Korea Federation of Micro Enterprises and Embassy of Vietnam Join Hands to Expand Micro Enterprise Exchange

Korea-Vietnam Joint Micro Enterprise Support Agreement

The Korea Federation of Micro Enterprises announced on July 13 that it has signed the "Korea-Vietnam Joint Micro Enterprise Support Agreement" with the Embassy of Vietnam in Korea and plans to cooperate on expanding exchanges between micro enterprises in both countries.

I-Wang Jae Lee, Executive Vice President of the Korea Federation of Small and Medium Business Owners (front row left), Pham Khac Tuyen, Counselor of the Trade Office at the Embassy of Vietnam in Korea (front row right), Chi-Young Song, Chairman of the Korea Federation of Small and Medium Business Owners (back row left), and Vu Ho, Ambassador of Vietnam to Korea (back row right) signing the Korea-Vietnam Small Business Support Memorandum of Understanding. Korea Federation of Small and Medium Business Owners

The signing ceremony was held to expand cooperation in the exchange of technology, information, and sales channels for the joint development of micro enterprises in Korea and Vietnam, and to establish a strategic partnership. The event was attended by Chiyoung Song, President of the Korea Federation of Micro Enterprises, Vu Ho, Ambassador of Vietnam to Korea, as well as officials from both institutions and heads of industry associations.

This agreement is particularly significant as it marks the Federation's first official overseas expansion project. Until now, overseas markets have been perceived as having high entry barriers for micro enterprises, but the Federation plans to use this agreement as a practical springboard to connect the excellent products, technology, and service competitiveness of K-micro enterprises to overseas markets.

Through this agreement, both organizations have agreed to cooperate in the following areas: ▲global expansion and joint development of micro enterprises in both countries ▲promotion of digital management (DX) and artificial intelligence transformation (AX) ▲fostering next-generation micro enterprise leaders, including youth ▲facilitating private exchanges to strengthen bilateral ties.

Specifically, they will prioritize short-term cooperative projects that can be implemented immediately, such as holding local export consultations, supporting mutual entry into e-commerce, participating in exhibitions and trade fairs, and operating pop-up stores. In the future, they plan to expand their scope of cooperation to include medium- to long-term projects such as technology transfer, start-up support, training of technical personnel, and joint technology and brand development.

In addition, the two sides will promote regular exchange programs such as participation in events and forums for micro enterprises in both countries, as well as establish a sustainable foundation for cooperation through cross-visits between representatives of micro enterprises and young entrepreneurs and the creation of private cooperation channels.

As follow-up projects, a market exploration delegation will be dispatched to Vietnam in September, and a Vietnamese delegation will be invited to the National Micro Enterprise Convention to be held in October, thereby strengthening the execution of the agreement so that its outcomes can lead to concrete exchanges, expanded sales channels, and joint growth.

President Song stated, "This agreement is the Korea Federation of Micro Enterprises’ first official overseas expansion project and represents a new starting point for Korean micro enterprises to enter the global market, going beyond simple exchanges."

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