Vietnam

Since embarking on a series of economic and political reforms in the mid-1980s, Vietnam has experienced an extraordinary transformation, transitioning from one of the world’s poorest nations to a middle-income economy in 2011. According to the World Bank, between 2002 and 2022 GDP per capita surged by 3.6 times, and poverty rates plummeted from 14% in 2010 to 3.8% in 2020.

Facilitated by government policies, foreign direct investment (FDI) played a crucial role in driving this progress. The investment appeal is further bolstered by a youthful and increasingly urbanized population, competitive labor costs and an expanding network of trade agreements.

Vietnam aspires to attain high-income country status by 2045. Yet, its investment climate still faces significant challenges, including the dominance of state-owned enterprises in key sectors, regulatory uncertainties and restrictive labor practices, as well as infrastructure deficiencies and fragilities in the banking system.

Source: IMF, CIA The World Factbook

UOB is a leading bank in Asia. Operating through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, UOB has a global network of around 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. Today, UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings.

For nearly nine decades, UOB has adopted a customer-centric approach to create long-term value by staying relevant through its enterprising spirit and doing right by its customers. UOB is focused on building the future of ASEAN – for the people and businesses within, and connecting with, ASEAN.

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