Chairman of the Binh Duong Provincial People’s Committee Vo Van Minh signed a decision on August 28 approving the establishment of the Vietnam Singapore Innovation Center (VSIC) in the province.

VSIC will contribute to further promoting the strong relationship between the two countries, which has been evidenced through the establishment and development of Vietnam-Singapore Industrial Parks (VSIPs) around Vietnam over the past 27 years.

The center also aims to implement linking activities, formulate orientations, create an environment for science and technology research, assist businesses in changing technologies and production and business models to stay updated on Industry 4.0, support and promote innovation and creativity programs, focusing on research and development (R&D), and generate a new ecosystem for the business community and attract social resources to produce models, products, and projects for provincial development.

It will also promote the three-party cooperation model, facilitating businesses and training institutions to uphold their potential and enhance their capacity through the commercialization, transfer, and application of science and technology. The move is expected to enable businesses to integrate more deeply into the global value chain and manufacture products of high technological content in line with the global trend towards green and sustainable development.

The center is also a prerequisite for the formulation of a Science and Technology Industrial Park model, contributing to the development of the Binh Duong Smart City project in the near future.