South Korea and Vietnam Unite to Boost Startup Innovation and Tech Exports

The Ministry of SMEs and Startups (MSS) of South Korea hosted the Korea-Vietnam Global Technology Transfer Partners Day on November 26 at the COEX Trade Center in Seoul. This event, part of the Korea-Vietnam Global Technology Transfer initiative, supports the international expansion of South Korean SMEs and startups. 

Launched in May 2024 under the government’s Support Measures for the Internationalization of SMEs and Startups, the initiative uses the Global Smart Tech Bridge platform to connect South Korean companies with demand-driven businesses in Vietnam, facilitating the export of advanced technologies.

The event also coincided with unveiling the “TIPS Next Strategy,” the 10th anniversary of the Tech Incubator Program for Startups (TIPS). Over 400 participants, including TIPS operators, startup companies, and support organizations, gathered to commemorate TIPS’ success in securing 15 trillion KRW (10.7 billion USD) in follow-up investments. 

Additionally, the Korea-Vietnam forum observed the growing collaboration between the two nations, focusing on strengthening the role of SMEs in driving innovation, enhancing value chains, and fostering sustainable bilateral trade.

Kim Woo-soon, Director General for Technology Innovation Policy at the Ministry of SMEs and Startups (MSS), said the Korea-Vietnam Global Technology Transfer initiative will be a key driver in accelerating technology exports for South Korean SMEs. He outlined plans to gradually expand the program to include more countries, facilitating global technology transactions. In addition, follow-up measures are being developed to further support these technology transfers, assisting domestic SMEs in expanding their reach into international markets.

The initiative is backed by the Smart Tech Bridge platform, launched in December 2022 to facilitate technology transactions among SMEs. This platform connects South Korean companies with public technologies from universities and research institutions, offering over 950,000 technology entries. The newly enhanced Global Smart Tech Bridge, launched in September 2024, now includes international technology demand data, providing valuable resources to Korean companies seeking potential partners abroad.

MSS has also worked closely with the Korea Technology Finance Corporation and private organizations with local networks in Vietnam to assess technology needs and promote technology matching. Since mid-2024, this collaboration has identified 19 Vietnamese companies seeking specific technologies and 53 South Korean SMEs interested in exporting their innovations. As a result, eight successful technology matches have already been completed.

Meanwhile, Deputy Prime Minister Nguyễn Hòa Bình discussed Vietnam’s commitment to supporting South Korean investments in high-priority sectors such as AI, biotechnology, semiconductors, and renewable energy. He highlighted the potential for collaboration in areas like technology transfer, production capacity building, and R&D. 

Vietnam has been a key destination for South Korean investment, with investments totaling over US$87 billion across nearly 10,000 projects by June 2024, particularly in the manufacturing, processing, and real estate sectors. These economic ties are expected to strengthen, with a new wave of investments anticipated in the coming years.

The technology sectors successfully matched during the event, including organic fertilizers, eco-friendly energy solutions, environmental wastewater treatment, and ICT technologies. In addition to the six Memorandums of Understanding (MOUs) signed, the Ministry of SMEs and Startups (MSS) plans to closely manage the eight successful technology matches to ensure they evolve into final export agreements shortly.