Vietnam Association of Small- and Medium-sized Enterprises (VINASME) and the Korean Federation of Small and Medium Business (KBIZ) have signed an MoU to promote connectivity between businesses from the two countries and to seek opportunities to expand markets.

The two will cooperate in supporting businesses from the two countries to link via networks of the two associations and will help businesses find information on the markets of each other and potential customers.

They will also promote human resources training and information exchanges on enterprises.

Small and medium-sized enterprises (SMEs) in Vietnam account for nearly 98 per cent of the country’s total of 900,000 enterprises and 5 million household businesses.

As of the end of August, 2023, South Korea was the biggest FDI partner of Vietnam, with 9,756 projects and total registered investment capital of over $83 billion.

In the first eight months of this year it invested in 308 projects in Vietnam with total investment of nearly $4.6 billion.