Singapore's deputy prime minister visits Block71 Saigon

September 15, 2022 | 10:18
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Becamex IDC was honoured to host the visit of Deputy Prime Minister and Singapore Coordinating Minister for Economic Policy Heng Swee Keat and his delegation at the Block71 Saigon office on September 14.

Within the framework of the visit, leaders of Becamex IDC shared their observations on the current state of innovation in Vietnam, revolving around access to talent, capital, and funding for startups, new trends, and potential growth areas with the deputy prime minister.

Singapore's deputy prime minister visits Block71 Saigon

At the same time, Becamex also introduced DPM Keat to the startup community operating at Block71 Saigon, as well as the programmes and activities to support the development of the innovation ecosystem and upcoming plans to expand the Block71 system in Vietnam.

Over the past five years, Becamex IDC has been a pioneer in investing resources to build an innovation ecosystem in order to promote the next stage of development of Vietnam's economy, helping it to continue its growth rate and surpass the middle-income trap.

As a leading integrated industrial and township developer in Vietnam with a business ecosystem that has fully met the needs of investors for more than three decades, Becamex IDC is building a new generation of industrial ecosystems to transform the nation from labour-intensive to technology, skill, and capital-intensive industries and increase labour productivity.

Becamex IDC is a driving force and catalyser that accompanies Binh Duong province in the implementation of the Binh Duong Smart City project to enable economic transformation towards innovation and digitalisation.

Singapore's deputy prime minister visits Block71 Saigon

Binh Duong smart city has been named in the global top 21 by ICF for four consecutive years, and twice in the top 7 cities with smart city development strategies. Thereby reaffirming that the Binh Duong Smart City project is in line with the general trend around the world.

Block71 Saigon is a part of the startup and innovation ecosystem invested in by Becamex IDC, including the Smart Operations Center, Eastern International University with Becamex Business Incubator, Fablab, Advanced Manufacturing Center, and World Trade Center, aiming to build and develop Binh Duong to become smarter, better, and more livable.

During a meeting with Prime Minister Pham Minh Chinh on September 12 in Hanoi, Singaporean DPM confirmed that economic cooperation between the two countries still has great potential and that he highly appreciated how Block71 is operating very effectively in Ho Chi Minh City. He is looking forward to replicating this model in Hanoi in the near future.

Block71 Saigon is a strategic partnership and cooperation between NUS Enterprise and Becamex IDC that acts as a gateway to connect the Vietnamese technology startup community to a pool of global startups, supporting access to mentorship and growth in the local and global markets.

Operating since 2020, Block71 Saigon has built a dynamic international technology startup community with more than 40 members, including both domestic and foreign startups.

Block71 Saigon has also connected with important partners in the innovation startup ecosystem including universities, venture capital funds, large enterprises, and incubation programmes to support international-class startups.

Four seasons of the SEA Booster Programme – Global Startup Runway – have been organised, with more than 40 domestic and foreign startups selected for incubation through a competitive selection process. Nine programmes connect with investment funds and 30 with specialised advisors to train and provide practical experience for startups.

Block71 Saigon also hosts regular events and activities to connect key players of the innovation ecosystem through community gatherings and specialised industry-specific seminars.

Block71 is an initiative by NUS Enterprise that is engaged in collaborative and strategic partnerships with established corporates and government agencies. It is a technology-focused ecosystem builder and global business connector which catalyses and aggregates the startup community while spearheading new initiatives and providing mentorship and growth opportunities in local and global markets.

Established in 2011 after more than 10 years of establishment and development, Block71's global system has been present in nine cities across six countries including Singapore, China, Japan, the United States, Vietnam, and Indonesia.

Global Block71's hubs form a value chain of more than 1,200 active startup members. A typical example is NUS Block71 Singapore. With a valuation of member startups standing at S$7.05 billion ($5 billion) in 2021 alone, their operations generated more than S$1 billion ($711 million) in revenue in 2020 and nearly 30 per cent of NUS Block71's Singaporean startups expand overseas.

Becamex IDC provides comprehensive and synchronous industrial solutions, supporting investors to organise production and business activities conveniently. As a leading industrial and urban real estate developer, Becamex IDC drives the transition toward a smart and sustainable industrial ecosystem in Binh Duong and throughout Vietnam with innovation as the driving force for growth.

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By Bich Ngoc

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