This is the first conference in the “Global Development Support Conference for Small and Medium Enterprises” series hosted by MSS in collaboration with relevant units and organizations.
YPE Vina, a 100% South Korean-owned company specializing in the manufacturing and processing of electronic circuits in the Binh Xuyen 2, Vinh Phuc Industrial Park. Photo illustration: Hoang Hung/ VNA
Vietnam, a country of great interest to South Korean businesses, was chosen as the first destination for this investment promotion and business connection support activity. MSS Minister Oh Young-joo emphasized, “This is the first event where the public and private sectors join hands to provide practical assistance to domestic small and medium-sized enterprises in entering foreign markets.”
The Ministry will continue to periodically organize global expansion support activities for domestic small and medium-sized enterprises. Minister Oh, who previously served as the South Korean Ambassador to Vietnam, stated that Vietnam is South Korea’s third-largest export market, accounting for 9.4% of total exports by small and medium-sized enterprises.
The event was attended by Vietnamese Ambassador to South Korea Vu Ho. In his speech, Ambassador Vu Ho emphasized that Vietnam and South Korea are entering a new phase of cooperation based on the foundation of the upgraded Comprehensive Strategic Partnership in 2022. Vietnam is not only South Korea’s largest economic partner in the Association of Southeast Asian Nations (ASEAN) but also one of its three largest economic partners in the world in terms of trade and investment.
The leaders of the two countries have set a target to soon raise bilateral trade turnover to 100 billion USD in the coming time and 150 billion USD by 2030. The two countries are promoting economic cooperation in green, digital, new energy, supply chain, economic security, food security, and defense industry fields, both bilaterally and multilaterally.
Representing the Consulate General of South Korea in Ho Chi Minh City, Mr. Shim Jae-yoon provided an overview of the Vietnamese market and explained in detail the support provided by the South Korean Embassy abroad to small and medium-sized enterprises. Consul Shim Jae-yoon believes that Vietnam is a country with promising growth potential and is worth investing in. Many South Korean companies are entering the market, and the Consulate General of South Korea is carrying out various activities to support them.
Currently, the Consulate General of South Korea in Ho Chi Minh City is providing legal consulting services and supporting overseas employment projects through counseling. They are also facilitating global connections through the K-Startup program. Mr. Shim mentioned that a Small and Medium Enterprise Support Council will be established and headquartered in Ho Chi Minh City in the future.
Representing the Korea Trade-Investment Promotion Agency (KOTRA) in Hanoi, Mr. Kim Kyung-don shared that since accepting foreign investment 37 years ago, Vietnam has been gradually improving its investment system in various fields. Recently, the Vietnamese government has actively offered incentives to attract investment in advantageous industries.
This is the first time that an event to promote and support businesses in investing and expanding overseas has been held in a public-private partnership format. Public organizations supporting overseas expansion, such as KOTRA and the Consulate General of South Korea in Ho Chi Minh City, as well as private organizations in various fields, including law and accounting firms and banks, provided professional consulting on the Vietnamese market and economic trends. They also advised on Vietnam’s legal regulations related to investment, finance, accounting, import, and export.
Vietnamese companies such as Viglacera and Sonadezi also participated and organized booths to introduce industrial clusters and provide information on the status and methods of supporting foreign enterprises investing in Vietnam’s complexes and industrial parks.
