Mega Us Expo 2022 promotes Vietnam, RoK partnership in innovation, startup | Business

The Vietnam-Republic of Korea (RoK) Trade Fair (Mega Us Expo 2022) kicked off in Ho Chi Minh City on September 21, with a number of memoranda of understanding (MoU) being signed between the two sides on cooperation in innovation and technology transfer.
At the opening ceremony of Mega Us Expo 2022 (Photo: VNA)
At the opening ceremony of Mega Us Expo 2022 (Photo: VNA)

The deals include an MoU between the Saigon Innovation Hub (SIHUB) and startup support centres of seven RoK’s universities, as well as those on biotechnology and high-tech agriculture.

Addressing the event, Nguyen Manh Cuong, Deputy Director General, Department of Southern Affairs, Ministry of Science and Technology, said that the partnership will help promote technology transfer activities, the commercialisation of research results, as well as promotion, investment and support activities for startups and businesses.

Currently, Vietnam has nearly 4,000 startups, including four unicorns with a total value of over 1 billion USD, and more than 10 firms valued at more than 100 million USD. Last year, angel investment for Vietnamese startups topped 1.3 billion USD.

Cuong added that the RoK had largest number of investment deals to Vietnamese startups.

The two-day event gathers 120 Korean startups who introduce 650 products in different areas such as cosmetics, pharmaceuticals, information technology, household appliances, food and functional foods. It creates a chance for the innovation community, startups and businesses of Vietnam, especially universities, to approach innovations from their Korean counterparts.

Vietnam and the RoK set up their diplomatic relations in 1992. Over the past 30 years, trade between the two countries has increased 160 folds from 500 million USD to 80.7 billion USD in 2021. Both sides are working together for the goal of 100 billion USD in two-way trade by 2023 and 150 billion USD by 2030.