The Korea Federation of Small and Medium Enterprises announced on the 24th that it dispatched a delegation of small and medium enterprises to Hanoi and Ninh Binh Province, Vietnam, from August 21 to 23 to expand technological exchanges and investment cooperation between South Korean and Vietnamese small and medium enterprises. The delegation consisted of about 30 representatives from first and second generation small and medium enterprises wishing to enter Vietnam's market across various sectors, including machinery, electrical and electronic equipment, and automotive parts.
Kim Ki-moon, chairman of KBIZ, met with Deputy Prime Minister Nguyen Chi Dung in Hanoi on the 22nd to discuss in depth the directions for technological and investment cooperation between South Korean and Vietnamese small and medium enterprises. Deputy Prime Minister Nguyen Chi Dung, who served as Minister of Planning and Investment from 2016 to 2024, has been closely collaborating with the Korea Federation of Small and Medium Enterprises since 2022 to strengthen cooperation between small and medium enterprises of South Korea and Vietnam. The meeting was also attended by Congressman Nguyen Thanh Cong, Nguyen Van Tun, president of the Vietnam Small and Medium Enterprises Association (VINASME), and Choi Young-sam, the Korean Ambassador to Vietnam.
On the 21st, the small and medium enterprise delegation visited Ninh Binh Province, where they held a meeting with Secretary of the Ninh Binh Province Party Committee Truong Quoc Huy and Chairman of the Ninh Binh Province People's Committee Pham Quang Ngoc to discuss ways for Korean small and medium enterprises to enter Ninh Binh Province and invest there. They then visited the Yen Phong Industrial Cluster to inspect transportation and logistics infrastructure, investment conditions, tax benefits, and labor supply conditions while confirming the feasibility of Korean small and medium enterprises' presence and investment conditions.
The Yen Phong Industrial Cluster is a large-scale industrial complex located in Ninh Binh Province, about 85 km from Hanoi. It is noted as a promising investment location within Vietnam due to its strategic position near key economic points like Hanoi and Haiphong, well-equipped infrastructure including power and wastewater treatment facilities, an abundant and cheap labor force with an average monthly wage of $180, and tax benefits such as exemptions from corporate tax and import duties.
Additionally, the KBIZ delegation met on the 21st with Nguyen An Tuong, chairman of the Thanh Cong Group, to discuss the potential for expanding mutual cooperation by leveraging the excellent technology of South Korean small and medium enterprises and the young talent of Vietnam. On the 22nd, they visited Hyundai Thanh Cong, a joint venture between Hyundai Motor and Thanh Cong Group, and the Samsung R&D Center in Vietnam to review manufacturing technology, quality control, and advanced research and development operations, while exploring prospects for technological exchanges and joint research and development cooperation between the two countries.
Kim Ki-moon, chairman of KBIZ, stated, "Having personally visited representative sites of South Korean and Vietnamese technological and investment cooperation such as the Yen Phong Industrial Cluster, Hyundai Thanh Cong, and the Samsung R&D Center, I expect this visit to lead to practical cooperative projects and tangible results, especially after in-depth discussions on cooperation directions with high-ranking Vietnamese officials like Deputy Prime Minister Nguyen Chi Dung."