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Toong & International Enterprise Singapore sign partnership

Released at: 15:13, 23/08/2017

Toong & International Enterprise Singapore sign partnership

Photo: Toong

Partnership to ease market entry for Singaporean enterprises in Vietnam.

by Thu Hoang

Vietnamese co-working space operator Toong and International Enterprise Singapore (IE Singapore), the government agency that promotes international trade and partners Singaporean companies in going global, recently announced a new strategic partnership assisting Singaporean companies to enter Vietnam market through its network of co-working spaces and supporting eco-systems.

The agreement is part of IE Singapore’s Plug and Play Network across China, India, and Southeast Asia, which aims at easing market entry for SMEs in over 45 major cities in six key markets.

The partnership will promote cooperation in providing quick and easy market access to Singaporean companies in Vietnam, with Toong providing the necessary ecosystem and resources, including co-location working spaces, a vast market network, and support and training resources to facilitate the growth and expansion of companies in Vietnam.

This is line with IE Singapore’s role in partnering Singaporean companies to expand and invest overseas. Singaporean companies have shown increased interest in Vietnam over the years, and Singapore is now the third-largest foreign investor in Vietnam and its leading investor among ASEAN countries.

Toong will provide business consultation, legal, financial and other advisory services, and facilitate introductions and business matching meetings with local partners. Both Toong and IE Singapore will also organize relevant events and training to share Vietnam’s business landscape and opportunities with Singapore companies.

“This partnership essentially cements Toong as a gateway for Singaporean enterprises looking to expand into Vietnam,” said Mr. Phu Nguyen, Chief Strategy Officer at Toong. “Specifically, Toong will provide office solutions for Singaporean companies and offer specific assistance on potential business connections, and advise them on company registration processes as well as the local business landscape.”

Toong is the first large-scale professional co-working space chain in Vietnam, providing innovative working environment services for SMEs and established enterprises in multiple industries around the country.

After more than two years in operation, the company has five locations, in Hanoi, Da Nang, and Ho Chi Minh City.

Toong quickly received funding after its first site opened in August 2015, from Openasia and its latest investor, Indochina Capital (ICC). It is also the only strategic partner of CapitaLand in developing co-working spaces in Vietnam.

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