Answering VietNamNet’s questions during a press conference on November 21, held alongside the 2024 Vietnam-Korea Investment Cooperation Forum, Kim Ki Mun, Chairman of the Korea Federation of SMEs, stated that South Korean businesses have been actively establishing factories and investing in production in Vietnam.

However, recently, South Korean companies have also expressed interest in forming joint ventures and transferring technology and production expertise to Vietnamese firms. Small and medium-sized enterprises (SMEs) in South Korea are ready to collaborate with their Vietnamese counterparts.

Nguyen Van Than, Chairman of the Vietnam Association of SMEs, highlighted that South Korea has a substantial investment presence in Vietnam. Currently, there are more than 10,000 South Korean investors in Vietnam, with 90% being SMEs, contributing a total investment of approximately $87 billion.

Conversely, Vietnamese investments in South Korea remain minimal.

"First, Vietnam’s investment environment offers more attractive opportunities than South Korea. Second, Vietnamese firms lack the capacity to invest in South Korea. This forum aims to bring together SMEs from both countries. Allowing private businesses to connect independently would require significant time and effort," Than explained.

Discussing SME collaboration in the semiconductor sector, Kim Ki Mun emphasized:

"Semiconductors are a core industry that affects national competitiveness. Attracting investment in semiconductors differs from other sectors. It requires negotiations and agreements between governments, not only South Korea and Vietnam but also involving the U.S. and other countries. Without government support, private businesses struggle to take the initiative in this field."

Nguyen Van Than added that South Korea's strengths in semiconductor technology could be leveraged to train Vietnamese talent.

"We want to work with the Directorate of Vocational Education to send young Vietnamese to South Korea for training, so they can return and work in Vietnam instead of seeking employment abroad," Than said.

During the forum, five memorandums of understanding were signed between local SME associations from both countries, further solidifying bilateral cooperation.

Binh Minh