Body to broaden ties between Singapore and Vietnam businesses

Singapore

THE Singapore Business Federation (SBF) and the 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 interest, ways to strengthen economic and commercial ties and to make joint recommendations to 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 the SBF and VCCI in a joint statement on Tuesday.

The SBF hopes to beef up partnerships in five priority clusters - urban development, energy, consumer, Industry 4.0 and manufacturing, and startups and innovation, it said.

For now, the council has 17 Singapore companies in it, representing business sectors ranging from infrastructure and banking and finance to technology and education. These companies include CapitaLand (Vietnam), Grab, UOB (Vietnam), PSA Corporation, NTUC FairPrice Co-operative and ST Engineering.

The VSBC was launched at the Vietnam-Singapore Business Forum convened during a business mission to Vietnam led jointly by SBF and Enterprise Singapore. The mission aimed to explore emerging opportunities in the consumer sector, innovation, industrial and urban development.

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

"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."

Vu Tien Loc, chairman and president of the VCCI, said: "Singapore has become one of Vietnam's leading strategic partners in terms of imports/exports and in terms of FDI (foreign direct investment).

"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."