Int'l Cooperation

Last updated: Wednesday, May 15, 2019


Connecting Vietnam - Korea Innovative Start-up Ecosystem

Posted: Thursday, November 22, 2018

Recently, the Technical Assistance Project Management Unit of the PMU of Vietnam Climate Innovation Centre (VCIC), in collaboration with Korea Venture Investment Corporation, organised the workshop "Cooperation on building Korean - Vietnam start-up ecosystem", under the auspices of Ministry of Science and Technology (MOST) and Korean ministry of SMEs and Start-up (MSS).

The purpose of the workshop is to initiate a forum for the cooperation between the two sides in order to discuss the policy that supports innovative start-up, as well as to work out a plan that promotes start-ups in the future.

Mr Pham Duc Nghiem, Deputy Director of National Agency for Technology Entrepreneurship and Commercialisation Development (NATEC) cum VCIC PMU Director asserted that under the close guidance of the Government with the fierce support and enormous contributions of the ministries, branches, locals, Vietnam innovative start-up ecosystem is basically formed. Vietnam innovative start-up businesses in the past two years have rapidly increased in terms of quantity and quality. A national start-up ecosystem has been established, initially attracting the private resources to support greatly start-up, including crucial contributions from international partners and investors. Mr Nghiem also expressed his sincere hope that in the near future, Korean investors and start-up supporting organisations would pay close attention and cooperate with Vietnam to build an innovative start-up ecosystem which is a foundation for the development of the partnership relationship, promoting the economic development of the two countries.

Mr Lee Jae-hong, General Director of General Policy of Innovation and Venture Capital, Korean Ministry of SMEs and Start-up (MSS) said that with the State’s South – oriented policy, venture capital funds’ quantity is growing exponentially, and Vietnam would be the ultimate destination for Korean investors. Therefore, the Korean Ministry of SMEs and Start-up (MSS) wishes to cooperate with Vietnamese organisations to connect two countries’ start-up ecosystem, then building up a Vietnam - Korean co - working space, supporting seed funding, establishing venture capital funds and moving up the future of bringing Vietnam start-up businesses to participate in incubation and training programmes in Korea.

The two sides agreed to implement cooperation activities between the PMU of VCIC and Korea Venture Investment Corporation in organising the annual forums in order to promote expert exchange, sharing experience in supporting start-up businesses between the two countries. The two sides also agreed to set up a mixed expert team to speed up the preparation process of Vietnam - Korean venture capital fund.

At the meeting, Mr Bui The Duy, Deputy of Minister of Science and Technology affirmed that the Ministry of Science and Technology will create all favourable conditions for the PMU of VCIC to implement cooperation programmes with the KVIC to achieve the proposed goals. At the same time, Mr Bui The Duy suggested that the South Korea consider to sign an MOU between Korea Venture Capital Corporation and the PMU of VCIC on the occasion of the 2018 Techfest in Da Nang.

Mr Lee Jae-hong presented his sincere thanks to MOST for supporting Korea in cooperating to promote the connection of start-up ecosystem between the two countries. At the same time, Mr Lee showed his desire to create a relationship through the formation of a joint working group to carry out further activities in start-up ecosystem supporting and fund building in Vietnam.

Nguyen Thanh

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