'K-Innovation Envoys' Promoting Innovation of SMEs and Venture Companies Dispatched to Vietnam for the First Time

Selected 25 Innovative SMEs Including Smart Manufacturing
Enhancing Awareness of Innovative Companies Through Meetings with Vietnamese Government, National Assembly, and Industry

The Ministry of SMEs and Startups has chosen Vietnam as the first destination for the 'K-Innovation Delegation,' which promotes the innovation of our companies to the world.

On the 28th, the Ministry of SMEs and Startups announced that it has dispatched the K-Innovation Delegation to Vietnam for the first time. The K-Innovation Delegation is a newly launched initiative under the 'Globalization Measures for SMEs and Startups' announced by the ministry in May, and the schedule spans two days from August 28 to 29. The delegation plays a role in promoting the overseas expansion of innovative small and venture companies.

Minister Oh Young-joo is delivering the opening remarks at the inauguration ceremony of the K-Innovation Delegation event held at Lotte Hotel Hanoi, Vietnam, on the 28th. (Photo by Ministry of SMEs and Startups)

The ministry explained the choice of Vietnam as the first destination for the K-Innovation Delegation by stating, "Vietnam is Korea's third-largest trading partner and has growth potential based on a GDP growth rate exceeding 5% and a population of 100 million. With the Vietnamese government's push for a digital economy transition and startup ecosystem development policies, it is a promising country for the advancement of our innovative SMEs and startups."

The ministry formed the K-Innovation Delegation with 25 promising SMEs and startups in Vietnam specializing in smart manufacturing, AI, health tech, and edutech sectors. Unlike previous export consultation meetings that ended with one-off buyer meetings, this K-Innovation Delegation focused on not only buyer meetings but also promoting the innovation of our SMEs and startups and enabling them to build mid- to long-term business networks locally.

Looking at the detailed schedule, the delegation first held the ‘K-INNO Pre-showcase’ using tech influencers to promote the innovation of our companies and secure corporate recognition. Five top-ranking Vietnamese tech influencer channels on TikTok and YouTube participated, spending two hours filming and interviewing about our companies' technologies and products. The ministry plans to continue promoting our companies' innovation through YouTube and other platforms.

At the opening event held on the 28th, participating companies of the K-Innovation Delegation had a ‘Stage PR’ session to directly introduce their technologies and services to local media and guests. Nubix, SNE Company, and Humanscape presented on behalf of the delegation. Notably, Minister Oh Young-joo of the Ministry of SMEs and Startups took the stage before the company presentations to personally introduce the innovation of our companies and actively engage in sales efforts.

The ministry also supported the ‘K-INNO Delivery Bus (local institution visit business)’ program, which is a related institution visit program to help our companies secure business networks. According to the business sectors, companies were connected with relevant local institutions to promote themselves directly.

Smart manufacturing companies visited the Vietnam Agency for Technology Innovation, and health tech companies visited the Vietnam Medical Device Association for consultations. Humanscape, which had requested Minister Oh to arrange meetings with local Vietnamese medical organizations during a briefing held right after the May announcement of the ‘Globalization Measures for SMEs and Startups,’ also participated in this K-Innovation Delegation and was able to build networks with the Medical Device Association and MEDLATEC General Hospital.

The ministry provided opportunities for our companies to participate in the cooperation system with the Vietnamese government and build networks with key government officials. Representative events include the ‘Overseas Diplomatic Mission Consultative Dinner Meeting,’ the ‘1st Korea-Vietnam Ministerial Committee on SMEs and Startups,’ and the ‘Vietnam Industry CEO Dinner’ hosted by the Vietnamese Deputy Minister of Foreign Affairs, all held during Minister Oh’s visit to Vietnam.

The K-Innovation Delegation also achieved some results. CNWiders signed a memorandum of understanding (MOU) to provide IoT self-communication network-based smart streetlight solutions necessary for construction projects and smart city development with ‘MDA’ Group, a mid-sized Vietnamese construction company. YahoLab signed an MOU with ‘KidsOnline,’ a kindergarten management solution company, to provide after-school class content to 1,200 kindergartens in Vietnam, starting service this year. Rosettatech, which produces AI-based fire and disaster forecasting systems, signed a strategic agreement with ‘KFI’ and decided to officially enter the Vietnamese market.

Minister Oh emphasized, "Considering Vietnam’s transition to a digital economy and its high educational enthusiasm, the K-Innovation Delegation was formed with smart manufacturing, edutech, and healthcare companies. The entry of these participating companies into Vietnam will benefit both countries."

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