Connecting Vietnam - Korean innovative start-ups ecosystem : The potential and prospect in the future

On November 7th, 2018, PMU of Viet Nam Climate Innovation Center (VCIC) –in collaboration with Korea Venture Investment Corporation organized the workshop "Cooperation on building Korean - Vietnam start - up ecosystem", under the auspices of Ministry of Science and Technology (MOST ) and Korean ministry of SMEs and Start-up (MSS).

The purpose of the workshop is to initiate a forum for the cooperation between the two sides in order to discuss the policy that supports innovative start-up as well as to work out a plan that promotes start-ups in the future.

 

At the workshop, the experts shared a lot of experience in supporting policy issues for innovative start-ups along with the opportunities to collaborate and connect the components of the start- up ecosystem of each nation. The workshop also spent a lot of time discussing the methods, business models, financial tools and the role of the State and private partners in investing innovative start-up.

*Mr. Pham Duc Nghiem - Deputy Head of General Department – National agency for technology entrepreneurship and commercialization development (NATEC) cum VCIC PMU Director had a speech at the workshop

On the opening speech, Mr. Pham Duc Nghiem - Deputy Head of General Department – National agency for technology entrepreneurship and commercialization development (NATEC) cum VCIC PMU Director asserted that under the close guidance of the Government with the fierce support and enormous contributions of the ministries, branches, locals, Vietnam innovative start-up ecosystem is basically formed. Vietnam innovative start-up businesses in the past two years have rapidly increased in terms of quantity, the quality has also been significantly improved. A national start-up ecosystem has been established, initially attracting the private resources to support greatly start-up, including crucial contributions from international partners and investors. Mr. Nghiem also expressed his sincere hope that in the near future, Korean investors and start-up supporting organizations would pay close attention and cooperate with Vietnam to build an innovative start-up eco-system which is a foundation for the development of the partnership relationship, promoting the economic development of the two countries.

Mr. Lee Jae-hong, General Director of General Policy of Innovation and Venture Capital, Ministry of Korean ministry of SMEs and Start-up (MSS) said that with the State ‘s South – oriented policy, venture capital funds ‘s quantity is growing exponentially, and Vietnam would be the ultimate destination for Korean investors. Therefore, the Korean ministry of SMEs and Start-up (MSS) wishes to cooperate with Vietnamese organizations to connect two countries’ start-up ecosystem, then building up a Vietnam - Korean co - working space, supporting seed funding, establishing venture capital funds and moving up the future of bringing Vietnam start-up businesses to participate in incubation and training programs in Korea.

* Mr. Sang-soo Kim - Chief Representative of KVIC Singapore presented the cooperation plan between VCIC and KCIC to form Vietnam-Korea Venture Capital Fund.

Concluding the workshop, the two sides agreed to implement cooperation activities between the PMU of VCIC and Korea Venture Investment Corporation in organizing the annual forums in order to promote expert exchange, sharing experience in supporting start-up businesses between the two countries. The two sides also agreed to set up a mixed expert team to speed up the preparation process of Vietnam - Korean venture capital fund.

* Overview of the workshop “Cooperation on building Korean - Vietnam startup ecosystem”

On the same day, Mr Bui The Duy - Deputy of Minister of Science and Technology warmly welcomed Mr. Lee Jae-hong - General Director of General Policy of Innovation and Venture Capital and the delegation. At the meeting, Mr. Bui The Duy - Deputy of Minister of Science and Technology affirmed that the Ministry of Science and Technology will create all favorable conditions for the PMU of Viet Nam Climate Innovation Center (VCIC) to implement cooperation programs with the Korea Venture Capital Corporation (KVIC) to achieve the proposed goals. At the same time, Mr. Bui The Duy - Deputy of Minister of Science suggested that the South Korea consider to sign a MOU between Korea Venture Capital Corporation and the PMU of VCIC on the occasion of the 2018 Techfest in Da Nang.

At the meeting, Mr. Lee Jae-hong presented his sincere thanks to MOST for supporting Korea in cooperating to promote the connection of start-up ecosystem between the two countries. At the same time, Mr. Lee showed his desire to create a relationship through the formation of a joint working group to carry out further activities in start-up ecosystem supporting and fund building in Vietnam.

As regards signing a memorandum of understanding between KVIC and VCIC, the Korean side completely agreed, however, signing time will have to be reported and in accordance with the Korean government's procedures, Mr. Lee Jae-hong said.

 

Overview of the meeting