Singapore startups attracted to Vietnam market: Strait Times

VietNamNet Global

Vietnam’s large workforce, lower labor costs, and sizeable markets are factors drawing Singaporean startups to the country.

Strait Times cited the assessment from venture capital company Quest Ventures, discussing potential destinations for Singaporean companies that are looking to venture abroad through its Government’s Global Innovation Alliance (GIA) acceleration program, estimated at over 400 in less than five years.

“The labor 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 Strait Times as saying.

Tan also pointed to the country’s tech-savvy population and burgeoning middle class, making it a potential pool of customers.


Low labour costs, large workforce drive Singapore start-ups in Vietnam


With a large workforce, lower labour costs and sizeable market, Vietnam is one of the popular destinations for Singapore’s start-ups, according to The Straits Times newspaper.

“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.

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.


Việt Nam có nhiều yếu tố thu hút nhà đầu tư khởi nghiệp Singapore

Dan Tri

Straits Times đưa tin, theo các chuyên gia, Việt Nam là một trong những điểm đến đầu tư hấp dẫn nhất với các nhà đầu tư khởi nghiệp Singapore trong nhiều năm trở lại đây. Lực lượng lao động dồi dào, chi phí nhân công giá rẻ cùng thị trường lớn là những nguyên nhân chính dẫn đến sự chuyển dịch này.

“Lực lượng lao động ở Việt Nam đang được đào tạo ngày một bài bản và giá nhân công hiện vẫn khá rẻ so với Singapore”, ông James Tan, đối tác quản lý cấp cao của Quỹ đầu tư mạo hiểm Quest Ventures, nhận định.

Bên cạnh đó, ông Tan cũng cho rằng tầng lớp trung lưu đang phát triển và hiểu biết công nghệ của người dân ngày càng tăng biến Việt Nam trở thành một thị trường tiềm năng cho các công ty khởi nghiệp Singapore, qua đó giúp việc tìm kiếm vốn đầu tư tại Việt Nam trở nên dễ dàng hơn.


Low labour costs, strong investor interest drawing S’pore start-ups into Vietnam

The Straits Times

SINGAPORE – The number of start-ups from Singapore venturing overseas through Enterprise Singapore’s Global Innovation Alliance (GIA) acceleration programmes has ballooned to more than 400 in less than five years.

One of the more popular destinations is Vietnam, with its large workforce, lower labour costs and sizeable market, say experts.

“The labour force in Vietnam is increasingly well educated and still relatively cheap compared to Singapore,” said Mr James Tan, managing partner of venture capital company Quest Ventures.

Vietnam has a tech-savvy population and a burgeoning middle class, making it a potential pool of customers as well, Mr Tan added.

Since the expansion of the 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 (educational technology) healthtech and information technology have participated in the Vietnam GIA acceleration programme, said Mr Jonathan Lim, director for Global Innovation Network at EnterpriseSG.


Singapore companies make beeline for reopened Vietnam

The Business Times

The city state was Vietnam’s top foreign investor for the second straight year in 2021, and still holds the pole position for H1 2022 with direct investment contributions totalling S$4.1b.

Just months after Vietnam reopened to international visitors, some Singapore companies are wasting no time heading to the South-east Asian country in search of opportunities, in areas from tech to lifestyle.

To get a head start on these plans, the company participated in the Global Innovation Alliance (GIA) accelerator programme in Vietnam in August. Formed by a partnership between Enterprise Singapore (EnterpriseSG) and venture capital firm Quest Ventures, the programme is curated for “high-potential” startups and companies, with masterclasses, market immersion programmes and ongoing mentorship.


Is Shopee a villain or victim in this turbulent economy?


It seems Shopee isn’t the only company facing economic headwinds. James Tan, the managing partner of Quest Ventures, said in an interview with CNBC that business costs are getting higher as loan interest rates continue to rise. According to Tan, businesses in Southeast Asia are in for a rough ride that will last the next 18–36 months.

Other platforms such as Malaysia-based iPrice, Indonesia-based JD.ID, and mobile wallet LinkAja have also announced their own layoff plans.


More help for startups, SMEs and young innovators in managing intellectual property

The Business Times

THE Intellectual Property Office of Singapore (Ipos) on Tuesday (Sep 6) announced initiatives to help innovators manage their intellectual property (IP) through free legal advice, patent drafting services, training and other resources.

“Startups are hothouses for new ideas that could be brought to market, but may lack the expertise to identify and effectively exploit their innovations through IP,” said Second Minister for Law Edwin Tong during an opening address at IP Week 2022, a global IP event held in Singapore.

The 12 accelerators and incubators in the programme’s first phase include the Action Community for Entrepreneurship, Origgin Ventures and Quest Ventures.


Kazakhstan and Singapore Seek New Economic Opportunities in Transit, Transport, and Digital Transformation

The Astana Times

“Singapore and Kazakhstan share excellent bilateral ties at the highest levels, and we look forward to closer bilateral collaboration. We also shared a common perspective on the importance of inter-faith and inter-religious harmony in our societies. Singapore and Kazakhstan will commemorate the 30th anniversary of diplomatic ties next year. I look forward to hosting Kazakh President Kassym-Jomart Tokayev on a state visit in the future,” wrote President Halima Yacoub on her official Facebook page following the meeting.

Digital transformation is another promising area for Kazakhstan and Singapore, which is a hotbed of startup and innovation activities and considered Southeast Asia’s Silicon Valley.

One of the major projects has been the Kazakhstan Digital Accelerator launched in 2020 by Quest Ventures, a top Singaporean venture capital firm, and QazTech Ventures, a subsidiary of Kazakhstan’s Baiterek National Holding to support startups in Kazakhstan and drive the Central Asia innovation ecosystem forward through their comprehensive program and seed funding.

Since its launch in 2020, the program has had three cohorts, with more than 300 applications, 39 projects accepted and 30 of them receiving investments of up to $50,000 at the given moment.


SaaS-стартап BILLZ из Узбекистана: как выход на казахстанский рынок поможет расшириться на СНГ и Юго-Восточную Азию

BILLZ – это инструмент для управления продажами в онлайне, ориентированный на малый и средний бизнес. Сегодня BILLZ охватывает примерно 5-10% рынка в своей стране, а в этом году проект вышел на рынок Казахстана. Мы пообщались с одним из основателей Рустамом Хамдамовым и выяснили, почему полезно пройти стартап-школу о YCombinator, зачем становиться резидентом IT Park в Узбекистане и при каких условиях зарубежные фонды готовы инвестировать в стартапы из Центральной Евразии.

Первый фонд, который инвестировал в нас $150 000 – британский Sturgeon Capital. Он работает со стартапами на развивающихся рынках, и мы стали первым стартапом в Узбекистане, в который они инвестировали. Раунд seed нам помог закрыть этот же фонд, предложив еще $150 000, а также сингапурский Quest Ventures, от которого мы получили $500 000. Этот раунд мы закрыли в мае 2022 года, и уже в ноябре планируем открывать следующий.


ZumVet raises US$3.7m to bring the dog-tor to more pets

The Business Times

SINGAPORE-BASED ZumVet, a startup offering remote pet care services, has raised US$3.7 million in Series A funding led by Quest Ventures and existing investor Pine Venture Partners, and joined by Pentepebble Holdings.

The startup provides remote care, home-based diagnostics and self-administered treatment programmes for pet owners in South-east Asia. It previously secured funding from Purpose Venture Capital and Aetius Capital.