Fostering Innovation: Vietnam and Korea Strengthen Collaboration in Startup Ecosystem Development

The Korean Ministry of Small and Medium Enterprises and Startups (MSS) and Vietnam’s Ministry of Science and Technology recently signed a memorandum of understanding to enhance collaboration in developing the startup ecosystem. The agreement outlines 10 articles that focus on cooperation in scientific research, technology development, innovation, startups, human resource training, and related fields.

Under this MoU, the two Ministries will provide training and guidance for young staff members on technology, entrepreneurship, and innovation. They will also exchange information on research materials, teaching materials, and reference materials related to technology and innovation. Additionally, the Ministry of Science and Technology of Vietnam and MSS will work together to promote technology exchange and training, facilitate the exchange of entrepreneurs, researchers, lecturers, students, and experts in the startup ecosystem.

The signing ceremony of the Memorandum of Understanding was attended by Prime Minister Pham Minh Chinh of Vietnam and South Korean Prime Minister Han Duck Soo. This agreement marks a significant milestone in enhancing cooperation between the two countries’ efforts to promote their respective startup ecosystems. This collaboration builds on previous agreements aimed at strengthening ties between Vietnam and Korea in various sectors.

Looking ahead, both countries plan to focus on fostering innovation in areas such as technology enterprises promotion and collaboration between Vietnamese and Korean entities. Initiatives such as the Korea Startup Center (KSC) in Hanoi have further facilitated collaboration between Vietnamese startups with Korean counterparts. Both nations continue to explore opportunities for knowledge-sharing through partnerships with organizations like Korea Innovation Foundation (Innopolis).

As both countries navigate through digital age challenges and opportunities presented by it cooperation in areas like startup development will play an essential role in shaping the future landscape of entrepreneurship industry Vietnam as well as Korea .