UOB invests $450m in HCMC tower, backing Vietnam's financial hub goal

United Overseas Bank (UOB) has broken ground on a new Grade A office tower in Ho Chi Minh City’s Vietnam International Financial Center (VIFC-HCMC), marking the first purpose-built headquarters to be developed and owned by a foreign bank within the planned financial district. The groundbreaking ceremony for the US$450 million project was held on July 1.

The 36-storey building, slated for completion in 2030, signals the Singaporean lender’s long-term commitment to Vietnam, a market it views as key to its ASEAN strategy. The headquarters is also positioned to support Ho Chi Minh City's ambition to become an international financial hub by strengthening links with regional and global capital, trade, and investment flows.

"We are confident in Vietnam's long-term growth and support Ho Chi Minh City's ambition to become an international financial centre," said Wee Ee Cheong, Deputy Chairman and Chief Executive Officer of UOB.

Upon completion, UOB will own headquarters buildings across all five of its core ASEAN markets: Singapore, Malaysia, Indonesia, Thailand, and Vietnam. "Having our own headquarters buildings across all five of our key ASEAN markets reflects our long-term commitment to the region," Wee added. "Through our regional network, we are well positioned to strengthen connectivity and create greater value for our customers."

The tower will be constructed on a 4,571-square-meter site at 2 Ton Duc Thang Street in the Ba Son precinct, with prominent views overlooking the Saigon River. Designed by global architecture firm Gensler, the building will adhere to international Grade A office standards and is targeting BCA Green Mark certification for its sustainability features.

The design incorporates features to support flexible working, including collaborative workspaces, increased access to natural light, and greenery. Climate-responsive elements are planned to improve energy efficiency and workplace comfort. The project will also feature public spaces intended to integrate art, nature, and local cultural elements into the surrounding urban environment.

In addition to the new headquarters, UOB plans to establish a branch within the VIFC-HCMC. The bank stated it will continue to collaborate with government agencies and industry partners to support the center's development, leveraging its regional network and cross-border capabilities to support businesses and investors expanding between Vietnam and the wider ASEAN region while contributing to the country's long-term economic development.