Vietnam, RoK funds join hands for SME development

At the ceremony (Photo: VNA)

Hanoi (VNA) – Vietnam’s Small- and Medium-sized Enterprise Development Fund (SMEDF) will join hands with the Korea Small and Medium Business Corporation (SBC) to promote the development of SMEs and help them to seek partners in both countries. 

Under the terms of a Memorandum of Understanding signed in Hanoi on November 8, SMEDF and SBC will also exchange information about business supporting policies and assist each other in conducting surveys in their respective nations. 

SMEDF Director Hoang Thi Hong said the Republic of Korea (RoK) is now the biggest foreign investor in Vietnam, with a large sum of investment poured into the electronics, energy and manufacturing sectors. 

The flow of Korean investment into Vietnam has given a boost to the development of local SMEs and enabled them to join the global supply chain and get access to advanced technologies, she added. 

Meanwhile, SBC Vice President for Global Marketing Yong Seung Lee said SBC has accompanied Korean SMEs by assisting them in export marketing and setting up a centre for SME development in Hanoi in 2014. 

Established in 1979, SBC is a non-profit, government-funded organization. It is tasked with implementing government policies and programmes for the sound growth and development of Korean SMEs.-VNA