The Ministry of SMEs and Startups (MSS, Minister OH Youngju) has dispatched the K-Innovation Delegation to Vietnam for the first time to promote the overseas expansion of innovative small venture businesses from Korea and to showcase the innovation of Korean companies to the world. The K-Innovation Delegation is a new initiative launched through the ‘Globalization Measures for SMEs and Startups’ announced by the MSS in May, and it will be held over two days from August 28 to 29.
Vietnam is one of South Korea’s top three trading partners, boasting a GDP growth rate of over 5% and a population of nearly 100 million, which underscores its growth potential. In addition, with the Vietnamese government’s efforts to promote the transition to a digital economy and policies aimed at nurturing a startup ecosystem, it is also a promising country for the expansion of innovative small and medium-sized enterprises (SMEs) and startups from Korea.
Accordingly, the MSS has designated Vietnam as the first country for the K-Innovation Delegation and has formed the delegation with 25 promising SMEs and startups in the fields of smart manufacturing, AI, health tech, and edutech. In particular, this K-Innovation Delegation focuses not only on buyer meetings, which were previously limited to one-time export consultations, but also on promoting the innovation of SMEs and startups from Korea and enabling Korean companies to establish long-term business networks in the local market.
Looking at the schedule in detail, the delegation will first hold a ‘K-INNO Pre-showcase’ to promote the innovation of Korean companies and enhance their visibility by utilizing tech influencers. Five top Vietnamese tech influencer channels, which boast a significant number of subscribers on platforms like TikTok and YouTube, participated in this event. They spent two hours filming and conducting interviews on the technologies and products of Korean companies. Moving forward, there are plans to continue promoting the innovations of Korean companies through YouTube and other platforms.
Secondly, during the opening ceremony, there was a ‘Stage PR’ segment where the participating companies of the K-Innovation Delegation directly introduced their technologies and services to local media and guests. On behalf of the K-Innovation Delegation, companies NUVX, SNE Company, and Humanscape made presentations. Notably, Minister OH Youngju from the MSS took the stage before the companies’ presentations to talk about the innovations of Korean companies, actively participating in the sales efforts for our companies.
Thirdly, to secure business networks in Vietnam, the MSS supported the ‘K-INNO Delivery Bus’ program, a visit to relevant organizations that are essential for businesses but may be difficult for companies to arrange on their own. The MSS coordinated and connected local organizations to enable companies to promote their products and services by directly visiting the relevant local institutions according to their business fields.
Smart manufacturing companies visited the Vietnam National Innovation Center, while health tech businesses held consultations with the Vietnam Medical Equipment Association and other organizations. In particular, Humanscape, which requested a meeting arrangement with local medical organizations in Vietnam during a meeting held shortly after the announcement of the ‘Globalization Measures for SMEs and Startups’ in May, participated in this K-Innovation Delegation and was able to establish networks with the Medical Equipment Association and MEDLATEC General Hospital.
Fourthly, recognizing the importance of establishing a cooperative system with the government for business expansion in Vietnam, the MSS planned for K-Innovation Delegation companies to attend several events during Minister OH Youngju’s visit to Vietnam. These included the Overseas Diplomatic Mission Council Dinner Meeting, the 1st Korea-Vietnam Ministerial Committee for SMEs and Startups, and a dinner with CEOs of the Vietnamese industry hosted by the Deputy Minister of Foreign Affairs of Vietnam. These events provided opportunities to build networks with key government officials in Vietnam.
Lastly, meetings with local buyers were held through pre-arranged matching. Participating buyers from Vietnam included the state-owned telecommunications company Viettel Group, CMC Global, and the defense state-owned enterprise ‘HITACO,’ who discussed potential cooperation with Korean companies.
In particular, CNWiders signed a Memorandum of Understanding (MOU) to provide IoT private network-based smart streetlight solutions necessary for the construction projects and smart city development of the Vietnamese mid-sized construction company MDA Group. In addition, Yaho Lab signed an MOU with ‘KidsOnline,’ a kindergarten management solutions company, to supply after-school class content to 1,200 kindergartens in Vietnam, starting this year. Rozetatech, which produces AI-based fire and disaster forecasting systems, has entered into a strategic agreement with KFI to formally expand its business into Vietnam.
Minister OH Youngju stated, “The K-Innovation Delegation is a new program designed to widely promote the innovation of SMEs and startups from Korea and to support companies in expanding their business areas to the global stage.” She emphasized, “Considering Vietnam’s socioeconomic environment, including its transition to a digital economy and high educational aspirations, we have formed the K-Innovation Delegation with smart manufacturing, edutech, and healthcare companies. These companies’ expansion into Vietnam will provide benefits for both countries.”
She also stated, “In the future, we will plan programs that take into account the characteristics and environments of the target countries, and we will do our utmost to ensure that the dispatch of the K-Innovation Delegation leads to tangible results.”