HCMC – The HCMC government has voiced support for Singapore-based United Overseas Bank (UOB) to expand operations and participate in the development of the city’s planned international financial center.

Nguyen Van Duoc, chairman of the HCMC People’s Committee, met with Wee Ee Cheong, UOB deputy chairman and CEO, on April 8 to discuss investment opportunities and UOB’s future operations in the city, reported the local media. At the meeting, Duoc acknowledged UOB’s contributions to Vietnam’s and HCMC’s economic development. He said the city is currently working with relevant ministries and agencies to finalize criteria for establishing an international financial center. The initiative is awaiting a resolution from the National Assembly and a decision by the central government before moving into the implementation phase. Banking is expected to play a key role in the future center, Duoc said, adding that the city encourages UOB’s active participation in this strategic project. Heads of the city’s departments and agencies also called on UOB to explore investment in infrastructure projects related to the financial center, and to support initiatives in human resource training, capital mobilization, and infrastructure financing through bond issuance. Cheong reaffirmed the strong ties between UOB and HCMC and said the bank is keen to explore the city’s priority sectors to promote further foreign investment. UOB recently announced a plan to increase the charter capital of UOB Vietnam by VND2 trillion to VND10 trillion, pending approval from the State Bank of Vietnam. This marks the third capital injection since 2021 and will make UOB Vietnam the second-largest foreign bank in Vietnam by charter capital.