Vietnam – Korea cooperate to develop startup ecosystem

The memorandum includes 10 articles on cooperation in scientific research, technology development, innovation, startups, human resource training and other related fields. The two sides will cooperate in exchanging information, organizing seminars, conferences, exhibitions, joint research and human resource training.

Under this MoU, the two Ministries will facilitate training and guidance for young staff of each side on technology, entrepreneurship and innovation; exchange information on methods, research materials, publications, teaching materials, and reference materials related to technology, entrepreneurship and innovation.

The Ministry of Science and Technology of Vietnam together with MSS will promote K-Tech for human resource exchange and training; exchange of entrepreneurs, researchers, lecturers, students and experts for the startup ecosystem of both sides. Bilateral events on technology and innovation will be organized, jointly establish infrastructure, support investment and connect innovation centers, and help startups.

“The signing of the memorandum of understanding between the Ministry of Science and Technology and MSS is an important step to enhance cooperation, promote the startup ecosystem and exchange human resources between the two countries,” said Minister of Science and Technology Huynh Thanh Dat.

Previously in June 2023, within the framework of the State visit to Vietnam by Korean President Yoon Suk-Yeol, the Ministry of Science and Technology and MSS signed a Letter of Intent on cooperation in promoting the startup ecosystem and exchanging human resources. Four months later, MSS launched the Korea Startup Center (KSC) in Hanoi. The two sides have had many cooperative activities to connect the innovative startup ecosystem.

In the context of Vietnam and Korea strengthening extensive cooperation in the “Comprehensive Strategic Partnership” relationship, the Ministry of Science and Technology (the focal point is the Department of Market Development and Science and Technology Enterprises) discussed with MSS (the focal point is the Youth Policy Division) about signing a Memorandum of Understanding on cooperation in developing and exchanging startup ecosystems.

Recently, the Agency for Science and Technology Entrepreneurship and Market Development has stepped up cooperation with international partners, especially Korea. Cooperation contents include training, capacity building, knowledge sharing, and open innovation. In August 2022, the Agency signed a letter of intent on Science and Technology Cooperation with the Seoul Metropolitan Bureau of Commerce.

Accordingly, the National Center for Supporting Innovative Startups (NSSC) will cooperate with Seoul Startup Hub to create a space to support the operation of the Vietnam – Korea Global Startup Program, promote trade promotion, connect science and technology markets, innovation and creative startups. The two sides will discover and incubate outstanding technology enterprises; plan to use AI, robots… in the future; organize discussions with representatives of startups, leaders of Korean businesses who want to expand their markets to Vietnam and vice versa to seek new policy ideas.

In October 2023, at the launching event of the K-Startup Center (KSC) in Hanoi, the Department signed a cooperation agreement with the Korea Small and Medium Enterprise Development Agency (KOSME), and participated in the initiative of the network of organizations supporting creative startups initiated by KSC. KSC and the Department of Market and Enterprise Development also closely coordinate in National Techfest activities, promoting support for Korean creative startups to learn and explore the market in Vietnam.

The Agency for Science and Technology Entrepreneurship and Commercialization Development is discussing and signing a cooperation agreement with the Korea Innovation Foundation (Innopolis) under the Ministry of Science and ICT of Korea on learning, improving commercialization capacity, building and developing open innovation center models for Vietnam.

In early 2024, the Department will coordinate with a number of Korean corporations to implement activities on open innovation and social innovation such as: Participating in the Shinhan Square Bridge Program to bring outstanding Vietnamese startups of Techfest to learn about the Korean market through online and in-person capacity building courses in Korea. The Department also sent staff to attend the Bridge to Korea Global Accelerator Program in Incheon, Korea; meet, work, and introduce partners to a group of technology startups and some representatives of the Korea Association of Technology Holdings (introduced by KOTRA)…

Prime Minister Pham Minh Chinh and his wife are visiting South Korea from June 30 to July 3. This is the first official visit to South Korea by a senior Vietnamese leader since the two countries upgraded their relationship to a Comprehensive Strategic Partnership in December 2022. Minister of Science and Technology Huynh Thanh Dat is accompanying the Prime Minister.