Singapore-based United Overseas Bank (UOB) is exploring the possibility of becoming a member of Vietnam’s International Financial Center (VIFC), underscoring its confidence in Vietnam’s long-term growth prospects, the Government News reported on June 3.

Designed to serve as a gateway between international investors and the Vietnamese market, the VIFC is expected to facilitate capital inflows from Singapore and the broader ASEAN region into Vietnam.

As part of its expansion plans, UOB will break ground on a new headquarter in Ho Chi Minh City this July. The project is located within the planned VIFC-Ho Chi Minh City (VIFC-HCMC) zone.

UOB remains the only Singaporean bank operating a wholly owned banking subsidiary in Vietnam. With charter capital of VND10 trillion ($379.76 million), UOB Vietnam is the country's second-largest foreign-owned bank. Its acquisition and integration of Citi Vietnam's retail banking business, completed in July 2025, significantly expanded its customer base, strengthened its market presence, and enhanced its competitiveness.

The bank's foreign direct investment (FDI) advisory team has supported more than 400 companies investing in Vietnam, helping facilitate projects worth around SGD9 billion ($7.04 billion) and contributing to the creation of over 60,000 jobs.

UOB Deputy Chairman and CEO Wee Ee Cheong described Vietnam as a cornerstone of the bank's ASEAN strategy, highlighting the country as one of Southeast Asia's fastest-growing and most resilient economies. He said Vietnam's ongoing economic transformation and increasing integration into regional supply chains are generating new opportunities for investors and businesses.

Vice Chairman of the VIFC-HCMC Executive Board Nguyen Huu Huan said at a recent forum that more than ten international banks and financial institutions have expressed interest in joining the VIFC-HCMC.

Among them are major global players such as JPMorgan Chase, Bank of America, Bank of China, and Mitsubishi UFJ Financial Group. However, regulatory requirements—particularly those related to credit ratings—have so far prevented them from establishing a presence in the VIFC.

According to Government Decree No. 329/2025/ND-CP, which regulates banking operations, foreign exchange management, anti-money laundering, and counter-terrorism financing within the VIFC, foreign institutions seeking licenses to establish wholly foreign-owned banks or branches in the center must meet strict eligibility criteria.

In addition to demonstrating international operating experience, applicants must hold a minimum credit rating of AA- from S&P Global Ratings or Fitch Ratings, or Aa3 from Moody's, with a stable or better outlook at the time of application.

A number of financial experts have called for a review of these requirements, arguing that greater flexibility during the center's formative years could help attract a wider range of international financial institutions and accelerate the VIFC's development as a regional financial hub.