SINGAPORE (Aug 22): United Overseas Bank (Vietnam) officially opened its branch in Hanoi on Thursday, its first beyond Ho Chi Minh City.

The expansion comes a year after the incorporation of UOB Vietnam as a foreign-owned subsidiary bank.

See: UOB receives foreign-owned subsidiary bank licence in Vietnam

See also: UOB grows regional footprint with Vietnam subsidiary and Asean digital bank

The first UOB branch in Hanoi is located at 1 Thanh Nien Road, Truc Bach Ward, Ba Dinh District and was opened by Her Excellency Catherine Wong, Singapore's ambassador to Vietnam, and Wee Ee Cheong, deputy chairman and group CEO 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,” says Wee.

“As the first Singapore bank with a subsidiary in Vietnam, UOB is a strong example of a successful Singapore company helping to broaden the scope of our economic ties with Vietnam. The bank has supported many companies in their expansion into Vietnam, providing connectivity and facilitating investment flows into the country. UOB’s expansion in Vietnam also represents our evolving bilateral ties, as Singapore partners with Vietnam in its next phase of growth,” adds Wong.

Harry Loh, CEO of UOB Vietnam, adds, “Our presence in Vietnam, backed by the seamless connectivity offered through UOB group’s regional network, ensures that we are well-positioned to help our customers realise their financial and business goals.”