Arts and culture open up business opportunities in Vietnam

WITH a growing middle-class, rapid urbanisation and push towards digitalisation, Vietnam holds abundant opportunities for startups and small and medium-sized enterprises.

To get a foot into the market, Singapore entrepreneurs can sign up for Spotlight Singapore’s week-long mission trip to Hanoi and Ho Chi Minh City, which takes place from Oct 19 to 25.

Spotlight Singapore is a cultural diplomacy platform that aims to foster mutual understanding and business exchanges between Singapore and the world’s growth-leading economies, through arts and culture. It is organised by the Global Cultural Alliance (GCA) and is a brand of The Rice Company Limited (TRCL).

Vietnam was chosen as this year’s destination to commemorate 50 years of diplomatic relations with Singapore, as well as a decade of strategic partnerships. Previous editions took place in cities such as Moscow, Cape Town and Hong Kong.

The upcoming Spotlight Singapore in Vietnam (SSVietnam) mission trip includes a seven-day business track for young entrepreneurs.

Through a mix of business conferences, matching sessions and industry site visits, participants will get to glean insights into the available business opportunities and challenges in Vietnam. They will get the opportunity to network with like-minded Vietnamese counterparts, from fellow entrepreneurs to government and business leaders.

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One highlight of the trip is a sneak tour of the new US$32 million National Innovation Centre at Hoa Lac Hi-Tech Park, located on the outskirts of Hanoi. The centre is touted to be the largest innovation facility in Vietnam, and will be fully operational in October. Participants will also get to visit the Vietnam-Singapore Industrial Park in Hai Duong province.

Arts and culture as a conduit to business

SSVietnam goes beyond “just numbers and business”, said GCA chairman Lee Suan Hiang.

Instead, the event wants to encourage Singapore and Vietnam’s business communities to use culture as a tool of soft power to find common ground and deepen collaborations.

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Spotlight Singapore’s official tagline, “Business with a Cultural Handshake”, illustrates this intent plainly. “The role of culture and soft power in building bridges and forging closer business ties has proven to be effective in breaking new ground,” said Lee.

“Before we start doing business, it helps to first understand the culture, heritage and traditions – whether through a cup of tea, or a banquet with a cultural performance.”

As part of SSVietnam, participants will get to visit key historical and cultural sites, such as the Ho Chi Minh Mausoleum, Independence Palace and Temple of Literature. There will also be arts and culture showcases, including a music performance by the Sun Symphony Orchestra and a lotus water puppet show.

Entrepreneur Kevin Ng, who will be participating in SSVietnam, said the programme’s cultural immersion segments will allow him to gain a deeper understanding of Vietnam’s heritage. He is the founder of Singapore production studio Vicinity.

As he hopes to outsource his company’s video production work to Vietnamese partners, understanding cultural and linguistic nuances is “crucial” to ensuring their final product still resonates with audiences.

“Forming local partnerships is more than just a business strategy; it’s about building bridges, fostering mutual respect, and ensuring that our work is both authentic and of high quality,” he said.

Growth opportunities in key industries

According to the Singapore Business Federation’s (SBF) National Business Survey 2022-2023, Vietnam was ranked one of the top three countries for overseas expansion by Singapore companies in the short term.

Singapore has also been Vietnam’s largest foreign investor for the past three years. In 2022, it accounted for US$6.5 billion – or 23.3 per cent – of total foreign investments in Vietnam.

The green and digital economies, in particular, are emerging sectors where Singapore companies can collaborate with Vietnamese counterparts. Both countries signed a green-digital economic partnership earlier in February this year.

Noting Vietnam’s goal to increase the digital economy’s share of its gross domestic product to 20 per cent by 2025, Lee said: “This should present exciting opportunities in many new areas such as cybersecurity, smart cities, artificial intelligence and fintech.”

There could also be growth prospects in renewable energy, carbon credits and sustainable infrastructure, he added, as Vietnam works towards achieving net-zero emissions by 2050.

Traditional industries such as manufacturing and logistics hold opportunities for Singapore companies too, said Amy Wee, SBF’s country head in Vietnam.

For instance, firms can look at providing training and upskilling for manufacturing players at industrial parks in some of Vietnam’s provinces, she said.

Vicinity’s Ng is looking forward to collaborating with Vietnamese industry peers and exchanging skills and insights in the process.

“As we are considering overseas expansion, establishing a presence in Vietnam is on our radar.

“We are optimistic that this programme will help us gauge the viability of this expansion, helping us identify the right partners and opportunities in Vietnam.”

Spotlight Singapore In Vietnam (SSVietnam) will take place from Oct 19-25, 2023. Interested entrepreneurs can still register for it at www.bit.ly/SSV2023 by Oct 4.

Delegate packages are priced from S$2,688, and include return flights, accommodation, most meals and ground transport. The event is presented by Temasek Foundation, with Sea Limited and Singapore Global Network as major donors. The Business Times is the official business media partner of SSVietnam.