Korean enterprises "tell" Vietnam how to increase productivity and improve production efficiency

On November 21, at a press conference on the Vietnam-Korea Investment Cooperation Forum 2024, Dr. Nguyen Van Than, Chairman of the Vietnam Association of Small and Medium Enterprises (VINASME) informed that the event attracted more than 500 delegates from the two countries.

Overview of the press conference on the Vietnam-Korea Investment Cooperation Forum 2024. (Photo: Gia Thanh)

The Vietnam-Korea Investment Cooperation Forum 2024 took place with the theme “Trust and Cooperation: Sustainable Development Strategy for Small and Medium Enterprises”. The event was jointly organized by VINASME and the Korea Small and Medium Business Association (KBIZ).

Mr. Than said that the event was held in the context of increasingly close bilateral economic cooperation, especially after the official visit of the Prime Minister of Vietnam to Korea in July 2024.

The forum is not only a meeting to exchange information, but also an important step to connect businesses, create opportunities for practical cooperation and expand markets for small and medium enterprises (SMEs) of both countries.

At the Forum, delegates witnessed the signing of five memorandums of understanding (MOUs) between Vietnamese and Korean business associations, along with 10 cooperation MOUs between businesses.

These agreements focus on key areas such as smart technology, manufacturing, product distribution and human resource training, opening up opportunities for extensive cooperation for businesses of the two countries.

With its remarkable development in recent times, Dr. Nguyen Van Than said that Vietnam has become one of the attractive investment destinations for Korean enterprises. Vietnam is currently the third largest export market of Korea, after China and the US.

Favorable factors such as a young and abundant workforce, Free Trade Agreements (FTAs) that bring tariff advantages, preferential policies for investors, and cultural similarities are creating favorable conditions for Korean businesses, especially small and medium-sized enterprises, to expand their operations in Vietnam.

Meanwhile, Vietnam is also an important partner of Korea in the investment sector. As of June 2024, the total direct investment capital from Korea in Vietnam reached nearly 87.5 billion USD, accounting for 25% of the total number of projects and more than 18% of the total foreign direct investment (FDI) capital in Vietnam.

"This is a clear sign that the cooperative relationship between the two countries is growing stronger, especially in the context of Vietnam becoming a Comprehensive Strategic Partner of Korea from 2022," the Chairman of VINASME emphasized.

Exhibition booth within the framework of the Vietnam-Korea Investment Cooperation Forum 2024. (Photo: Gia Thanh)

At the Forum, representatives from the Korea Agricultural Machinery and Smart Farm Association shared Korea's outstanding successes in applying technology to agriculture.

Korea's "Smart Farm" model offers valuable lessons for Vietnamese businesses in modernizing agriculture, helping to increase productivity and improve production efficiency.

In addition, representatives from Samsung's "Smart Factory" also presented advanced manufacturing models, shared practical experiences in supporting small and medium-sized enterprises to improve production capacity and improve cooperation efficiency with large enterprises.

These shares will help Vietnamese businesses better understand how to apply technology in production, thereby improving processes and sustainable growth.

In addition, the Forum also paid special attention to financial solutions for SMEs. Representatives of major banks from both countries shared credit strategies, helping to optimize capital sources and minimize financial risks for businesses.

At the same time, strategies to support expanding access to international markets were discussed in detail, aiming to help SMEs expand their operations, access new markets and develop more sustainably in a globalized environment.

In particular, this year’s Forum organized a B2B trade connection between Vietnamese and Korean enterprises. This is an important opportunity for enterprises of the two countries to directly exchange, seek strategic partners, expand markets and cooperate in investment.

This connection model not only creates opportunities for businesses to meet and exchange but also expands the potential for investment cooperation, helping to build a long-term and sustainable relationship between the two economies.

Sharing at the press conference on the potential for Vietnam-Korea SME cooperation, Mr. Kim Ki Mun, Chairman of KBIZ, said that semiconductors are still a core industry that affects national competitiveness. Attracting investment in the semiconductor industry is different from other industries.

For Vietnamese and Korean SMEs to cooperate in this field, Mr. Kim Ki Mun realized that there needs to be negotiation and agreement between the governments. "Without a foundation of government support, it is difficult for private enterprises to be proactive in this field," he said.

Source: https://baoquocte.vn/doanh-nghiep-han-quoc-mach-viet-nam-cach-tang-nang-suat-cai-thien-hieu-qua-san-xuat-294592.html