The MOU was signed by NUS Vice President, Professor Chee Yeow Meng and Director of the Vietnam National Innovation Center Vu Quoc Huy. Source: baodauthau.vn

The National Innovation Centre (NIC) under the Vietnamese Ministry of Planning and Investment (MPI) and the National University of Singapore (NUS) have signed a memorandum of understanding (MoU) on cooperation in conducting activities to enhance the innovation capacity in both countries, VNA reported.

The MoU was signed at a business forum held by the Singapore Business Association (SBF) on July 7 under the witness of Vietnamese and Singaporean officials, including Deputy Prime Minister Le Minh Khai, MPI Minister Nguyen Chi Dung and Singaporean Second Minister of Trade and Industry Tan See Leng.

Addressing the signing ceremony, MPI Minister Nguyen Chi Dung said that cooperation between the NIC and NUS is a practical and specific effort of the two sides to share knowledge and support each other in innovative startups, helping Vietnam realize its vision to become an innovation-oriented economy.

It is also among the major cooperation activities of the Vietnam-Singapore Working Group on Innovation, he said, expressing hope that it will make positive contributions to the innovative startup ecosystem in Vietnam.

Under the MoU, NUS and NIC will set up working groups to strengthen collaboration in innovation and connectivity of the startup ecosystems in the two countries in the next three years.

The NUS will sponsor individuals winning the Vietnam Innovation Challenge contest to join its annual Startup Summer Programme while granting scholarships to Vietnamese talents to take post-graduate courses on innovative startups.

NUS will share professional knowledge on NIC platforms, while NUS students and startups can access relevant initiatives and platforms, including incubation programs organized by the NIC.

The two sides will also hold joint activities in Vietnam to promote the application of advanced technology solutions provided by Southeast Asian startups.

NIC will call for support from different sides for the expansion of the startup ecosystem for startups in the Southeast Asian region.

The two sides will seek cooperation chances and share knowledge to promote the development and application of technology, focusing on smart city and medical technology.

At the same time, the two sides will exploit new partnerships to develop innovative startup centers in Vietnam, including the NUS's BLOCK71 global startup network that entered Vietnam in 2021 with the support of Becamex IDC Corporation.

NIC Director Vu Quoc Huy said that the partnership between the NIC and NUS will facilitate knowledge exchange and access to resources, thus opening up cooperation opportunities, contributing to the growth of the startup ecosystem in Vietnam, and strengthening the country's position as a regional innovation hub.

Deputy Prime Minister Le Minh Khai addressing the seventh Singapore Regional Business Forum. Photo: VNA

Deputy Prime Minister Le Minh Khai spoke highly of the effective cooperation between Vietnam and Singapore while addressing the seventh Singapore Regional Business Forum (SRBF).

This is the first time the forum has been held outside Singapore.

On this occasion, the SBF bought a delegation of 25 Singapore businesses to Hanoi from July 5 to 8 to learn about Vietnam’s business climate, and culture, and to promote cooperation with local enterprises.

According to the Deputy PM, these cooperation results are encouraging but have yet to meet both sides’ potential.

He expressed his hope that with high determination, joint efforts of the two countries, and close friendship of the two peoples, economic cooperation will remain an important pillar in the bilateral relations and a driving force to lift the ties to a new height.

The Vietnamese Government is committed to always listening to, accompanying, supporting, and creating all favorable conditions for foreign enterprises, including those from Singapore, to run effective, long-term, and sustainable businesses and investments in Vietnam, added Khai.

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