In late November 2021, Refrigeration Electrical Engineering Corporation (REE) and the startup accelerator program Zone Startups Vietnam signed a cooperation agreement to identify promising technology companies. This partnership aims to support, train, create business opportunities, and provide investment capital for companies within the ecosystem.

In 2022 and with a 3 to 5-year plan, REE will implement the following steps to materialize its directions:

• Intensify digitalization in operational processes, build a digital data culture, and develop a centralized database platform.
• Apply shared service models, develop a digital ecosystem, and supplement existing business models.
• Build cooperative relationships and invest in technology startups and leading tech corporations.

REE, one of the first two companies to list its shares on the Vietnamese stock market, is expanding its diverse business operations across various sectors, including (1) Mechanical and Electrical Engineering (M&E) Contracting; (2) Real Estate Development, Management, and Exploitation; (3) Electric Infrastructure; and (4) Water Infrastructure.

The Vietnamese startup ecosystem is currently ranked third in ASEAN, following Singapore and Indonesia. In the past two years, the total investment value in technology startups has increased more than sixfold. With a market of nearly 100 million people, predominantly a young population, the Vietnamese startup ecosystem is attracting significant attention from domestic corporations leading in digital transformation and global venture capital firms.

Aligning with this trend, the collaboration between REE and Zone Startups Vietnam is part of REE’s strategic activities to support and promote the promising startup ecosystem in Vietnam. Combined with Zone Startups’ experience in training startups, this initiative is expected to create business opportunities, encourage innovation, provide a platform and substantial resources, contributing to the competitive advantage of Vietnamese startups in the region.

Zone Startups Vietnam, a Canadian startup support program in Vietnam, collaborates with VinaCapital Ventures, a venture capital fund under VinaCapital Group, UniBrands, and independent investors Mr. Nguyen Trung Tin, CEO of Trung Thuy Group, and Ms. Tieu Yen Trinh, CEO of TalentNet.

This new program by Ryerson Futures (RF) and Zone Startups international aims to support and promote startups in Vietnam. Zone Startups Vietnam focuses on market penetration activities and investments seeking technology startup projects with creative software ideas and significant potential in the Vietnamese market, the region, and globally.

Source: Vietnam Insider