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SBF launches joint platform with Vietnam counterpart to strengthen business ties

02 Commencement of the inaugural VSBC meeting.jpg
The first Vietnam-Singapore Business Council meeting took place in Hanoi on July 16.

THE Singapore Business Federation (SBF) and Vietnam Chamber of Commerce and Industry (VCCI) have launched the Vietnam-Singapore Business Council (VSBC) to broaden their strategic cooperation.

The VSBC, which will meet once a year, is a platform for business leaders to discuss issues of mutual interests, ways to strengthen economic and commercial ties and make joint recommendations to both the Singapore and Vietnam governments.

It will facilitate networking opportunities between both countries and identify new business opportunities in both markets, while also sharing research and best practices to promote cooperation and economic growth, said SBF and VCCI in a joint media statement on Tuesday.

SBF hopes to strengthen partnerships in five priority clusters - urban development, energy, consumer, industry 4.0 and manufacturing, and startups and innovation, it said.

To date, 17 Singapore companies are in the council, representing various business sectors ranging from infrastructure and banking and finance to technology and education.

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Some of these companies include CapitaLand (Vietnam), Grab, UOB (Vietnam), PSA Corporation, NTUC Fairprice Co-operative and ST Engineering.

The VSBC's launch took place at the Vietnam-Singapore Business Forum during a five-day business mission to Vietnam, jointly led by SBF and Enterprise Singapore, to explore emerging opportunities in the consumer sector, innovation, industrial and urban development.

"Singapore companies recognise the abundant opportunities in Vietnam, evidenced by the growing bilateral trade and investments between both countries," said Douglas Foo, chairman of Sakae Holdings and vice-chairman of SBF.

"Through the VSBC, we hope to ride this wave of growth and deepen B2B collaboration in both markets and partnerships through the sharing of best practices."

"Singapore has become one of Vietnam's leading strategic partners in term of imports exports as well as in term of FDI (foreign direct investment)," said Vu Tien Loc, chairman and president of vietnam chamber of commerce and industry.

"With the launch of the VSBC, I believe the council will contribute to further development of the cooperation between the business communities of Vietnam and Singapore in many fields."

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