SINGAPORE (THE BUSINESS TIMES) - UOB has secured more than S$3 billion of foreign direct investment into Vietnam in alliance with Vietnam's Foreign Investment Agency (FIA) and is facilitating an additional pipeline of more than S$1.5 billion under an expanded Memorandum of Understanding (MOU) with FIA, said the bank on Friday.
The bank has helped more than 150 companies seize opportunities in Vietnam, and aims to double the number as part of the latest MOU. More than 2,000 jobs are forecasted to be created in Vietnam from the next wave of investments, on top of the more than 17,000 jobs already created under the first MOU.
UOB and FIA signed their first MOU in 2015 with the intention of increasing foreign direct investments (FDI) and trade between Vietnam and South-east Asia. The MOU was Vietnam FIA's first such collaboration with a bank; the FIA is the designated agency under Vietnam's Ministry of Planning and Investment and supports FDI into Vietnam and Vietnamese companies venturing overseas.
Under the terms of the expanded MOU, the bank will be focusing on sectors that the Vietnamese government is seeking to develop - sustainable energy, manufacturing, infrastructure, healthcare and technology.
It will also see FIA broaden access to investment opportunities beyond the main cities of Ho Chi Minh City and Hanoi, and into fast-developing cities such as Bach Ninh, Hai Duong, Binh Duong and Dong Nai.
Under the MOU, FIA will also provide companies referred by UOB with advisory on investment policies and dedicated support in investment procedures and applications.
The UOB FDI Advisory team provides companies from across the bank's network with local insight, market entry support and customised financial solutions, and connects them to regional business opportunities.
UOB FDI Advisory and FIA will also conduct webinars with speakers from the bank's ecosystem partners, including government agencies, consulting firms and multinational companies, to share their expertise and best practices on investing in Vietnam.
The MOU signing ceremony was conducted virtually on Friday and attended by senior Vietnamese government officials and senior leaders from UOB.