SBF and VCCI Launch the Vietnam-Singapore Business Council as a B2B Platform to Deepen Ties and Collaboration
- SBF and Vietnam’s national business organisation, VCCI, ink agreement to form the Vietnam-Singapore Business Council (VSBC)
- The VSBC will support and foster collaborations between businesses from both countries with a goal to boost bilateral trade and investments
- SBF hopes to strengthen partnerships in five priority clusters, namely Urban Development, Energy, Industry 4.0 & Manufacturing, Consumer and Startups & Innovation
The launch took place at the Vietnam-Singapore Business Forum during a five-day business mission to Vietnam, jointly led by SBF and Enterprise Singapore, to explore emerging opportunities in the consumer sector, innovation, industrial and urban development (e.g. smart cities and infrastructure) in the market.
The VSBC, which meets at least once annually, serves as a bilateral consultation mechanism for both associations. It will also be a platform for business leaders to discuss issues of mutual interests, ways to strengthen economic and commercial ties and to communicate joint recommendations to both the Singapore and Vietnam governments.
Apart from facilitating networking opportunities between Singapore and Vietnam businesses through regular dialogues, events and missions in both markets, the VSBC will actively identify new business opportunities in both markets as well as share research and best practices to promote cooperation and economic growth.
To date, 17 Singapore companies are in the council, representing diverse interests in various business sectors ranging from infrastructure and banking and finance to technology and education. (See Annex A for list of VSBC members.)
The council is co-chaired by Mr Douglas Foo, Chairman of Sakae Holdings Ltd and Vice-Chairman of SBF and Mr. Do Minh Phu, Chairman of DOJI Gold & Gems Group Joint Stock Company and Member of the Board of Directors of VCCI.
Mr Douglas Foo, SBF Vice-Chairman and VSBC Co-Chair said, “Vietnam has achieved an impressive growth rate over the past decade, driven by the government’s success in coupling trade liberalisation with domestic reforms.
Singapore companies recognise the abundant opportunities in Vietnam, evidenced by the growing bilateral trade and investments between both countries. Through the VSBC, we hope to ride this wave of growth and deepen B2B collaboration in both markets and partnerships through the sharing of best practices.
On behalf of the VSBC, I strongly encourage the Singapore business community to tap on this platform to collaborate and partner with Vietnamese firms as well as channel feedback or challenges faced when doing business in the market.”
Dr. Vu Tien Loc, Chairman and President of Vietnam Chamber of Commerce and Industry said, “Recently, Vietnam and Singapore have enjoyed growing economic and trade relations. Singapore has become one of Vietnam's leading strategic partners in term of imports exports as well as in term of FDI.
With the launch of the VSBC, I believe the Council will contribute to further development of the cooperation between the business communities of Vietnam and Singapore in many fields: trade, investment, science, technique, tourism, education and cultural exchange, among others. The Council will be an effective channel for dialogue between businesses and Government agencies and will serve as a useful communication channel between Vietnam and Singapore via secretariats at VCCI and SBF. I hope that the members of VSBC will join hands to support businesses from both sides and to work out initiatives and practical solutions for enhancing the Vietnam-Singapore business cooperation.”