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.