Singapore, 27 April 2018 (Friday) – Singapore Management University (SMU), through its Institute of Innovation and Entrepreneurship (IIE), has signed two Memoranda of Understanding today to share its experience in promoting innovation and entrepreneurship with Vietnam.
The two MOUs were signed by SMU President Professor Arnoud De Meyer, President of University of Economics Ho Chi Minh City (UEH) Professor Nguyen Dong Phong, Mr Don Lam, CEO and Co-Founder of Vina Capital and Chair of SMU’s International Advisory Council in Vietnam, and Mr Truong Gia Binh, Chairman of the Private Sector Development Committee (PSDC) in the presence of His Excellency Nguyen Xuan Phuc, Prime Minister of the Socialist Republic of Vietnam, during his visit to SMU today.
H.E. Nguyen Xuan Phuc visited the Business Innovations Generator (BIG) managed by IIE, interacted with start-ups founded by Vietnamese which are incubated by BIG, met with Vietnamese students currently studying at SMU as well as selected start-ups incubated by BIG with business operations in Vietnam.
Under the terms of the first MOU, signed between SMU, UEH and Vina Capital, the three parties shall collaborate to set up and support the operation of a joint institute of innovation and entrepreneurship (‘Joint Institute’) at UEH in Vietnam. The collaboration intends to pave the way for the parties to collaborate and find synergies in supporting entrepreneurial students and start-ups based in both countries to connect to new networks, partners, and overseas markets.
UEH shall establish and operate the Joint Institute, applying the operating model of IIE. It shall also contribute its human resources, expertise and physical facilities for the establishment and operation of the Joint Institute. SMU shall share the operating model of IIE with UEH in the establishment and operation of the Joint Institute. SMU shall be the knowledge partner, contributing its relevant human resources, domain expertise and networks to establish the Joint Institute and its programme offerings. Vina Capital is launching a new $100 million tech fund, which will support start-ups under the Joint Institute as well as promising tech start-ups across Vietnam.
The three partners shall co-organise events and activities to support and nurture the growth of entrepreneurship and innovation in Vietnam and Singapore. They also plan to jointly facilitate internship placements for entrepreneurial students from SMU and/or Vietnam to start-ups in Vietnam.
The second MOU was signed between SMU, UEH and PSDC to look into preparing a report for the Vietnam government, proposing solutions that would enhance the innovation and entrepreneurship environment in Vietnam based on Singapore’s experiences.
Professor Arnoud De Meyer, President of SMU, commented, “UEH and SMU’s business school are alike in both specialising in management education, with a strong interest in innovation and entrepreneurship. Both run large-scale competitions in entrepreneurship and innovation, such as the annual Dynamics competition at UEH and the Lee Kuan Yew Global Business Plan Competition at SMU by IIE. The Lee Kuan Yew Competition, which is the biggest of its kind in East Asia, allows us to convene some of the best talents and ideas from around the world. With SMU and UEH partnering together, we will be even greater than the sum of our parts and have the potential to make a large joint impact in Vietnam and across Southeast Asia.”
Professor Nguyen Dong Phong, President of UEH, explained, “Responding to the Prime Minister's call for building the spirit of a "start-up nation" and the Government's guidelines in supporting the business community, the University of Economics HCMC has been fostering its support and research activities to understand models of business development and innovation around the world. The initiatives covered by the MOUs will allow us to further support Vietnamese start-ups to succeed and foster their innovation activities.”
Mr Don Lam, CEO and Co-Founder of Vina Capital, also expressed his support, “Partnerships between academia and business are critical to creating the next generation of successful Vietnamese companies. We are excited to play a role in the Joint Institute and look forward to sharing our vast experience and networks with young entrepreneurs, as well as supporting promising start-ups.”
Mr Truong Gia Binh, Chairman of FPT Corporation, Chairman of Private Sector Development Committee, concurred, “One of the tasks for Private Sector Development Committee is to identity which areas in Vietnam’s start-up ecosystem need improvements and propose what we believe are the right solutions to the Government, in hope that our country will soon become a start-up hub in South East Asia. We are honored to work with University of Economics Ho Chi Minh City and Singapore Management University, two leading organizations in economic management research and innovation training, to conduct the report on Vietnam’s start-up ecosystem. I believe Singapore’s many years of experience to become the “Start-up Nation” as it is today will be valuable to Vietnam and I hope we can adopt some of Singapore’s best practices to boost Vietnam’s young but highly potential start-up community.”
In the past decade, IIE has incubated over 180 start-ups, including regional tech media company, Tech in Asia, and on-demand caregiving platform, Homage. IIE is one of the Singapore Government’s accredited mentor partners, selected for its financial and industry knowledge, and ability to value-add to start-ups in the form of mentorship, connections to business networks, and advice on go-to-market strategies.
Featured photo: (L to R): Professor Gerry George, Dean, Lee Kong Chian School of Business, SMU; Madam Phan Thi Bich Nguyet, Vice President, University of Economics Ho Chi Minh City, and director of the proposed Joint Institute; ; Professor Nguyen Dong Phong, President, University of Economics Ho Chi Minh City; SMU President Professor Arnoud De Meyer; His Excellency Nguyen Xuan Phuc, Prime Minister of the Socialist Republic of Vietnam; Mr Truong Gia Binh, Chairman of the Private Sector Development Committee; Mr Don Lam, CEO and Co-Founder, Vina Capital and Chair of SMU’s International Advisory Council in Vietnam; and Mr Hau Koh Foo, Director, SMU Institute of Innovation & Entrepreneurship.
For more information, please contact
Mr Teo Chang Ching
Senior Assistant Director, Corporate Communications
Office of Corporate Communications & Marketing
Singapore Management University
DID: (65) 6828 0451
Email: ccteo@smu.edu.sg
HUANG Peiling
Senior Assistant Director, Corporate Communications
Office of Corporate Communications & Marketing
Singapore Management University
Tel: (65) 6828 0964 / (65) 9845 3361 / plhuang@smu.edu.sg
