(MPI) - Deputy Minister of Planning and Investment Tran Duy Dong hailed the coordination and initiative of the two Small and Medium-sized Enterprises (SMEs) Associations, and affirmed that the Ministry of Planning and Investment (MPI) will accompany and support businesses to make contribution to the socio-economic development of both Vietnam and the Republic of Korea (RoK), while attending the signing ceremony of a Memorandum of Understanding (MoU) on cooperation between Vietnam Association of SMEs (VinaSME) and the Korea Federation of SMEs (KBIZ) in Hanoi on September 22.

At the signing ceremony. Photo: MPI

Deputy Minister Dong stressed the importance of the business sector of each countries, adding that SMEs is the driving force and making important contributions the socio-economic development.

The Vietnamese private business sector, especially SMEs, plays a crucial role in the country’s development. SMEs in Vietnam accounted for nearly 98% of 900 thounsand registered businesses and more than 5 million opearting households.

He said the RoK is one of the biggest foreign investor in Vietnam with over 9 thousand projects with the total registered capital of over 83 billion USD as of August 2023. In the first eight months this year, the RoK has invested in 308 projects worth nearly 4.6 billion USD.

The deputy minister spoke highly of the positive activities of the two SMEs associations, expressing his belief that with their experiences in supporting SMEs development, the two associations will make the MoU as a leverage to further promote their significant cooperation activities.

Korean Ambassador to Vietnam Choi Young Sam looked foward to stronger and increasingly expanded cooperation between the two sides’ businesses as well as SMEs. He asked the two SMEs associations step up their cooperaion, affirming that the RoK stands ready to work with the Government of Vietnam to support the business communities, contributing to further strengthening the Vietnam-RoK comprehensive strategic partnership in the future.

KBIZ Chairman Kim Ki-mun and VinaSME Permanent Vice Chairman and Secretary General To Hoai Nam stressed that the MoU will contribute to further fostering the two bussinesses’ cooperation. The also expressed their hope to recieve continued support from the Governments in creating the best conditions for businesses to maintain their investment and business activities.

 The MoU aims to connect SMEs and business associations of the RoK and Vietnam through sharing information, exchanging expertises, bulding programmes on investment development and cooperation, and accelerating human resources development activities for SMEs./.

Bao Linh

Ministry of Planning and Investment