sustainability programmes, matching of business solutions providers, mentorship and valuable resources.
According to the UOB Business Outlook Study 2023 (SME & Large Enterprises), 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. 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 provide 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, titled "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. Detailed agenda of the event can be found in Appendix 1.
Mr 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. Leveraging the Bank’s extensive network and expertise, we are confident that we can help Vietnamese SMEs overcome these challenges and thrive in the digital economy."
Collaboration with key industry leaders and experts
The launch of UOB FinLab in Vietnam has garnered support and recognition from key industry leaders, specifically from the Vietnam E-commerce Association.
Mr 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 FinLab aims to equip SMEs with the practical knowledge and strategies required to navigate the digital landscape effectively.
Mr 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."
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 sustainable impact throughout its journey in Vietnam.