As Vietnam continues its growth trajectory, UOB Vietnam will likely benefit too. The bank, which has been in the country since 1993, plays a “crucial role” in helping businesses invest in Vietnam and overcome the challenges of entering the Vietnamese market, says Ngo. “Over the past five years, UOB Vietnam has supported about 300 companies to invest in the country, contributing an estimated $7.3 billion in investments and facilitating the creation of about 50,000 job opportunities,” he shares.
With its 3Q2024 GDP growth of 7.4% y-o-y reported in early October, Vietnam remains on track for continued economic growth driven by its strong manufacturing sector, exports, foreign direct investments (FDIs) and its role in the China+1 strategy.
“Vietnam’s GDP growth in 2023 was 5.05%, while the economy expanded by 6.42% in the first half of 2024. These were mostly driven by the recovery in manufacturing and services,” notes United Overseas Bank (SGX:U11
) (UOB) Vietnam CEO Victor Ngo, who adds that the bank is seeing “good business opportunities” across a broad base of sectors, including clean energy, infrastructure, technology, construction and agriculture.
