Vietnam-Korea SME Exchange Support Center Launched

10:05:12 AM | 7/26/2022

The Korea Federation of SMEs (KBIZ) recently opened the Vietnam - Korea SME Exchange Support Center to strengthen economic cooperation between Vietnam and Korea.

Speaking at the opening ceremony, KBIZ Chairman Kim Ki Mun said, " As an economic entity representing 6.88 million South Korean SMEs, we will expand exchanges with Vietnamese SMEs and entities to further broaden bilateral economic cooperation.”

“Bilateral trade has increased 163 times. The two countries have become each other's third largest export partners and South Korea has become No. 1 foreign investor in Vietnam. Especially since the Vietnam- Korea Free Trade Agreement came into effect in December 20, 2015, the trade value of Korean SMEs with Vietnam has increased by more than 20%. 90% of more than 8,000 South Korean enterprises in Vietnam are SMEs,” he added.

Affirming that Korea has always been Vietnam's top trade and investment partner, Mr. Pham Tan Cong, President of the Vietnam Chamber of Commerce and Industry (VCCI), said that Korea continues to be No. 1 investor in Vietnam with 9,265 projects and US$78.9 billion of investment capital. Its large-scale projects have strong socioeconomic impacts and help build supply chains in Vietnam. The two-way trade value amounted to US$78 billion in 2021, up 18.3% year on year, and accounted for 40% of South Korea-ASEAN total trade.

Over the past 10 years, VCCI and KBIZ have carried out many effective activities to support SMEs of the two countries. Following that success, the establishment of the Vietnam-Korea SME Exchange Support Center will create momentum for many South Korean businesses to come to Vietnam and for Vietnamese companies to find reliable Korean partners.

More than 62,000 companies have been established or resumed operations in the year to date, up 38.2% year on year, mainly SMEs, Mr. Cong said, adding that many were hard hit by the Covid-19 pandemic. This is the golden time for them to recover and strengthen connections.

“VCCI is willing to join hands and join forces with KBIZ Office and Vietnam-Korea SME Exchange Support Center to enhance corporate competitiveness and business support of the two countries to join global supply chains. VCCI will strive to further foster trade and investment cooperation of Vietnamese and Korean business communities,” he pledged.

By Giang Tu, Vietnam Business Forum