Vietnam builds incentive mechanisms to attract resources and innovative businesses from Korea

Vietnam is actively building a favorable investment environment, with many attractive incentives to attract Korean investment sources, especially start-ups and innovative businesses to develop in the Vietnamese market in the coming time.

Speaking at the opening ceremony of the 2024 Techfest International event held in Korea on the afternoon of September 4, Mr. Hoang Minh - Deputy Minister of Science and Technology emphasized the importance of promoting startup cooperation between Vietnam and Korea. He said that Techfest is a large-scale event organized annually by the Vietnamese Ministry of Science and Technology since 2015, bringing together the domestic and foreign startup innovation community in Vietnam.

In recent years, the international Techfest event has been successfully held in many countries such as the US, Korea, Singapore, Australia, etc. This is not only an opportunity to promote the image of Vietnam's creative startup ecosystem, but also a bridge between startups and global resources.

Deputy Minister Hoang Minh said: “This year, based on the memorandum of understanding signed between the Center for Economic Innovation and Reform (DCCEI) and the Vietnam National Center for Creative Startup Support (NSSC); the memorandum of understanding signed between the Ministry of Science and Technology of Vietnam and the Ministry of Small and Medium Enterprises and Startups of Korea as well as cooperation agreements and action programs to implement the bilateral relationship of “Comprehensive Strategic Partnership” between the two States, we decided to bring the international Techfest to Daejeon, Korea - one of the most vibrant startup ecosystems in Asia”.

Vietnam has been affirming its position on the global startup map. Mr. Hoang Minh also added that Vietnam has about 4,000 startups, including prominent names valued at billions of USD. Vietnam has entered the top 46/132 economies in the Global Innovation Index (GII), ranked 4th in Southeast Asia, 12th in Asia - Pacific, and the 56th in the world in terms of innovation ecosystem. This shows that Vietnam is a young market with great potential in innovation and startups.

The strategic partnership between Vietnam and Korea over the past three decades has achieved many remarkable achievements in many fields, especially in cooperation in science, technology and innovative startups. Recently, on July 2, 2024, this cooperative relationship reached a new milestone with the signing of a memorandum of understanding between the Vietnamese Ministry of Science and Technology and the Korean Ministry of Small and Medium Enterprises and Startups.

This event marks an important step forward in building and developing a vibrant and sustainable startup ecosystem in both countries. Vietnam hopes to promote more resource exchange programs, management models, and create conditions for the development of innovative startups between Vietnam and Korea.

“Korea is a potential technology and capital market. Vietnam will research and develop incentive mechanisms to attract investment resources from Korea and welcome Korean enterprises to develop in the Vietnamese market. We are also determined to build an open and integrated ecosystem, encouraging foreign incubators and startups, especially from Korea, to test new technologies, replicate models, develop markets, and call for investment capital,” Mr. Hoang Minh emphasized.

At the 2024 International Techfest event, representing the Ministry of Science and Technology, Deputy Minister Hoang Minh presented a souvenir of a Vietnamese bronze drum to a representative of the Daejeon City Center for Economic Reform and Innovation (DCCEI).

Also within the framework of the program, the Organizing Committee selected businesses to participate in the Techfest Vietnam Creative Startup Center Booth 2024. In parallel, there were investment connection activities and experience sharing between Vietnamese and Korean businesses.

Mr. Eric Vuong - Chairman of FUNDGO Creative Startup Investment Fund - Chairman of High Value Asset Investment Company (HVA) said that HVA is focusing on building an effective investment portfolio in 3 areas: Blockchain, AI and Fintech with the goal of increasing investment capital to 50 million USD in the next 2 years and maintaining its pioneering position in the field of financial investment.

Representing HanaGold Company to share its project with major Korean investment funds, the company's strategy is to expand the market and widely deploy the Gold Shop 4.0 business model, combining online and offline; combining the solution of accumulating gold online 24/7 from only 100k and supporting the identification and traceability of gold origin. HanaGold wishes to find strategic partners to cooperate in business deployment in Korea.

Mr. Nguyen Hoang Long - CEO of TreeOTek Joint Stock Company also participated in the presentation on the air purifier product integrated with green plants and proposed to raise 1 million USD for the international business development campaign.

Techfest International 2024 is a clear demonstration of further progress in cooperation between Vietnam and Korea in the field of startup investment. We can expect more similar cooperation events to be held in the future, contributing to promoting the development of the startup ecosystem in both countries.