(MPI) - Deputy Minister of Planning and Investment Tran Quoc Phuong expressed confidence that based on the foundation of the Vietnam-South Korea Comprehensive Strategic Partnership, cooperation in the development of small and medium enterprises (SMEs) and starups will continue to be strengthened, opening up numerous business investment opportunities between the two countries while attending the K-Innovation Delegation on August 28.

Deputy Minister of Planning and Investment Tran Quoc Phuong addresses the event. Photo: MPI

Deputy Phuong noted that in Vietnam, SMEs account for about 98% of the nearly 930,000 businesses operating in the economy. SMEs are the backbone of the economy, leveraging all resources for socio-economic development, and are the origin of business innovation and the bridge that brings scientific and technological research results into practical application.

South Korea is also noted for its extensive experience in developing SMEs, with many of its internationally recognized large corporations having evolved from SMEs, he added.

The deputy minister highlighted Vietnam's investment potential, suggesting Korean businesses to expand investments into areas where South Korea excels and Vietnam needs such as digital economy, green economy, circular economy, sharing economy, and emerging sectors like semiconductor, artificial intelligence, hydrogen, and the culture and entertainment industry.

He is confident that with the increasingly strong development in bilateral relations, cooperation in the field of SME development and entrepreneurship will continue to be strengthened, opening up many business investment opportunities between the two nations.

Minister of Ministry of Small and Medium Enterprises and Starups of South Korea Oh Youngju. Photo: MPI

At the event, Minister of Ministry of SMEs and Startups of South Korea Oh Youngju, who was former Korean Ambassador to Vietnam, stated that in building the globalization strategy, the K-Innovation Delegation chose Vietnam as its first destination, affirming Vietnam as a top strategic partner of South Korea.

Vietnam and South Korea continue to maintain their status as top partners; South Korean businesses consider Vietnam a market with significant development potential and are currently exploring numerous investment opportunities here, she citied.

Youngju shared that Korean SMEs could play an active role in building Vietnam's innovation ecosystem. Collaboration with pioneering South Korean SMEs will help Vietnamese enterprises enhance labor productivity, improve quality, and promote digital transformation in manufacturing.

She affirmed that she would continue to play a role in bridging businesses from both countries to connect, share, and achieve more significant accomplishments.

South Korean Ambassador Choi Youngsam emphasised that Vietnam is the most suitable partner to join South Korea in building an innovative ecosystem. The K-Innovation Delegation programme will act as a connector and deepen cooperation between the SMEs of the two countries, contributing concretely to Vietnam's strategy for the development of science, technology, and innovation by 2030.

The K-Innovation Delegation program brought together 25 pioneering South Korean SMEs, primarily in the fields of technology, solution development, smart factory management applications, smart cities, healthcare, and education, thereby opening up potential cooperation opportunities for enterprises in both countries in areas that Vietnam is focusing on developing./.

Bao Linh

Ministry of Planning and Investment