"The labour force in Vietnam is increasingly well educated and still relatively cheap compared to Singapore," James Tan, managing partner of venture capital company Quest Ventures, was quoted by the newspaper as saying.

Ho Chi Minh City - Vietnam's economic hub.

Vietnam has a tech-savvy population and a burgeoning middle class, making it a potential customer base, he added.

Singapore has been one of the strongest partners of Vietnam both before and during the pandemic. Vietnamese sectors that venture capital firms are looking at include health technology, food processing and blockchain.

Amy Wee, an expert at the Singapore Business Federation (SBF) said Singaporean small and medium-sized enterprises should also spend more time to understand the Vietnamese market and build relationships with potential business partners.

Meanwhile, Taku Tanaka, chief executive officer of Kamereo, a business-to-business food sourcing platform that launched in 2018, said international company founders who are serious about the Vietnamese market should consider staying there or at least hiring a good team that will be based in the country.

Start-ups in Singapore should take advantage of emerging fast-growing markets overseas, he said, adding that their experience overseas can allow them to bring fresh perspectives to their companies.

Jonathan Lim, director for Global Innovation Network at EnterpriseSG, noted that since the expansion of the Global Innovation Alliance (GIA) network to Vietnam in 2019 via EnterpriseSG's partnership with Quest Ventures, more than 45 Singapore-based start-ups across sectors such as edtech, healthtech and information technology have participated in the Vietnam GIA acceleration programme.

Three start-ups have since successfully set up a presence in Vietnam, while more than 10 are in discussions with potential Vietnamese partners on project collaborations, he said.

Bac Giang businesses’obtacles in labour law execution solved

(BGO) – The Department of Labour, Invalids and Social Affairs (DoLISA) on August 29 cooperated with Labour Union, Social Insurance, Industrial Park Management Board and Business Association in Bac Giang province to launch a talk show helping solve difficulties and obstacles of enterprises in execution of labour law.

More houses for labour

(BGO) – The Prime Minister has directed Ministry of Construction (MoC) to chair cooperation and investment in at least one million social houses for workers and low incom persons by 2030. Bac Giang is among the provinces with good implementation, active attention and settlement of housing issue for low-incom people and workers at the industrial park.

Over 1 million Vietnamese labourers sent to work abroad in 10 years

Over 1 million Vietnamese nationals have been sent abroad to work in the past decade, up nearly 40% from the figure recorded in the pre-2012 period, according to a report delivered at a nationwide conference held in Hanoi on August 25.

Bac Giang: Nearly 1,300 labours employed at job transaction sessions

(BGO) – After 64 job transaction sessions held by the Job Service Center (Center) in Bac Giang province, since early this year, nearly 1,300 labours have been employed to work at the businesses in and outside the province, accounting for 84.2 percent of the yearly plan.

PM chairs teleconference on labour market development

Prime Minister Pham Minh Chinh on August 20 chaired a nationwide teleconference linking with the 63 cities and provinces on the development of labour market in a flexible, modern, sustainable and globally integrated manner.

Source: VNA