SINGAPORE, January 26, 2022 – Sing-Viet Impact Ventures (SVIV) has announced the launch of its services to support 4G SMEs in Singapore and Vietnam. The non-profit business association (T21SS0057E) is newly founded by a group of like-minded entrepreneurs to support businesses looking to build ventures with sustainable social impact in Vietnam and Singapore. The association works with local businesses, associations and government bodies to identify business gaps, offer creative investment options to establish partnerships and provide tailored approaches of business entry tagged to experienced and committed partners.
In this fast-changing business landscape, companies in Singapore often look to overseas markets for growth opportunities; Singapore has become the largest investor in Vietnam since 2020. In 2021, Singapore contributed a total investment capital of over USD 10.7 billion, representing 34.4 per cent of the country’s total investment capital.
4G SMEs in Singapore tend to be more agile, enterprising and open to collaborations. However, many of those who look to venture abroad often struggle with a lack of business support and challenges in finding reliable local partners. In the last two years, the pandemic has added an additional layer of considerations when venturing overseas. It has accelerated business digitalisation around the globe, but also highlighted the importance of finding reliable local partners to support companies on ground and help them scale their businesses effectively.
Working in close partnership with the Trade and Investment Office at Vietnam Embassy in Singapore, SVIV will provide members with services across business matching and identifying government funding and support, developing socially responsible business models, establishing skills upskilling and transfer programs, as well as professional support services.
Lawrence Lim, Vice-President of SVIV shared, “Vietnam is forecasted to be the fastestgrowing ASEAN economy in 2022 and is likely to post a 28 per cent year-on-year growth this year. We are seeing vast opportunities for SMEs in both countries to collaborate, particularly in the areas of e-commerce, property, retail, trading, fintech, and emerging industries such as renewable energy and digitalisation.”
“4G SMEs are equipped with an enterprising mindset, and are agile and outcome-driven. However, we notice a lack of industry-driven structure to assist these entrepreneurs to venture abroad with confidence. Through our work at SVIV, we hope to support 4G SMEs in navigating the business opportunities between Singapore and Vietnam, and help them build socially responsible business models, such as a local first approach to employment, as well as upskilling and the transfer of best practices. We will also help businesses forge mutually beneficial partnerships and provide them with the necessary support. We hope that such partnerships will help further strengthen the economic collaboration and friendship between Singapore and Vietnam,” he added.
Joe Tan, Executive Vice President, “SVIV is already working closely with the Trade and Investment Office at the Vietnam Embassy alongside other local associations and organisations to find meaningful and sustainable partnerships between businesses in Vietnam and Singapore. We have a current inaugural membership of 20 companies and target to grow to 100 companies by the end of the year. Members can look forward to our 2022 line-up of impactful business activities which comprise of three business networking sessions, one symposium, and one business trip.”
SVIV Treasurer, Dato’ Wayne Chen understands first-hand the nuances and challenges of doing business in Vietnam and the importance of having reliable local partners when he expanded his business there in 2018. “Trusted relationships go a long way in building successful partnerships in Vietnam. At SVIV, we will help to match Singapore companies with reliable partners in Vietnam, and streamline the process of setting up business in the country so that they can focus on what they do best – growing the business,” said Dato’ Wayne Chen.
To mark its official launch, SVIV will be donating 100,000 pieces of made in Singapore surgical masks worth $50,000 to the National Fund for Vietnamese Children (NFVC) in Vietnam, as well as distributing 40,000 masks worth $20,000 to the local Vietnamese Community in Singapore.
SVIV aims to build an ecosystem that champions sustainable and socially impactful ventures and be the choice platform for all Singapore-Vietnam 4G SMEs to forge trusted partnerships. Ordinary Membership is open to any sole proprietor, company or association of body of person, corporate or unincorporate for SGD350 per year. Each member may nominate up to four additional nominees at SGD150 per additional nominee, per year.