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.