Ho Chi Minh City (VNA) – The United Overseas Bank (UOB) Vietnam on July 1 broke ground on UOB Plaza Ho Chi Minh City, its new headquarters commanding a total cost of some 450 million USD.
The project is the first purpose-built headquarters developed and owned by a foreign bank within the Vietnam International Financial Centre in Ho Chi Minh City (VIFC-HCMC).
The 36-story tower will rise about 160m on a 4,571 sq.m site at No. 2 Ton Duc Thang street in the Ba Son area, built to Grade A office standards and targeting BCA Green Mark certification. Its completion is slated for 2030.
UOB Plaza Ho Chi Minh City marks a new milestone in the bank’s long-term growth strategy for Vietnam, a market UOB has identified as a key ASEAN battleground.
The project signals its trust in Vietnam’s long-term economic trajectory and dovetails with Ho Chi Minh City’s push to become an international financial hub. It will lay the physical groundwork for expanded operations while bolstering Vietnam’s links to global and regional capital, trade and investment flows.
Speaking at the groundbreaking ceremony, Deputy Chairman and CEO of UOB Group Wee Ee Cheong said owning headquarters buildings across all five of key ASEAN markets demonstrates the bank’s long-term commitment to the region, its businesses and communities.
Once the tower is completed, UOB will own headquarters in Singapore, Malaysia, Indonesia, Thailand and Vietnam, sharpening its ability to connect clients and facilitate cross-border trade across the region, he added.
Nguyen Cong Vinh, Vice Chairman of the municipal People’s Committee, said the investment reflects international investor confidence in the city’s business climate and growth prospects.
Ho Chi Minh City is Vietnam’s premier metropolitan area and the country’s leading economic, financial, commercial, services and innovation hub, he said.
Beyond transport, urban and cultural infrastructure, the presence of international financial organisations and modern financial products will forge the economy’s soft infrastructure, spanning capital markets, payment systems, trade, risk management, data infrastructure and human capital, he noted.
Vinh also lauded UOB’s role in channeling investment into Vietnam in recent years, particularly infrastructure, high technology, green transition and innovation.
He said the VIFC-HCMC is expected to improve the flow of global and regional capital into priority sectors, including infrastructure, logistics, high-tech manufacturing, green transition, innovation, digital finance, maritime finance, aviation finance and emerging industries. The presence of international financial organisations such as UOB is to generate positive spillovers and foster a highly connected financial ecosystem supporting the city’s regional financial centre ambitions.
He pledged to further improve the business climate and public services, accompany enterprises and ensure projects stay on schedule and in full legal compliance.
Alongside the headquarters development, UOB plans to establish a branch within VIFC-HCMC once requisite conditions are met. The bank said it will continue working closely with regulators and ecosystem partners to deepen capital, trade and investment connectivity among Vietnam, ASEAN and global markets.
Leveraging its extensive regional network, UOB aims to help companies and investors scale up cross-border operations while contributing to Vietnam’s financial integration and drawing more investment inflows in the years ahead./.
