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Singapore’s startup hub Block71 expands to Vietnam

Block71 hopes to tap into Vietnam’s burgeoning startup ecosystem.

Singapore’s startup hub Block71 will open its eighth location in Vietnam’s Ho Chi Minh City in the second quarter of 2020.

Block71 is part of NUS Enterprise, the entrepreneurial arm of the National University of Singapore (NUS). The hub is named after the Block71 building in Singapore, which is home to more than 100 startups, venture capital firms, and tech incubators. It is known as the heart of Singapore’s startup innovation, giving rise to some of the tech stars of Singapore such as Carousell and ShopBack.

The expansion to Vietnam is part of NUS’ collaboration with Vietnam’s leading real estate developer Becamex IDC Corporation. Accordingly, Vietnamese and Singaporean start-ups may use Block71’s global network of resources and contacts to kickstart their entrepreneurial journey and gain access to international markets.

At the same time, the initiative will facilitate greater information exchange, connectivity, and access to programs between Singapore, Vietnam, and the region.

Vietnam is the third most active start-up ecosystem in ASEAN, behind Singapore and Indonesia, with a reported six-fold increase in invested capital in technology deals in the last two years, according to a report by Singapore-based Cento Ventures and ESP Capital. 

In addition to Singapore, Block71 has been established in San Francisco in the United States; Jakarta, Bandung, and Yogyakarta in Indonesia; and two locations in Suzhou, China.