The 1st Korea-Vietnam SME and Startup Committee Meeting Held
Expanding Exchange and Cooperation in Startup and Manufacturing Innovation Sectors
Cooperation between small and medium-sized enterprises (SMEs) and venture companies in Korea and Vietnam is being strengthened. The two countries will meet at least once a year to promote innovation in SMEs and venture companies. Through this, the entry of domestic companies into Vietnam is expected to expand further.
On the 28th, Oh Young-joo, Minister of SMEs and Startups, met with key government ministers and vice ministers in Hanoi, Vietnam, urging attention to cooperation in the SME and venture sectors and to Korean companies operating locally.
Oh Young-joo, Minister of SMEs and Startups (left), is delivering a greeting at the '1st Korea-Vietnam SME and Startup Committee' held on the 28th in the meeting room of the Ministry of Planning and Investment of Vietnam. (Photo by Ministry of SMEs and Startups)
On this day, the 1st Korea-Vietnam SME and Venture Committee was held in the meeting room of the Vietnamese Ministry of Planning and Investment, attended by Nguyen Chi Dzung, Minister of Planning and Investment, officials from both governments’ ministries, and about 120 SME representatives.
Minister Oh said, "Vietnam is rapidly advancing in ICT development and digital transformation, so there is unlimited potential for cooperation in new industries and innovation sectors," adding, "The importance of cooperation in the SME and venture sectors to create new growth engines is also emerging."
She continued, "Vietnam is the third-largest export destination for Korean SMEs and ranks second after the United States in the number of new overseas subsidiaries established by SMEs," emphasizing, "We expect the cooperation relationship in the SME and venture sectors to be further strengthened through this SME and venture committee."
Minister Nguyen Chi Dzung said, "This committee is a good opportunity to promote cooperation with Korean companies," and added, "I believe practical cooperation can be promoted in agriculture and food, pharmaceuticals, semiconductors, and other fields. We hope to share Korea’s advanced human resource development models and smart management support."
Earlier, the Ministry of SMEs and Startups and the Vietnamese Ministry of Planning and Investment signed a memorandum of understanding (MOU) for cooperation in the SME and venture sectors in July, coinciding with the visit of Vietnamese Prime Minister Pham Minh Chinh to Korea. This SME and venture committee was held for the first time as a concrete means to implement the MOU.
The Vietnamese Ministry of Planning and Investment is responsible for overall national economic policy and development and investment plans. Recently, it established the National Innovation Center (NIC) as a subordinate organization, focusing on policies related to startups and innovation.
On the 28th, Nguyen Chi Dung, Minister of Planning and Investment of Vietnam, is discussing cooperation plans in the small and medium venture sector at the '1st Korea-Vietnam Small and Medium Venture Committee' held in the conference room of the Vietnamese Ministry of Planning and Investment. (Photo by Ministry of SMEs and Startups)
At this SME and venture committee, presentations were made on the implementation plan of the cooperation MOU signed in July, cooperation matters between Korea’s Korea Federation of SMEs and Korea Startup Forum and Vietnam’s National Innovation Center and Vietnam Association of Small and Medium Enterprises (VINASME), and case presentations of innovative SMEs and ventures from both countries.
The two countries agreed to discuss innovation in SMEs and ventures and to meet at least once a year to activate investment. A business delegation will be formed to facilitate experience exchange, technology transfer, and support for promising companies. Additionally, an investment forum will be held to further promote Korean companies’ entry into Vietnam.
Minister Oh emphasized, "In Korea, 99% of companies are SMEs, and large companies like Samsung and LG account for only 1% of all companies," adding, "Since the growth of SMEs is important for the Korean economy, we must expand economic cooperation between the two countries into new potential areas. More exchanges and meetings are necessary to achieve tangible results."
Meanwhile, following the Korea-Vietnam SME and Venture Committee, Huynh Thanh Dat, Minister of Science and Technology, and Minister Oh held a bilateral meeting to discuss cooperation measures between the two countries in startups and manufacturing innovation.
At this meeting, Minister Oh proposed cooperation in manufacturing innovation fields such as smart factories for improving productivity and digital transformation in small manufacturing sites. The two ministries’ affiliated organizations, the Smart Manufacturing Innovation Promotion Group and the State Agency for Technology Innovation (SATI), exchanged practical opinions on technology exchange, discovering collaboration models, and training specialized personnel for smart manufacturing.
Minister Oh stated, “We will continue to expand cooperation activities between the two governments in the SME and venture sectors to support the successful settlement of our SMEs and startups in Vietnam and firmly establish a government hotline to promptly discuss difficulties faced by our local companies.”
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