Korea’s Ministry of SMEs and Startups (MSS) has initiated the K-Innovation Delegation to Vietnam, marking the first such endeavor to foster the international growth of innovative small and medium-sized enterprises and startups, while also promoting Korean innovation on a global scale. This Delegation aligns with the ‘Globalization Measures for Small and Medium Venture Companies’ unveiled in May and was held in Vietnam over two days, from August 28th to 29th.

Vietnam, as Korea’s third-largest trading partner, presents significant growth opportunities with its GDP growth exceeding 5% and a population of 100 million. The proactive efforts of the Vietnamese government to transform into a digital economy and cultivate a startup-friendly ecosystem make it a viable market for Korean SMEs and startups.

Vietnam was chosen as the first destination for the K-Innovation Delegation, which included 25 companies specializing in smart manufacturing, AI, health tech, and edutech.

Key activities of the Delegation encompassed several strategic efforts:

▪ The ‘K-INNO Pre-showcase’ was designed to elevate the visibility of Korean innovations through collaborations with top Vietnamese tech influencers on platforms like TikTok and YouTube.

▪ At the opening event, a ‘stage PR’ session allowed participating companies to directly showcase their technologies and services to local media and guests, with Minister Oh Young-joo also taking the stage to promote the innovations before diving into sales pitches.

▪ The ‘K-INNO Delivery Bus (Local Agency Visit Business)’ facilitated vital local business connections that companies might find challenging to establish on their own.

▪ The visit by Minister Oh Young-joo also spurred governmental cooperation, creating networking opportunities with the Vietnamese government during an official event.

▪ Additionally, meetings with local buyers were pre-arranged, featuring significant Vietnamese state-owned enterprises like Viettel Group, CMC Global, and HITACO, where discussions about potential collaborations were conducted.

CN Widers has signed an MOU with Vietnam’s mid-sized construction company, MDA Group, to provide a smart streetlight solution based on an IoT self-communication network for their construction and smart city development projects. YAHO LAB has also entered into an MOU with KidsOnline, a kindergarten management solution provider, to supply after-school class content to 1,200 kindergartens in Vietnam, starting this year. Additionally, Rozetatech, a company specializing in AI-based fire and disaster forecasting systems, has formed a strategic partnership with KFI and plans to officially expand into the Vietnamese market.

Minister Oh Young-joo stressed the mutual benefits of entering Vietnam, citing the country’s transition towards a digital economy and its strong focus on education. She committed to ensuring that the dispatch of the K-Innovation Delegation leads to tangible results by tailoring programs to meet the specific needs and conditions of each target country.