The National Agency for Technology Entrepreneurship and Commercialization Development under the Vietnamese Ministry of Science and Technology on Saturday signed a memorandum of understanding with Becamex IDC Corporation, which represents Vietnamese and Singaporean partners, to develop a start-up ecosystem and support industrial digital transformation in Vietnam.

The signing ceremony was part of the framework of the on-going Techfest Vietnam 2022, a national innovation start-up fest taking place between December 2 and 4 in the southern province of Binh Duong.

It was witnessed by Vietnamese Prime Minister Pham Minh Chinh, leaders of ministries, agencies and Binh Duong Province, and Singaporean partners.

The cooperation is aimed at building specific programs to support start-ups to turn their ideas into reality, innovate their production models to increase the value added of their products, and boost connectivity among enterprises as well as the innovative start-up ecosystem.

An innovation center will be established in Binh Duong by Becamex IDC, Vietnam-Singapore Industrial Park (VSIP) Joint Venture Co. Ltd., Eastern International University, and Singaporean partners, including Singapore Polytechnic and the Smart i4.0 Transformation Alliance.

The center will include labs and equipment to support innovators and enterprises in research and innovation.

In addition, with the support of experienced partners from Singapore, the center will help enterprises improve and renovate their production with existing machines and production lines to increase governance efficiency, labor productivity, and value added.

Speaking at the signing ceremony, Prime Minister Chinh applauded the efforts of the Ministries of Science and Technology and Foreign Affairs, the People’s Committee of Binh Duong Province, as well as other relevant agencies for holding a festival to connect and motivate youngsters, enterprises, experts, managers, and policymakers.

He said after the government issued a plan to support the national innovative start-up ecosystem until 2025, most cities and provinces have drawn up action plans and set up innovative centers, and many of them have done the job well, such as Ho Chi Minh City, Hanoi, and Binh Duong.

Chairman of the People’s Committee of Binh Duong Province Vo Van Minh said as the province is a bright spot in attracting foreign investment in Vietnam, it is now home to more than 4,000 foreign direct investment projects and over 50,000 firms.

Binh Duong has a plan to boost the cooperation of the state, schools, and enterprises to overcome the middle-income trap, a situation in which a locality or a country attains a certain income and gets stuck at that level, while improving production and the competitiveness of Vietnamese enterprises in global value chains.

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