Singapore has been vocal with its actions to establish and facilitate apt opportunities for startups. It has been collaborating with various firm and countries to present people with an exciting innovation ecosystem coupled with remarkable facilities. Today, Singapore’s Action Community of Entrepreneurship (ACE) signed a Memorandum of Understanding (MOU) with Vietnam’s National Agency for Technology Entrepreneurship and Commercialization Development (NATEC) to outline several initiatives that promote exchanges among the start-up ecosystems of both Vietnam and Singapore.
The MOU, signed by Dr. Mark Hon, Chairman of ACE, and Dr. Pham Hong Quat, General Director of NATEC, Ministry of Science and Technology (MOST), aims to establish a cooperative relationship between the two countries for nurturing their robust start-up ecosystems. This includes the provision of venture capital development and other areas of support and development. Hon in a statement commented,
We are delighted to collaborate with NATEC, Vietnam to promote entrepreneurial exchanges. With a population of more than 94 million people, Vietnam is an important market in Asia-Pacific where start-ups can stand to gain a firm standing. Our partnerships with overseas organisations, such as NATEC in Vietnam, will not only offer our entrepreneurs valuable market access, but also serve as a landing point for foreign start-ups looking to venture into Singapore and the ASEAN region.
He added that ACE will continue to forge these relationships to support aspiring entrepreneurs in their overseas’ ventures.
Nearly three-quarters of millennials surveyed in Singapore plans to start their own business within the next ten years and more than 30% of them began their entrepreneurial venture while in school. Many of these budding entrepreneurs will benefit from ACE’s continuous endeavours to support them with resources, networks, mentorships and overseas access.
While Vietnam has been established as an important emerging market for entrepreneurs. According to a World Bank report, it has enjoyed a steady 6.4 percent growth in GDP per capita in the 2000s. With rising affluence coupled with greater ease of doing business, wider internet and mobile connectivity and strong government support, Vietnam has become a lucrative destination for businesses to expand their presence.
The MOU between ACE and NATEC grants local entrepreneurs invaluable access into Vietnam, providing them with the foundation needed for a successful enterprise out of Singapore. It will include the provision of co-working arrangements that serve as landing points for start-ups looking to venture into the respective markets. This is supported by the provision of knowledge workshops and programmes, networking events and support clinics for start-ups. The MOU also encourages both organisations to support the promotion and marketing of each other’s events and programmes.
Launched in 2003, ACE was rolled at as a national effort to foster Singapore into a creative and entrepreneurial nation where innovation and enterprise can be translated into wealth creation and where diversity of ideas thrives. It has forged a strong collaboration with SPRING Singapore and other Singapore government agencies to support the local start-up community with the right resources, networks, partnerships and opportunities which contribute to the building of a vibrant and connected regional environment in which innovative startups can thrive.