On August 28, the Chairman of Binh Duong Provincial People's Committee, Mr. Vo Van Minh, signed Decision No. 2179/QD-UBND allowing the establishment of the Vietnam Singapore Innovation Center in Binh Duong.

Accordingly, the Vietnam Singapore Innovation Center will continue to build and develop a close and sustainable relationship between Vietnam and Singapore, typical of the formation, development, and spread of the Vietnam - Singapore Industrial Park (VSIP) model throughout the country over the past 27 years.

At the same time, the establishment of the Vietnam Singapore Innovation Center in Binh Duong will connect, build orientation, and create a scientific and technological research environment; support businesses in converting technology, production, and business models to meet the trend of the fourth industrial revolution; support and promote innovation and creativity programs, focus on research and development areas, create a new ecosystem for the business community; attract social components and resources to participate in creating models, products, and projects to promote the development of Binh Duong.

In addition, the  Vietnam Singapore Innovation Center aims at a three-party cooperation model, creating conditions for businesses and institutions to develop their potential and upgrade their capacity through commercialization activities, transfer, and application of science and technology. Thanks to that, businesses can move deeper in the global value chain, towards products with higher technological content, adapting to the world's green and sustainable development trends.

Besides, the Vietnam Singapore Innovation Center plays a strategic role in contributing to the necessary transformation of Binh Duong, creating new opportunities to promote learning, and sharing knowledge and experiences in innovation with Singaporean partners in recent times such as the National University of Singapore, Singapore Polytechnic, Nanyang Polytechnic, Enterprise Singapore, etc., and connecting with domestic and international innovation partners.

These are also necessary preparatory steps to move towards building a science and technology industrial park model, contributing to the implementation and development of the Binh Duong Smart City project in the near future.

It is known that the decision also assigns Becamex IDC Corporation to preside over building and approving the functions, tasks, powers, organizational structure, operating regulations, and ensuring operating funding of the Vietnam Singapore Innovation Center.