Singapore’s UOB opens first branch in Hanoi
Hanoi is an important gateway for businesses to tap opportunities in Vietnam’s fast-growing cities in the north.
United Overseas Bank (Vietnam) (UOB Vietnam) on August 22 officially opened its branch in Hanoi, making it the bank’s first beyond Ho Chi Minh City.
UOB officials and guests at the opening of the Hanoi branch.
|
“The opening of our Hanoi branch marks another milestone in UOB’s long-term commitment to Vietnam. We were the first Singapore bank to set up a representative office in Ho Chi Minh City in 1993 and since then, have continued to deepen our presence,” said Wee Ee Cheong, deputy chairman and group chief executive officer of UOB.
“Our new branch reflects our continued confidence in the country as we seek to serve more customers in both the northern and southern parts of Vietnam. It will enable us to connect customers to the opportunities that Vietnam offers and to support Vietnamese companies in seizing opportunities across ASEAN and further afield,” Wee added.
Singapore's Ambassador to Vietnam Catherine Wong said: “As the first Singapore bank with a subsidiary in Vietnam, UOB is a strong example of a successful Singapore organization expanding and investing into Vietnam. The bank has also supported many companies in their expansion into Vietnam, providing connectivity and facilitating investment flows into the country.
With both Vietnam’s and Singapore’s governments striving for a closer strategic partnership, UOB has played an important role in particular, to help drive greater economic collaboration between the two countries.”
Explaining the opening of the Hanoi branch, Harry Loh, chief executive officer of UOB Vietnam, said Hanoi is an important gateway for businesses to tap opportunities in Vietnam’s fast-growing cities in the north. The branch complements UOB Vietnam’s headquarters in Ho Chi Minh City in providing financial solutions that are essential to the different life and business stages of consumers and companies here in Vietnam.
UOB Vietnam commenced operations on August 6, 2018. Before that, UOB established its presence in Vietnam with the opening of a representative office in 1993 and was the first Singapore bank to launch a branch in the country in 1995.
22:02, 2024/12/17
Regional, international financial centers mean boosters to Vietnamese economy: Deputy PM
Ho Chi Minh City envisions its financial center encompassing the money market, banking system, capital market, and derivatives market.
15:44, 2024/11/14
IFC sets record with US$1.6 in climate financing to support Vietnam’s green transition
The new commitments aim to bolster Vietnam's shift towards a low-carbon economy while enhancing private-sector resilience and competitiveness.
21:44, 2024/11/11
Vietnam's credit growth up 10% in 10 months
Vietnam’s central bank has set a credit growth target of around 15% this year.
08:08, 2024/10/05
Building Hanoi's smart city with smart banking
In Hanoi's smart city development strategy, smart payment and open banking ecosystems are critically important.
21:34, 2024/09/19
Vietnam stock market clears major legal hurdle to potential upgrade
Starting November 2, foreign investors will no longer be required to pre-fund 100% of their transactions, promising the removal of a major roadblock for Vietnam's market upgrade process.
17:29, 2024/09/01
Cashless parking in Hanoi: Good model fuels smart transport
Hanoi’s leaders believe that all that's left to do is act with the ultimate goal of serving people from smart transportation, armed with the mindset and solutions of a new global vision and thinking.
- Banking sector dominates Vietnam’s corporate bond market
- Prime Minister expects lending to grow by 15% this year
- Vietnam, Singapore strengthen partnership in stock exchange operations
- HSBC raises Vietnam’s GDP growth forecast to 6.5% in 2024
- Hanoi to push for smart tax agency
- Taxes revenue from online shopping in Vietnam nearly triple in H1