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Treasury & Capital Markets
UOB injects US$88 million into Vietnam operations
Local green loan pioneer will use increased capital base to support existing, new customers
The Asset 21 Sep 2021

UOB says it is reaffirming its long-term commitment to contributing to Vietnam’s economic growth and deepening its customer support by injecting 2 trillion Vietnamese dong (US$88 million) of fresh capital into its Vietnamese operations.

UOB Vietnam focuses on meeting the financial needs of individuals and corporates, and it has a strategic bancassurance alliance with Prudential Vietnam Assurance to offer Prudential’s life insurance products. For small- and medium-sized enterprises, the bank’s digital unsecured lending programme, UOB BizMerchant, offers online merchants easier access to collateral-free loans based on the credit assessment of their business data beyond financial records.

The bank has also paved the way for sustainable financing in Vietnam as one of the pioneers in providing green loans to businesses in Vietnam. In January 2021, the bank extended green loan facilities to two local companies, ATAD and Phan Vu Investment, for the construction and operation of their own solar photovoltaic systems on their factory rooftops. 

“The fresh capital injection demonstrates UOB’s commitment to deepening our presence in Vietnam and contributing to the country’s ongoing development,” says Wee Ee Cheong, UOB’s deputy chairman and CEO. “Over the last three years, UOB Vietnam has grown steadily and achieved a 53% compounded annual growth rate in assets. The increased capital base will enable us to support existing and new customers.”

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