The bank and Vietnam’s Foreign Investment Agency under the Ministry of Planning and Investment signed an expanded MoU, which will see the bank facilitating an additional pipeline of more than S$1.5 billion ($1.1 billion) in FDI into Vietnam. Vietnam received close to $14 billion in disbursed foreign direct investment (FDI) in the first nine months of the year across all industries and UOB is helping companies from across the region ride on the momentum, focusing on high-growth sectors. These are the sectors that the Vietnamese government seeks to develop, namely sustainable energy, manufacturing, infrastructure, healthcare, and technology. Tapping into the trade corridors between ASEAN and Greater China, UOB has helped more than 150 companies seize opportunities in Vietnam and aims to double the number as part of the latest MoU. As part of the value chain, small- and medium-sized enterprises (SMEs) which support these sectors will also benefit. More than 2,000 jobs in Vietnam are also forecast to be created from the next wave of investments. This is on top of the more than 17,000 jobs already created under the first MoU. More Singaporean companies are also expected to invest into Vietnam as part of increased business and closer ties between… Read full this story
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