With the goal of becoming a global startup city, the Seoul Metropolitan Government has established a base in Vietnam to transfer its capacity to incubate startups.
|Seoul is building a base for South korean startups in Ho Chi Minh City |
Specifically, the Seoul Metropolitan Government (SMG) has set up Seoul Startup Hub Ho Chi Minh. The hub aims to fuel the enthusiasm of Korean entrepreneurs who want to start a business in Vietnam. It will become the first case of building an overseas base for Seoul’s startups with the help of a foreign government agency.
The hub is located inside the Vietnamese National Startup Support Center, a representative startup support facility in District 11 in Ho Chi Minh City. It is operating an accelerating programme in cooperation with 25 organisations such as the Ministry of Science and Technology of the municipal government under the main provinces of Vietnam and university innovation centres.
Startups in Seoul that want to expand their business in Vietnam will get tailored help with everything from office space to commercialisation to technological exchanges and networking opportunities with local companies, as well as partnering with investors and forming international corporations.
SMG is exploring opportunities in Vietnam, a fast-growing market with record-breaking numbers of startups and sales. The Ho Chi Minh City hub will help Korean entrepreneurs achieve practical results and expand networks to foster global technology commercialisation.
The expansion of additional bases overseas provides other opportunities for Korean startups dreaming of entering the global market, even with the looming threat of COVID-19. Indeed, Vietnam has become a fertile land for Korean startups with the presence of unicorns like food delivery app Baemin and payment app Toss.