The Vietnam-Singapore Innovation Centre, soon to be established in Binh Duong Province, is expected to become a catalyst for innovation and sustainable development, according to Nguyen Van Loi, Secretary of the provincial Party Committee, as reported by VNA.

The centre, initiated by Becamex IDC Corp, will play a crucial role in industrial park development, training, attracting high-quality talent, fostering scientific and technological research, and supporting innovation in enterprises, added Loi.

The project is expected to contribute to the province’s goal of becoming an innovative and smart region, as Binh Duong aims to be a smart city, a modern industrial center, and a leading hub for innovation and creativity by 2030, with sustainable urban development, said Loi.

Binh Duong has implemented various policies to develop an innovation ecosystem, including Project 826, which supports local startups until 2025. The province has also created favorable conditions for businesses and institutes to build infrastructure and services that promote startup ideas and experiment with technologies, such as the start-up support center of Thu Dau Mot University, the agricultural start-up incubation of the University of Water Resources’ branch in Binh Duong, and the world trade center in Binh Duong New City, Loi added.

Binh Duong province is actively promoting cooperation between the State, entrepreneurs, and institutes to encourage investment in science and technology development, which will contribute to local socio-economic development, said Loi.

Last July, the National Innovation Centre (NIC) under the Vietnamese Ministry of Planning and Investment (MPI) and the National University of Singapore (NUS) signed a memorandum of understanding (MoU) to strengthen collaboration in innovation and connectivity of the startup ecosystems in the two countries over the next three years.

Furthermore, a conference to promote investment cooperation projects between Vietnam and Singapore is scheduled to take place on August 29, 2023, in Hanoi, with the participation of senior leaders from both countries, ministries, branches, localities, and business representatives. The event is expected to host 250-300 delegates, and it comes as both countries celebrate the 50th anniversary of their bilateral diplomatic ties and 10 years of their strategic partnership.