United Overseas Bank Vietnam Ltd on Thursday signed a memorandum of understanding with the Viet Nam – Singapore Industrial Park to encourage and facilitate foreign direct investment in Viet Nam.

The Singapore lender had launched its Vietnamese subsidiary only this week.

With this collaboration, UOB and VSIP are committed to organising business seminars together to help companies explore business and investment opportunities in Viet Nam.

The bank yesterday invited more than 40 business leaders from across Asia to visit the VSIP in Binh Duong Province.

It connected them with strategic business partners and key government agencies in the local business eco-system, including the Foreign Investment Agency, to help them navigate the requirements when doing business in Viet Nam.

The tie-up with VSIP complements UOB’s other partnerships to accelerate cross-border trade and investments in Việt Nam as well as in other ASEAN markets.

UOB is the first Singapore bank to open a foreign-owned subsidiary in Viet Nam.

UOB has a global network of more than 500 branches in 19 countries and territories in the Asia Pacific, Europe and North America.

It first came to Viet Nam in 1993 with the opening of a representative office, and in 1995 became the first Singaporean bank to open a branch in the country. — VNS