A workshop was held in Singapore on July 27, providing Vietnamese IT businesses the chance to explore the investment environment and establish partnership with Singaporean companies.
Business Connectivity 2.0 brought together representatives of 50 businesses and more than 100 experts of Vietnam and Singapore to share experience in doing business in the IT industry.
During the past decade, Vietnam’s IT industry has achieved an annual growth rate of 20% and its revenue has also increased substantially, reaching US$2.3 billion in 2012.
With the number of Internet users ranking 18th in the world, Vietnam is a potential market for providing e-payment, e-hospital and e-ecommerce services.
Vo Hoang Hai, team leader of Vietnam Business Connectivity 2.0 project, pointed out the fact that more Vietnamese IT businesses want to sound out the business environment overseas through support of the Vietnamese entrepreneur communities there.
He said members of the project are willing to support Vietnamese companies in exploring the business investment in Singapore where many foreign companies in dire need of IT outsourcing and nearly 170 investment funds are located.
Vietnamese ambassador to Singapore Tran Hai Hau said although Singapore is one of Vietnam’s leading investors, few financial companies and private investment funds have invested in Vietnam – a potential market with more than 40% of its population aged under 25.
Business Connectivity 2.0 is an excellent initiative to connect Vietnamese businesses with Singapore’s financial companies and investment funds, said Hau.
Gary Yng, managing director of CLSA Capital Partners Pte Ltd, said his company plans to invest approximately US$20 million in several projects in Vietnam, mostly in education, health and goods sales.
Attending the event, Nguyen Hoa Binh, managing director of Vietnam’s PeaceSoft Group, said he expected to find Singapore’s investors and companies to promote his company’s IT products in Vietnam and abroad, even in Singapore.
More than 20 meetings between Vietnamese and Singaporean businesses took place, focusing on opportunities and challenges facing Vietnamese small and medium-sized IT businesses, investment trends in the mergers and acquisitions (M&A) market in Vietnam, and Singapore’s support policies for IT businesses.
The event was hosted by the Association of Vietnamese Professionals in Singapore (Vietnam 2020). Since its establishment in 2007, Vietnam 2020 has organised a number of events for young Vietnamese entrepreneurs who want to start up business in Singapore to meet and share experience with their Vietnamese counterparts in Singapore.