The Vietnam-Singapore Innovation Center will be constructed in Binh Duong Province, located in southern Vietnam, with the aim of implementing the province’s orientation for building a strong economy based on innovation, science, and technology.

Chairman of the provincial People’s Committee Vo Van Minh passed a decision to establish the innovation center on Monday.

The center will be responsible for developing orientations and creating an environment for sci-tech research, supporting businesses in facilitating technology transfer, and building production models in line with the fourth Industrial Revolution trends.

As per the decision, this center will also support and bolster innovation programs, focus on research and development fields, create a novel ecosystem for the business community, and attract entities in the society to jointly develop models, products, and projects to promote the provincial economic growth in the years to come.

Becamex IDC Corporation, a major local industrial and urban real estate developer, was told to take charge of building the center and teaming up with Vietnam-Singapore Joint Venture Company Limited (VSIP) as well as relevant agencies to manage and operate the center in an effective and lawful manner.

The center is positioned as a platform to attract the participation and cooperation between entities of an innovative ecosystem and pave the way for businesses and educational institutions to fulfill their growth potential and enhance their capacity through sci-tech commercialization, transfer, and application.

Also, this innovation center is expected to enable enterprises to deeply get involved in global supply chains, develop more hi-tech products, and adapt to the world’s green, sustainable development trend.

The center will further help develop the close and sustainable relationship between Vietnam and Singapore, in which Becamex IDC and Semcorp, a Singaporean provider of energy and urban solutions, are founding shareholders that have contributed to the establishment of Vietnam-Singapore Industrial Parks across Vietnam over the past three decades.

Based on the strategic cooperation relationship between the two countries, the center will further open up new opportunities to promote the sharing of innovation-related knowledge, and experience by Singaporean partners such as National University of Singapore, Singapore Polytechnic, Nanyang Polytechnic, and Enterprise Singapore.

Given the establishment of the center, the southern Vietnamese province expressed its hope that this innovation facility will create new investment opportunities, satisfy the need of businesses and the economy through its activities to train, attract, and retain quality, dynamic, and creative human resources in Binh Duong.

Among the 12 operating VSIPs nationwide, three are located in Binh Duong and the remainder are in Hai Phong, Hai Duong, Bac Ninh, Quang Ngai, and Can Tho, among others.

These industrial parks, with a total area of more than 10,000 hectares, have attracted about US$18.4 billion in investment from 882 investors from 30 countries and territories, and created jobs for around 288,000 workers.

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