- KOSME and VSIP sign MoU supporting Korean SMEs’ global growth.
- Collaboration helps Korean manufacturers build stable production bases in Vietnam.
- Initiative offers consulting, policy guidance, and networking for businesses.
The Korea SMEs and Startups Agency (KOSME) announced that it has entered into a Memorandum of Understanding (MoU) with the Vietnam–Singapore Industrial Park (VSIP) to enhance collaboration in assisting small- and medium-sized enterprises (SMEs).
VSIP, a collaboration formed by Vietnam and Singapore in 1996, is now the leading industrial park developer in Vietnam. Drawing from Singapore’s advanced management model, VSIP currently manages 20 industrial parks nationwide, encompassing a combined area of 120 square kilometres.
The recently signed MoU seeks to support the worldwide growth of Korean SMEs, which have faced growing difficulties due to rising protectionism and stricter trade rules. Its main goal is to assist small-scale manufacturing companies from Korea in establishing stable production bases in Vietnam, an expanding economy, thus boosting their competitiveness in global markets, particularly in Southeast Asia.
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According to the MoU, both parties will work together on initiatives to enable steady production and operations for RoK businesses in the host nation. Areas of collaboration encompass sharing information about industrial clusters and delivering consulting services on processes for businesses aiming to set up manufacturing operations in Vietnam; jointly organizing policy discussions to tackle operational difficulties encountered by local producers; and creating networking platforms for businesses.
KOSME President Kang Seok-jin stated that the collaboration with VSIP marks a significant beginning in establishing infrastructure and networks for Korean SMEs to penetrate global markets. Functioning as a facilitator and link, KOSME will persist in enhancing partnerships with local entities in Vietnam and strive to offer optimal assistance to Korean SMEs aiming for successful global growth.