SEOUL — Amidst a landmark state visit by Vietnamese General Secretary To Lam, a powerful and forward-looking proposal was put forth to strengthen the economic bond between South Korea and Vietnam, with a particular focus on small and medium-sized enterprises (SMEs). This initiative, spearheaded by the Korea Federation of Small and Medium-sized Enterprises (K-Biz), aims to unlock a new era of manufacturing innovation and technological partnership between the two nations.
On August 12th, a high-profile roundtable on Korea-Vietnam Science and Technology Cooperation was held in Seoul, drawing key government and industry leaders from both countries. At the event, K-Biz Chairman Kim Ki-mun delivered a compelling address, underscoring the critical role of SMEs in the bilateral relationship. "Over 90% of the 10,000 Korean companies currently operating in Vietnam are SMEs," Kim stated, "Given our similar, manufacturing-centric industrial structures, there is immense potential for collaboration in manufacturing innovation, particularly in areas like smart factories."
Kim's remarks highlighted a strategic pivot: while large Korean conglomerates have long been the face of bilateral trade, the future of the partnership hinges on the vitality and agility of smaller businesses. He emphasized that K-Biz is prepared to act as a crucial "bridge," offering practical support for Korean SMEs seeking to establish themselves in Vietnamese industrial parks and facilitating a broader exchange of technology and investment. This hands-on approach reflects a shared understanding that innovation and growth often stem from the grassroots level.
The roundtable, co-hosted by South Korea's Ministry of Science and ICT and its Vietnamese counterpart, served as a platform for sharing experiences in research and development (R&D) and exploring concrete avenues for joint ventures. This event was a significant component of General Secretary To Lam's state visit, which has already yielded substantial progress. A recent summit on August 11th saw both nations adopt a joint statement to deepen their "Comprehensive Strategic Partnership," setting an ambitious trade target of $150 billion by 2030.
Beyond the formal proceedings, Chairman Kim Ki-mun has been actively engaging with his Vietnamese counterparts to lay the groundwork for this new cooperation model. Following the roundtable, he met with Nguyen Van Than, Chairman of the Vietnam Association of Small and Medium Enterprises, to coordinate efforts. This meeting served as a crucial preliminary step for Kim's upcoming visit to Vietnam, where he is scheduled to hold discussions with Deputy Prime Minister Nguyen Chi Trung on scaling up SME investment and exchange programs.
The current momentum is built on a decade of cooperative groundwork. Since 2013, K-Biz has worked closely with the Vietnamese government to promote technology transfers and joint ventures between the two countries' SMEs. A notable example is the "Global Small Giants Fostering" forum held last November at the Hoa Lac National Innovation Center, which brought together over 500 business leaders to discuss innovative manufacturing and strategic partnerships.
Analysts view these recent developments as a watershed moment for Korean SMEs. The concerted efforts of K-Biz and the alignment of high-level government priorities create a favorable environment for smaller businesses to expand their reach and secure a foothold in the dynamic Vietnamese market. This strategic focus on SME-led growth not only diversifies Korea's economic footprint but also positions both nations as key players in a collaborative, innovation-driven global economy. The ripple effects of this deepened partnership are expected to resonate far beyond trade figures, fostering a more resilient and integrated economic ecosystem for years to come.
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