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18:51 06/08/2022

Singapore and the innovation "miracle": Lessons for Vietnamese businesses

On August 5 in Singapore, PTI & PBS business delegation had a useful meeting and exchange with a number of typical businesses and corporations of the lion island nation. The visual perspectives and experiences from the speakers brought a lot of value to the attendees.

Exchange session of Vietnamese- Singaporean business delegation

From overcoming difficulties to creating open value

In the common vision of a modern business world, a business that wants to achieve a step forward in stature requires clearly shaping market strategies and brands that are close to global standards. Understanding this, PTI & PBS Education Training Group organized a visit and training program for Vietnamese businesses at large companies and corporations in Singapore.

As the cradle of pragmatic economics and no compromises with the entrenched dogmas, Singaporean businesses are living witnesses of an era of impulsive growth. At Capital Land, nearly 30 Vietnamese enterprises led by Mr. Nguyen Hoang Phuong met, listened and discussed with Singapore's experienced speakers and managers about stories - lessons that have led the way to success for their organization.

Mr Aylwin Tan, Chief Customer Solutions Officer at CapitaLand (right) sharing about Singapore's development path

Meeting with Mr Aylwin Tan, CCSO of CapitaLand, Vietnamese businesses got a better understanding of the two keys of “sustainability” and “performance” – platform to help Singapore open the gate of "innovation". Accordingly, Singapore has made 4 stages of economic leap.

In the 1960s, Singapore was still poor and backward. The government and businesses had joined hands to create jobs for people with a focus on "cost plus". Since 1980, Singapore has developed and invested capital in infrastructure and housing, making immigrants more attached to the country.

In particular, the development of Singapore has reached its peak since the 2000s, when both the government and businesses were aware of the core factor of "value-added", which means, adding value to each product, service to enhance competitiveness. Currently, Singapore businesses are implementing the most difficult but also ambitious strategy, which is value-creation, means, applying innovation to create new values ​​and new markets.

A study visit of Vietnamese businesses in Singapore

Lessons learned for Vietnamese businesses

In Airmaker's smart city, building management only requires a central operating room, technology control, tracking index, service operation, etc. In the food industry, meat can be processed from the lab. And many other "miracles" are being created from Singapore's innovative spirit

“In addition to the sustainability and performance, Singapore has recently been focusing on the 'Open Innovation' element. That is the core that Vietnamese businesses need to refer to, as well as be aware of the long-term vision of technology and sustainable work values," shared Mr. Daniel Pham, co-founder of Intel Media Singapore.

Mr. Daniel Pham - CEO of VNO, co-founder of Intel Media Singapore

From a different perspective, Mr. Tommy Koh - CEO Koh Management, co-founder of Intel Media Singapore, stated: In the process of consulting for many businesses in Singapore, China, Thailand..., the green economy is one of the most mentioned keywords, associated with development goals of most countries around the globe. Any business, whether small or large, should not be indifferent to the problem of readiness for sustainable innovation.

Besides the meeting with Airmaker representatives, the Vietnamese business delegation also met with prominent managers and speakers of Coinhako company - a progressive digital asset management platform from Silicon Valley. Henryk Abucewicz Tan, head of Privé with years of experience managing wealth for senior clients at Coinhako, affirmed that Digital assets are the future of the economy. In particular, the crypto economy is an area where businesses need proper and necessary recognition.

Team Leader Nguyen Hoang Phuong (left) expressing gratitude and presenting souvenirs to the representative of Coinhako

Through the field trip, representatives of Vietnamese businesses had the opportunity to experience and access the latest business thinking of one of the world's leading economies.

Mr. Trieu Van Duong, President and General Director of PTI & PBS Education Training Group said: “The visit received the enthusiastic support and goodwill of the embassy, ​​the commercial counselor of Vietnam as well as as institutions in Singapore. The field trip and trade promotion activities have confirmed organizational and meaningful success, delivering a consistent message of willingness to innovate and promote creativity.”

Mr Trieu Van Duong (left) presenting souvenirs to Mr Aylwin Tan

Some photos during the visit:

After more than 2 years of "struggling" with the Covid-19 pandemic, the study visit was followed and built by PTI & PBS Education Training Group. The visit brought many useful things, and was also the foundation for PTI & PBS to constantly improve training programs to improve business intelligence with more expertise and high quality for Vietnamese entrepreneurs - businesses

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