Việt Nam, RoK boost micro-business cooperation

Việt Nam, RoK boost micro-business cooperation

The Việt Namm Trade Office in the Republic of Korea (RoK) and the Korea Federation of Micro Enterprise (KFME) signed a cooperation agreement in Seoul on July 10, aiming to connect micro-enterprises and small business owners together while driving bilateral economic and trade ties.

Delegates at the signing ceremony between the Việt Nam Trade Office in the Republic of Korea (RoK) and the Korea Federation of Micro Enterprise (KFME). — VNA/VNS Photo

Speaking at the signing ceremony, Vietnamese Ambassador to the RoK Vũ Hồ called the signing a major milestone that shows both sides are serious about getting their business communities working together in practical ways. He spotlighted small- and micro-enterprises as the true growth engines for both economies, adding that their tighter bonds will further deepen the two countries’ Comprehensive Strategic Partnership.

According to him, the deal targets four key areas, including market connectivity; promoting digital transformation and franchise business models, support for young entrepreneurs and start-ups, and legal and business advisory services.

The Vietnamese Embassy and its Trade Office will work closely together to turn those plans into reality and deliver tangible benefits to businesses of both sides, he said.

KFME President Song Chi Young said the agreement marks the federation’s first move to help Korean micro-enterprises push into overseas markets. It is also to ramp up business exchanges and create opportunities to explore new markets and build win-win cooperation models.

In his view, Việt Nam's young population, dynamic market, and big growth potential are a perfect fit for the strengths that Korean micro-businesses bring in K-brands, technology, and service expertise. He proposed broader cooperation in export promotion, e-commerce, young entrepreneur exchanges, artificial intelligence (AI)-based digital transformation, and AI Transformation (AX). He also pledged KFME’s full backing for Korean firms looking to scale up in Việt Nam and build competitive models in the global market.

Under the agreement, the two sides will set up a regular coordination mechanism to share market information, facilitate business matching, and promote trade and investment. They will also jointly hold business networking events, trade fairs, exhibitions, seminars, and other trade promotions to give Vietnamese and Korean companies more space to expand their partnership.

KFME is the RoK’s legally recognised representative for micro-enterprises and small business owners, uniting industry associations and business groups from all over the country. The federation is actively building ties with foreign organisations, including those in Vietnam, to help its members spot opportunities and stretch their international reach. 

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