Korea-Vietnam Join Forces to Foster Startup Ecosystem

Korea-Vietnam Prime Minister Meeting as an Opportunity
Signing of Two MOUs in SME and Venture Sectors
Establishment of Ministerial Consultative Body and Strengthening Cooperation in Startup Ecosystem

Korea and Vietnam join forces to foster a startup ecosystem.

On the 2nd, the Ministry of SMEs and Startups announced that it signed two memorandums of understanding (MOUs) with Vietnam’s Ministry of Planning and Investment and the Ministry of Science and Technology to establish a ministerial-level committee for the SME and startup sectors between the two countries and to cooperate on the development of the startup ecosystem.

The MOU signing ceremony took place at the Government Complex Seoul, with both Prime Minister Pham Minh Chinh of Vietnam and Prime Minister Han Duck-soo of Korea present, following their bilateral talks.

Minister Oh Young-joo of the Ministry of SMEs and Startups signed a memorandum of understanding for cooperation in the development of the startup ecosystem with the Ministry of Science and Technology of Vietnam at the Government Seoul Office in Jongno-gu, Seoul on the 2nd. He is taking a commemorative photo with Prime Minister Han Duck-soo, Vietnamese Prime Minister Pham Minh Chinh (second from the left), and Minister Huynh Thanh Dat of the Ministry of Science and Technology (first from the left). (Photo by the Prime Minister's Office)

Last June, during President Yoon Suk-yeol’s visit to Vietnam, the Ministry of SMEs and Startups held a bilateral meeting with the Ministry of Planning and Investment to discuss current issues and future cooperation in the SME and startup sectors. It also signed a letter of intent (LOI) with the Ministry of Science and Technology to collaborate on the development of the startup ecosystem in both countries.

Through the newly signed “MOU on Cooperation in the SME and Startup Sector” with the Ministry of Planning and Investment, an SME and Startup Committee will be established to review exchanges and discuss future cooperation directions between the two countries. The committee will be co-chaired by the ministers of both ministries and will include related government agencies and organizations, meeting annually.

The SME and Startup Committee will cover overall SME and startup areas, including sharing information on market environments and trends, cooperation and partnerships between related institutions and companies, and public-private collaboration. Both countries see this as a stepping stone to expand mutual cooperation and exchanges among SMEs and startups.

The “MOU on the Development and Exchange Cooperation of the Startup Ecosystem” signed with the Ministry of Science and Technology includes cooperation measures to strengthen the capabilities of startups in both countries and to expand human exchanges within the innovation ecosystem. Based on this, the Ministry of SMEs and Startups plans to actively support not only the entry of Korean startups into Vietnam but also the integration of outstanding Vietnamese talent into Korea’s startup ecosystem.

In particular, through close cooperation between the two ministries, the “Overseas Talent Employment Matching Support Project,” which supports the employment of outstanding local software personnel from Vietnam in Korean startups starting this year, is expected to operate more smoothly.

Minister Oh Young-joo of the Ministry of SMEs and Startups stated, “Vietnam is a key market for our SMEs. We will actively utilize the ministerial-level consultative body, the second of its kind after the UAE, to promote the globalization of SMEs and startups.” He added, “Based on these two MOUs, we will build a strong partnership with Vietnam and strive to create a dynamic ecosystem where SMEs and startups from both countries can grow together and generate innovation.”