Vietnamese firms in the field of green technology will have more opportunities to connect trade, services, investment and technology transfer with Korean partners, following a new cooperation mechanism that has been reached by both parties.

On February 18, in Hanoi, the Vietnam Climate Innovation Centre (VCIC) under the Ministry of Science and Technology (MoST) and Vietnam - Korea Businessmen and Investment Association (VKBIA) signed a memorandum of understanding (MoU) on investment cooperation, promoting science and technology between Vietnam - Korea businesses, especially developing green and environmentally friendly technologies.

Through the provisions of the MoU, VCIC will support local entrepreneurs operate in green and environmentally-friendly technology development in developing innovative business technology and connecting with Korean partners regarding trade, services, investment and technology transfer.

VKBIA will support the organisation of specialised investment promotion conferences in the RoK, receiving Vietnamese business delegations from VCIC come to the RoK, and coordinating training programmes and support for startups as well as meetings with investors and experts.

Pham Duc Nghiem, Deputy General Director of the MoST’s National Agency for Technology Entrepreneurship and Commercialisation Development, who is also VCIC’s Director, said that Vietnam's creative growth rate has always been rising 5-10 steps a year. Especially in 2019, Vietnam notably climbed up 12 places. Meanwhile, the RoK is a partner that shares similarities with Vietnam in terms of policies and human resources in the field.

VKBIA is also a bridge model that is urgently needed for Vietnamese businesses in the integration period, and VCIC is ready to accompany VKBIA to support Vietnamese businesses to connect with Korean businesses effectively, Nghiem added.