•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Vietnam is drawing strong foreign direct investment (FDI) in the region, and cross-border capital channels—along with the bond market—could provide additional funding capacity to support the country’s growth needs in the coming five-year period, according to UOB Vietnam representatives speaking at the Vietnam Connect Forum 2026.
Đinh Đức Quang, Director of the Foreign Exchange Business Division at UOB Vietnam, said ASEAN is among the world’s strongest FDI destinations, ranking behind only the United States and Europe. Within the region, Vietnam is highlighted as a particularly attractive investment destination.
Quang noted that compared with Indonesia, Malaysia, Thailand and the Philippines, Vietnam’s investment appeal is “very impressive,” and that FDI inflows into Vietnam are markedly higher than those into economies of similar size such as Malaysia, Thailand and the Philippines.
Beyond traditional funding channels such as FDI and indirect investment (FII), Quang pointed to another actively operating capital route that is often less discussed: cross-border capital provided through international financial institutions operating in Vietnam.
He said foreign banks in Vietnam not only arrange direct loans for domestic enterprises, but also support large-scale funding for domestic financial institutions. Quang cited that in 2021, a group of foreign banks including UOB arranged a long-term loan worth $1 billion for a domestic financial institution.
He added that UOB’s total facility commitments to help Vietnamese enterprises access international capital, as well as trade finance support for domestic institutions, have reached “into the billions of USD.”
UOB Vietnam said Vietnam currently has nearly 50 foreign financial institutions operating, including 9 banks with 100% foreign ownership and around 40 foreign bank branches. Quang said that if trust is built and effective collaboration is fostered between these institutions and the domestic market, the channel could become a major source of funding for the economy.
He also noted that accessing international capital markets requires Vietnamese enterprises to meet higher standards of financial transparency, business planning and governance. In cross-border syndications, banks arranging capital typically coordinate with 10–20 other foreign financial institutions to participate in lending.
On the indirect investment channel, Quang said there is substantial room to attract foreign investors into Vietnam’s bond market, particularly government bonds.
He cited that foreign holdings of Vietnamese Government bonds are currently around 1–2%, far lower than in many regional countries. In Thailand, the share is about 10%, equivalent to holdings of roughly $20 billion. In Malaysia and Indonesia, foreign investors hold about 20–25% of government bonds, roughly $60–70 billion.
“If concrete solutions are implemented to attract foreign investors to participate more deeply in the Government Bond market, this will be a very large resource for Vietnam,” Quang emphasized.
Quang said the corporate bond market also has latent potential to connect domestic enterprises with international capital. However, he noted that foreign investors focus most on credit risk assessment infrastructure, pricing mechanisms, and a standard yield curve.
He said these elements provide a basis for investors to build risk models, price assets and foster trust when participating in Vietnam’s corporate bond market.
Looking ahead, regulators including the Ministry of Finance and the State Bank of Vietnam are expected to coordinate with market participants to complete pricing infrastructure and build a standard yield curve for both the short-term money market and the long-term capital market.
Discussing UOB’s activities in Vietnam, a bank representative said UOB has been present in the country for 33 years and has continuously increased capital since the State Bank granted permission to establish a 100% foreign-owned subsidiary in 2017.
UOB Vietnam’s charter capital stands at about VND 10,000 billion, among the largest foreign banks in Vietnam. After acquiring Citi Vietnam’s retail banking arm in 2023, UOB said it has continued to expand its operations across multiple customer segments.
The bank has also announced plans to invest in building an office tower in the central financial district of Ho Chi Minh City.
Quang said UOB, as a foreign direct investment enterprise operating in Vietnam’s financial sector, is committed to a long-term partnership with FDI enterprises and to linking domestic enterprises with international capital, contributing to “more substantive and sustainable development” of Vietnam’s economy.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
