Top legislator receives United Overseas Bank leader in Singapore

Chairman of the Vietnamese National Assembly Tran Thanh Man (R) receives Wee Ee Cheong, Deputy Chairman and Chief Executive Officer of United Overseas Bank - Photo: VNA

As Vietnam is researching the establishment of international financial centres in Ho Chi Minh City and Da Nang city, it hopes to learn from the experiences of other countries, including Singapore, on this model.

Informing the UOB leader of the Vietnamese legislature’s approval of the amended Law on Credit Institutions and the amended Land Law, the top Vietnamese legislator affirmed that the timely amendments and enactment of laws, especially those related to investment and business, aim to provide a favourable legal framework for both domestic and foreign investors to promote production and business activities in Vietnam.

He noted that with its strengths in aviation, seaports and finance-banking, Singapore is currently the fourth-largest trade partner of Vietnam in ASEAN and has more than 3,800 active investment projects totalling 81 billion USD in Vietnam.

Wee Ee Cheong stressed that Vietnam is always one of the top markets where UOB seeks to establish long-term cooperation and investment relationships.

As the only Singaporean bank operating in Vietnam, UOB aims to further increase its presence by opening a branch in Ho Chi Minh City – one of Vietnam's future international financial hubs, with a goal to continue providing financial services to foreign-invested businesses that have been, or will be operating and doing business in the country, thereby contributing to generating more jobs for the local workforce.

He expressed his hope and expectations that the group will continue to receive support and facilitation from the Party, State, and especially the National Assembly of Vietnam in promoting and expanding effective and successful investment and business activities in the country.