Vietnam, RoK ink MoUs on innovative startup, technology transfer support

The MoUs include those between the Saigon Innovation Hub (Sihub) and centres for supporting startups in seven RoK universities, between the HCM City Center for Biotechnology and the Korean Society for Applied Biological Chemistry, between the HCM City High-tech Agricultural Park and the Jeonbuk Center for Creative Economy and Innovation (JBCCEI), and between the Agricultural High-tech Business Incubation of HCM City and the Korean Society for Applied Biological Chemistry.

The cooperation documents will help foster technology transfer, commercialization of research results, trade and investment promotion, and startup support among business communities between the two countries, said Nguyen Manh Cuong, an official of the Ministry of Science and Technology, at the festival.

Currently, Vietnam has nearly 4,000 startups, of which 4 unicorn startup companies are valued at more than US$1 billion, and more than 10 businesses valued at over US$100 million. In 2021 alone, investment for Vietnamese startups reached more than US$1.3 billion. Meanwhile, the RoK is the country with the largest number of startup investment deals in Vietnam.

As many as 120 innovative Korean businesses are showcasing more than 650 products in the fields of cosmetics, chemicals, cosmetics, pharmaceuticals, information technology, household appliances, food, functional foods at the September 21-22 festival.

The festival is expected to provide business information and opportunities in the RoK market as well as a lot of knowledge on investment, trade promotion, and e-commerce, through Talkshow sessions with leading speakers in Vietnam and the RoK. There will be more than 800 business-to-business matching sessions between Korean and Vietnamese businesses.

Local consumers will also have the opportunity to test and experience new and high-quality products and technologies, as well as buy to products at Mega Us Expo 2022.