Promoting Vietnam-South Korea cooperation in the tech sphere

The event, in collaboration with the Vietnam Blockchain Association (VBA), Korea NFT Content Association (KONCA), and the NBN Korean TV Channel, will see the active participation and response of experts, entrepreneurs, and investors interested in the technology sector.

Event: TechnologICAL Investment Cooperation between Vietnam and South Korea Time: 1-3.30pm, November 28, 2022 Address: VIR headquarters, 47 Quan Thanh, Ba Dinh district, Hanoi

The conference will present opportunities for participants to discuss the legal policy framework for the sector in Vietnam as well as in South Korea; expanding networking with global technology organisations and communities; and sharing experiences and resources to develop human resources in the context of the digital era.

Sci-tech and innovation are significant drivers to support Vietnam in realising its goals of becoming a high-income economy by 2045 and reaching net-zero carbon emissions by 2050. Besides engaging domestic enterprises to develop technology, Vietnam also has many policies and plans to create favourable conditions for the attraction of foreign investment projects with high technology and innovation.

The VBA and KONCA have also implemented many cooperation programmes to contribute to improving the quality of human resources and exploring opportunities to develop blockchain technology and non-fungible tokens, thereby bringing practical benefits to both sides.

South Korea is currently the largest foreign investor in Vietnam. It is also Vietnam’s second-largest official development assistance partner and third-largest trade partner after the US and China. Bilateral trade turnover reached $78.1 billion last year and is expected to increase to $100 billion by 2023.

Vietnam is currently the focus of the South Korea’s southward policy in the ASEAN region, with bilateral trade accounting for more than 40 per cent of total turnover between the East Asian country and the bloc. This year marks 30 years since establishment of diplomatic relations between the two countries, marking the fruitful past cooperation journey and opening a potential new stage of practical cooperation.

In terms of South Korean investment in Vietnam, Samsung has led the way project with billions of dollars of funding, which has established its undeniable position as the largest foreign-invested group in the country. Besides Samsung, large South Korean corporations investing in Vietnam include LG, Hanwha, SK Group, Hyosung, Hyundai, CJ Group, SK Telecom, and Shinhan Finance Group.

In recent years, South Korean investment has diversified into new fields such as blockchain, fintech, high-tech industry, medical services, healthcare and beauty, and others.

Min Moonki, commercial attaché of the South Korean Embassy to Vietnam, told VIR in October, “Many South Korean enterprises are planning to invest in new-generation factories in Vietnam. Not only South Korea but many other countries are expanding investment in Vietnam, which is gradually asserting its position as a global production centre.”

Currently, South Korea is promoting investment in Vietnam in electronics, so the two countries urgently need to cooperate to build a stable supply chain, typically for key minerals, Moonki added. “In addition, in the current digital transformation era, I think the wave of investment in AI will take place strongly.”

The VIR event will feature key topics such as blockchain’s impacts on society; the relationship between investment in technology and performance of the South Korean entertainment industry; and assessing risks and opportunities to develop proactive technology solutions.

Within the framework of the event, the open discussion session on Vietnam’s legal situation on blockchain technology for startups and investors will be hosted by VIR Editor-in-Chief Le Trong Minh. The event will also see the signing of MoUs between the VBA and KONCA, as well as the VBA and the NBN Korean TV Channel.

South Koreans setting sights on expansions Although Vietnam is well-placed both geographically and geopolitically to take advantage of South Korean investment waves, administrative procedures and supporting industries require further improvements in order to fully capitalise on them.

Korea-Vietnam ties reach top-tier status South Korea and Vietnam have agreed on an upcoming plan to elevate bilateral relations to a comprehensive strategic partnership during a foreign ministerial meeting in Hanoi in late October, marking 30 years of diplomatic relations between the two countries.