UOB Vietnam on Wednesday broke ground on UOB Plaza Ho Chi Minh City, its new headquarters within the Vietnam International Financial Centre – HCM City. — Photo courtesy of the bank

HCM CITY — UOB Vietnam on Wednesday broke ground on its new headquarters building, UOB Plaza Ho Chi Minh City, becoming the first foreign bank to develop and own a purpose-built headquarters within the Vietnam International Financial Centre – HCM City (VIFC HCMC).

With an investment of approximately US$450 million, the Grade A office tower is designed to international sustainability standards and is scheduled for completion in 2030, underscoring the Singapore-based bank's long-term commitment to Việt Nam, a core market in its ASEAN strategy.

Located on a 4,571sq.m site at No 2 Tôn Đức Thắng Street in the Ba Son precinct, the 36-storey tower will rise 160 metres above the Sài Gòn River and serve as UOB's flagship headquarters in Việt Nam.

Addressing the groundbreaking ceremony, Nguyễn Công Vinh, Vice Chairman of the HCM City People's Committee, said the project marked an important milestone for UOB while demonstrating international investors' confidence in the city's investment environment.

He said HCM City is strengthening its position as the country's leading financial, commercial, and innovation hub, with the development of the international financial centre serving as a strategic priority.

Vinh also highlighted UOB's contributions to Việt Nam through financing for foreign direct investment, infrastructure, high technology, green transition and innovation projects.

He said the presence of UOB Plaza Ho Chi Minh City would have a ripple effect, helping to foster a stronger, more professional financial ecosystem with deeper international connectivity in the city.

He added the city would continue improving the investment environment and creating favourable conditions for investors to implement projects efficiently.

He expressed confidence that UOB Plaza would be completed on schedule and become a landmark development contributing to HCM City's sustainable development.

Wee Ee Cheong, Deputy Chairman and Chief Executive Officer of UOB, said, "Việt Nam is a key pillar of UOB's regional strategy. Our new headquarters reflects our confidence in Việt Nam's future and our support for HCM City's ambition to become an international financial centre.”

Wee added that, once completed, the project would give UOB wholly owned headquarters in all five of its core ASEAN markets – Singapore, Malaysia, Indonesia, Thailand and Việt Nam – strengthening its regional network and ability to support customers' cross-border business and investment activities.

Designed as a future-ready workplace, UOB Plaza will feature flexible layouts, collaborative workspaces, abundant natural light and greenery while incorporating climate-responsive solutions to improve energy efficiency in line with international ESG standards.

Looking ahead, UOB plans to establish a branch within the VIFC HCMC and continue working with government agencies and industry partners to support the centre's development and strengthen its position as an internationally connected financial hub. — VNS