MSS of South Korea Signs 2 Key MOUs to Boost Ventures and Startups with Vietnam
Reading Time: 2 minutesOn July 2nd, the Korean Ministry of SMEs and Startups (MSS) signed two important memorandums of understanding with Vietnam. The first agreement, with Vietnam’s Ministry of Planning and Investment, establishes a ministerial committee dedicated to small and medium-sized ventures. The second, with Vietnam’s Ministry of Science and Technology, focuses on fostering the development of the startup ecosystem. These signings took place at the Seoul Government Complex and were attended by the Prime Ministers of both countries, following discussions between Vietnamese Prime Minister Pham Minh Chinh and South Korean Prime Minister Han Deok-soo.
These agreements build on previous collaborations. Last June, during President Yoon Seok-yeol’s visit to Vietnam, the MSS engaged with Vietnam’s Ministry of Planning and Investment to address current challenges and future cooperation in the small and medium venture sector. Additionally, a letter of intent was signed with Vietnam’s Ministry of Science and Technology to collaboratively develop both countries’ startup ecosystems.
The first memorandum creates a Small and Medium Venture Committee, co-chaired by ministers from both countries. This committee will annually review and discuss the venture sectors of both nations, aiming to enhance cooperation and exchange. It will focus on sharing market information, fostering organizational partnerships, and promoting public-private cooperation, laying a foundation for expanded mutual cooperation.
The second memorandum emphasizes strengthening startup capabilities and facilitating human exchanges within the innovation ecosystem. Based on this, the MSS plans to actively support Korean startups entering Vietnam and vice versa, integrating top Vietnamese talent into the Korean startup scene.
This cooperation is poised to streamline the ‘Overseas Workforce Employment Matching Support Project’ initiated by the MSS. This project focuses on employing Vietnam’s top software talent in Korean startups, starting this year.
Minister Oh Young-joo of the MSS highlighted Vietnam as a pivotal market for Korea’s small and medium-sized enterprises. She committed to using the newly established ministerial council, the second of its kind after the UAE, to help these companies go global. She concluded by emphasizing that these agreements would pave the way for a robust partnership with Vietnam, creating a dynamic ecosystem where enterprises and startups from both countries can flourish and innovate together.
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