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Opening a New Horizon for Korea-Vietnam Government Cooperation in SMEs and Startups
Source
KOREA.net
Date
2024.09.05

On August 28, 2024, Minister OH Youngju of the Ministry of SMEs and Startups (MSS) met with key government ministers and vice ministers in Hanoi, Vietnam, to discuss cooperation in the field of small and medium-sized enterprises (SMEs) and startups, and urged them to take an interest in Korean companies that have entered the local market.


The first, Korea-Vietnam SMEs and Startups Committee was held in the meeting room of the Ministry of Planning and Investment in Vietnam, with the participation of Minister Nguyen Chi Dzung of the Ministry of Planning and Investment, officials from both governments, and more than 120 small and medium-sized enterprise representatives.


The MSS and the Ministry of Planning and Investment of Vietnam signed a Memorandum of Understanding (MOU) for cooperation in the field of SMEs and startups during the visit of Prime Minister Pham Minh Chinh to Korea in July 2024. The first SMEs and Startups Committee was held as a specific means to implement this agreement.


The Ministry of Planning and Investment of Vietnam is responsible for overseeing the country’s overall economic policies and development and investment plans. In particular, it has recently established the National Innovation Center (NIC) as a subordinate organization, placing an emphasis on policies related to startups and innovation.


The SMEs and Startups Committee began with welcoming remarks from the ministers of both ministries, followed by the presentation of the implementation plan for the cooperation MOU signed in July 2024. The agenda included the announcement of collaborative matters in the field of SMEs and startups between Korea’s KBIZ Korea Federation of SMEs and Korea Startup Forum, and Vietnam’s National Innovation Center and Vietnam Association of Small and Medium Enterprises (VINASME). Lastly, case studies of innovative SMEs and startups from both countries were presented.


Meanwhile, prior to the main event, a separate session was arranged for information sharing and networking between companies from both countries. Participating enterprises introduced themselves and discussed their areas of interest, exploring potential avenues for future collaboration.


Vietnam is the country with the second highest number of new corporate establishments by Korean SMEs, following the United States. It is anticipated that this committee will serve as a government-to-government cooperation channel, promoting sustainable growth between the two countries based on the innovation and challenges of SMEs and startups, thereby opening new areas for Korea-Vietnam economic cooperation.


Following the Korea-Vietnam SMEs and Startups Committee, a bilateral meeting was held with Minister Huynh Thanh Dat of the Ministry of Science and Technology to discuss cooperation measures between the two countries in the areas of startups and manufacturing innovation.


During the visit of the Prime Minister of Vietnam to Korea in July 2024, both ministries signed a Memorandum of Understanding (MOU) for cooperation in startups. In this meeting, they broadly discussed more specific collaboration tasks, including support for Vietnamese talent seeking employment in Korean startups, as well as strategies for globalizing the Korean startup ecosystem through the recently opened Global Startup Center (GSC) in Gangnam and utilizing the K-Startup Center (KSC) in Hanoi, which opened last year, as a base for promising startups to enter the market.


In addition, new proposals for collaboration in the field of manufacturing innovation, including smart factories for enhancing productivity in small and medium-sized manufacturing sites and facilitating digital transformation, were also discussed. Practical discussions were held regarding cooperation measures, including the exchange of technology and exploration of collaborative models between the Smart Manufacturing Innovation Promotion Team and the State Agency for Technology Innovation (SATI), as well as the training of professionals in smart manufacturing.


Following this, a bilateral meeting was held with Bui Thanh Son, Deputy Prime Minister and Minister of Foreign Affairs of Vietnam, during which a variety of opinions on cooperation in the field of SMEs and startups were exchanged. In particular, we emphasized the importance of the Vietnamese government’s proactive interest in Korean SMEs that have entered Vietnam. Discussions continued on future exchanges and cooperation both at the government level and in private sectors.


After the bilateral meeting, Deputy Foreign Minister Nguyen Minh Vu hosted a welcoming dinner for Minister OH Youngju’s visit to Vietnam. In attendance were innovative SMEs from both countries, creating a special opportunity for open communication and exchange between the governments and businesses of both nations.


Minister OH Youngju emphasized, “By consecutively meeting with the Deputy Prime Minister and the ministers and vice ministers of key departments in Vietnam, we confirmed the potential for cooperation in many areas related to SMEs and startups. Given the high demand for Korean SMEs to enter Vietnam, this provided an opportunity to elevate our cooperative relationship with the Vietnamese government to the next level.”


She added, “We will continue to expand cooperation activities between the governments of both countries in the field of SMEs and startups to support the successful establishment of Korean SMEs and startups in Vietnam. We will also solidify a government-to-government hotline to promptly discuss the challenges faced by our companies in the Vietnamese market.”

Attachments
240828_한韓_베트남_정부_간_중소벤처_협력의_새_지평을_열다_Eng.pdf