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Peter Ong, chairman, Enterprise Singapore

Enterprise Singapore, the government agency for supporting startups, will be signing Memorandum of Understanding (MoU) with Vietnam’s National Agency for Technology Entrepreneurship and Commercialization development (NATEC) to help build ecosystem for new tech ventures in both countries.

“This MoU aims to establish a collaborative relationship among our startups, ecosystem builders and tertiary institutions,” said Peter Ong, chairman, Enterprise Singapore. “This partnership will allow both parties to plug into our respective ecosystems through joint initiatives and activities.”

Ong was speaking at the Techfest 2018 held in Da Nang recently.

“I have noticed that Vietnam has a thriving young entrepreneurial population possessing competitive tech talent. It is heartening to know that many young people in Vietnam are enthusiastic in choosing entrepreneurship as a career option,” Ong said. He added that Singapore also recognises that innovation comes hand-in-hand with access to talent.

Ong said that an effective ecosystem cannot be the one that is isolated from the world. Singapore had, for that matter, launched the Global Innovation Alliance last year to connect with major innovation hubs around the world. “We have anchored overseas partners from Australia, France and Israel, amongst others, to enable two-way exchange of enterprises and to serve as a point of entry into these markets,” he said.

To help startups take off, Singapore provides them with an international launchpad and adequate funding, Ong said, adding that the country supports more than 800 startups at any given time. Also, the Startup SG Equity partners with venture capital firms to invest up to $4 million in innovative startups.

by Parnika Sokhi
Senior Regional Correspondent (India, Middle East & ASEAN) You can reach her at parnikas@ibsintelligence.com
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