Sunday, May 26

UOB signs first MOU to encourage FDIs


UOB Vietnam chief executive officer Harry Loh and VSIP JV’s Deputy General Director Anthony Tan sign the MOU to cement both companies’ commitment to encourage FDI into Vietnam. The signing was witnessed by (from left) UOB head of group wholesale banking Frederick Chin, Foreign Investment Agency of Vietnam Director General Do Nhat Hoang, Enterprise Singapore regional director Koh Chong Yu, and VSIP JV chief financial controller Sean Lim.

HO CHI MINH CITY: As part of its long-term commitment to Vietnam, United Overseas Bank (Vietnam) Ltd (UOB Vietnam) has signed a Memorandum of Understanding (MOU) with VSIP JV1 to encourage and to facilitate foreign direct investment (FDI) into Vietnam.

This is UOB Vietnam’s first MOU following its official subsidiary launch. With this strategic collaboration, UOB Vietnam and VSIP are committed to organising business seminars together to help companies explore business and investment opportunities in Vietnam.

As the first order of business under the MOU between UOB Vietnam and VSIP, the Bank invited more than 40 business leaders from across Asia to visit the VSIP in Binh Duong Province.

These business leaders, who hail from China, Indonesia, Japan, Malaysia, Singapore and Thailand, also attended a Vietnam investment seminar.

During the session, the Bank connected its clients with strategic business partners and key government agencies in the local business ecosystem, including the Foreign Investment Agency of Vietnam, to help them navigate the requirements when expanding into Vietnam.

The investment seminar was organised by UOB’s dedicated FDI Advisory Unit. UOB was the only Singapore bank to set up such a unit in Vietnam in 2013 to support the growing trade and investment flows into the country.

The tie-up with VSIP complements UOB’s other partnerships to accelerate cross-border trade and investments in Vietnam as well as in other Asean markets. UOB also partnered the Foreign Investment Agency of Vietnam in 2015 and Enterprise Singapore in 2016.

This came on the back of UOB’s incorporation of its Vietnam outfit earlier this week as the first Singapore bank to open a foreign-owned subsidiary bank in Vietnam.

The Bank had been operating under a branch licence since 18 July 1995 before incorporating the new subsidiary.

To mark the launch of the subsidiary, the Bank held a gala dinner in Ho Chi Minh City for more than 300 guests, including representatives from the State Bank of Vietnam and the Ministry of Planning and Investment, and Singapore’s Ambassador to the Socialist Republic of Vietnam.

Wee Ee Cheong, deputy chairman and chief executive officer, UOB, 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 Southeast 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.”