The first meeting of the cooperation committee on small and medium enterprises and startups between Viet Nam's Ministry of Planning and Investment (MPI) and South Korea's Ministry of Small and Medium size Enterprises (SMEs) and Startups, Ha Noi, August 28, 2024

Investment in the manufacturing and processing industry accounts for nearly 75 percent of the total registered capital and 25 per cent of the total number of projects.

In the first six months this year, South Korea invested US$1.4 billion, ranking fourth among 84 countries and territories, an increase of 16 percent on-year.

The above figures were released at the first meeting of the cooperation committee on small and medium enterprises and startups between Viet Nam's Ministry of Planning and Investment (MPI) and South Korea's Ministry of Small and Medium size Enterprises (SMEs) and Startups that took place in Ha Noi on August 28.

The event aims to enhance collaboration between the two countries' SMEs and startups.

The formation of the cooperation committee follows discussions during Korean President Yoon Suk-yeol's state visit to Viet Nam in June 2023, where the importance of SME cooperation was underlined.

The committee is expected to foster mutual understanding among entrepreneurs and enhance collaboration in sectors where both countries have significant strengths.

During Prime Minister Pham Minh Chinh's visit to South Korea in July 2023, a MoU on SME and startup cooperation was signed, anticipated to create new opportunities for investment, trade, and business connections, contributing to innovation and sustainable development in both countries.

At the meeting, Minister of Planning and Investment Nguyen Chi Dung expressed confidence that the committee's activities, supported by research institutes and SME associations, will lead to effective joint projects, particularly in high-tech agriculture, food processing, pharmaceuticals, semiconductors, and electronics.

He also stressed the importance of integrating Vietnamese SMEs into the South Korea and global supply chains, reaffirming the ministry's commitment to supporting business development.

The meeting served as a platform to discuss the development of SMEs in both countries and identify key areas for future support.

Viet Nam's Ministry of Planning and Investment encouraged the South Korean businesses to expand investments in areas where South Korea excels and Viet Nam has high demand, such as the digital economy, green economy, and emerging industries like semiconductors, AI, and hydrogen.

Minister Oh Young Joo of the Ministry of SMEs and Startups recognized the significance of the meeting as a step toward a new chapter in bilateral cooperation, expressing her hope for concrete plans to implement the MoU.