Vietnam and South Korea sign MoU to boost innovative startup development

Prime Ministers Pham Minh Chinh and Han Duck Soo witnessed the signing of the MoU between the MoST and MSS.

The MoST stated that the MoU comprises 10 key clauses covering fundamental principles and objectives, areas of cooperation, forms of cooperation, financial regulations, information confidentiality, intellectual property rights, dispute resolution, amendments, implementation, effectiveness, and termination notification.

The MoU aims to facilitate training, presentations, and guidance to promote young talent in technology, startups, and innovation. It also includes exchanging information on methodologies, case studies, research materials, publications, and teaching resources related to these fields.

Additionally, the two parties will collaborate to promote K-Tech (a software training programme) to exchange and train human resources within the innovative startup ecosystem.

Furthermore, the MoU outlines cooperation in exchanging entrepreneurs, researchers, lecturers, students, and experts between the two countries' startup ecosystems.

It also plans to organise bilateral technology and innovation events, support job and business integration within the startup ecosystem, and establish infrastructure and investment support to connect innovation centres aiding startups.

During the working visit, Minister of Science and Technology Huynh Thanh Dat visited and held discussions at the Korea Institute of Science and Technology (KIST). The discussions focused on the future cooperation priorities between Vietnam and KIST, including the implementation of the first and second phases of the Technical Assistance Bridging Project for the Vietnam-Korea Institute of Science and Technology (VKIST), scheduled for 2024-2026.

Other cooperative activities include enhancing VKIST’s operational efficiency, selecting Korean experts for advisory positions at VKIST and the MoST, and implementing directives from PM Chinh's recent discussions with Korean experts in the semiconductor and AI sectors.

Both sides agreed to promote specific research cooperation activities, aiming to elevate VKIST to a regionally significant research institute, as envisioned by both governments. Minister Dat also visited several advanced KIST laboratories, including those focusing on semiconductors.

In recent collaborations with South Korea on innovative startups, the MoST has intensified its cooperation with international partners, especially South Korea, in training, capacity building, knowledge sharing, and open innovation.

Within the framework of cooperation with MSS, the MoST has proposed the effective implementation of the MoU to support human resource training, particularly through the K-Tech College programme, to identify and train young Vietnamese talents for participation in Korean startups.

The MoST has requested MSS to share experiences and provide training to enhance the capabilities of MoST’s management personnel and local Science and Technology Departments in innovation, startup management, and incubator operations. Additionally, support is sought to develop and implement an incubation programme, similar to South Korea's successful TIPS programme.

Further proposals include transferring completed training programmes and curricula on entrepreneurship, innovation, commercialisation, and fundraising to the Market Development and Science and Technology Enterprises Department and its training partners for widespread implementation in Vietnam.

The establishment of K-Startup centres is also proposed to develop national innovation startup centres in Hanoi, Ho Chi Minh City, and Danang, with programmes designed to facilitate Vietnamese startups’ market exploration in South Korea and vice versa.

The South Korea-Vietnam Business Forum, co-hosted by the South Korea Chamber of Commerce and Industry (KCCI) and the Vietnamese Planning and Investment Ministry, was held in Seoul on July 1 to mark the occasion of Prime Minister Pham Minh Chinh’s visit to the country this week.