UOB's relationship with Vietnam started 25 years ago in 1993, when we set up a representative office with just three people. In 1995, UOB was the first Singapore bank to set up a branch in Ho Chi Minh City. Today, on 6 August 2018, we begin a new chapter for UOB with the official opening of our new subsidiary. United Overseas Bank (Vietnam) Limited ("UOB Vietnam") is the fifth subsidiary UOB has set up in Asia and reflects our continued confidence in and commitment to the future of Vietnam.
To mark the launch of Vietnam subsidiary, UOB held a gala dinner in Ho Chi Minh City for over 300 guests, including representatives from the State Bank of Vietnam, the Ministry of Planning and Investment, and Singapore’s Ambassador to Vietnam.
As Mr. Wee Ee Cheong, Deputy Chairman and Chief Executive Officer of UOB Group, said: “The opening of our local subsidiary marks a new milestone for UOB in Vietnam. Over the last 20 years, we have been steadfast in our commitment to support Vietnam’s economic growth as we connect our clients to investment opportunities in the country. Vietnam continues to be one of the fastest-growing economies in South-east Asia and is a strategically important market for many businesses. Our investment into the local subsidiary will deepen our presence in Vietnam and ensure that we are well-equipped to support our regional clients as well as Vietnamese consumers and companies in meeting their financial needs for the long term."
We hope that the setting up of UOB’s foreign owned subsidiary bank will contribute to the Vietnamese government’s efforts to create an even more attractive business environment for Vietnam.