InnoBiz Association Holds the 1st Korea-Vietnam Online Technology Exchange Consultation Meeting

Promotion of Technology Licensing, Export of Parts, Materials, and Equipment, and Establishment of Joint Ventures

Companies attending the Korea-Vietnam Non-Face-to-Face Technology Exchange Consultation are conducting consultations together with local Vietnamese companies. Photo by Innobiz Association

[Asia Economy Reporter Kim Heeyoon] The Inno-Biz Association and the Ministry of SMEs and Startups announced on the 1st that they held the ‘2021 1st Korea-Vietnam Non-face-to-face Technology Exchange Consultation’ at the Sejung Tower video consultation room in Jongno-gu, Seoul.

According to the association, the consultation was held over two days from the 31st of last month to the 1st. The consultation was organized to open overseas markets and revitalize exports for small and medium-sized enterprises (SMEs) that have been contracted due to the spread of COVID-19.

Domestic promising export SMEs in materials, parts, and equipment participated in this consultation. In particular, 10 Korean SMEs and over 40 Vietnamese companies were matched to discuss topics such as technology licensing (technology export), export of parts, materials, and equipment, and establishment of joint ventures.

Since 2014, the association has been conducting a convergence technology exchange promotion project that pioneers overseas markets by leveraging excellent innovative technologies of domestic SMEs. So far, more than 640 domestic companies have been dispatched to key countries representing the New Southern and New Northern policies such as Vietnam, Indonesia, and Uzbekistan, actively engaging in exchange activities by mediating technology with local companies.

The overseas technology exchange promoted by the association is characterized by developing mutually beneficial cooperative projects between SMEs of both countries through technology mediation. The association explained that through technology exchange, Korea’s industrialization experience and manufacturing technology are transferred to emerging countries to contribute to local industrial development, and Korean SMEs can also create new revenue models, which has attracted much interest from many companies.

According to major global economic institutions, Vietnam’s economic growth rate this year is expected to range from a minimum of 4.5% to a maximum of 8%. It is anticipated to recover to 80-90% of the pre-COVID-19 growth rate. Furthermore, with the Vietnamese government’s strong determination, the national priority area is predicted to be the establishment of a digital economic ecosystem, raising expectations for the entry of domestic SMEs in the IT and data sectors.

Baek Gyumin, head of the Inno-Biz Association, said, “Vietnam is a key country in the New Southern countries and the most preferred country for domestic companies to expand overseas,” adding, “The association will do its best to enable continuous exchanges between companies mediated by technology.”

Meanwhile, the association plans to hold a total of 14 non-face-to-face technology exchange consultations this year targeting countries including Indonesia, Turkey, Uzbekistan, Cambodia, Armenia, the Philippines, and Russia, in addition to Vietnam.

This content was produced with the assistance of AI translation services.