SEOUL — The Korea SMEs and Startups Agency (KOSME) on Tuesday announced that it has signed a Memorandum of Understanding (MoU) with Vietnam–Singapore Industrial Park (VSIP) to strengthen cooperation in supporting small- and medium-sized enterprises (SMEs).

VSIP, a joint venture between Việt Nam and Singapore established in 1996, is currently the largest industrial park developer in Việt Nam. Built on Singapore’s advanced management model, VSIP now operates 20 industrial parks across the country, covering a total area of 120 square kilometres.

The newly signed MoU aims to assist the global expansion of Korean SMEs, which have been increasingly challenged by rising protectionism and tightening trade regulations.

Its key objective is to help Korean small-scale manufacturing firms secure stable production bases in Việt Nam, a fast-growing economy, thereby enhancing their competitiveness in international markets, including Southeast Asia.

Under the MoU, the two sides will collaborate on projects to facilitate stable production and operations for RoK enterprises in the host country.

Cooperation areas include providing information on industrial clusters and offering consulting services on procedures for companies seeking to establish manufacturing facilities in Việt Nam; co-hosting policy briefings to address operational challenges faced by domestic producers; and building business networking platforms among companies.

KOSME President Kang Seok-jin said the partnership with VSIP represents an important starting point in securing infrastructure and networks for Korean SMEs to advance into global markets.

Acting as a catalyst and connector, KOSME will continue to strengthen cooperation with local organisations in Việt Nam and work to provide the best possible support for Korean SMEs seeking successful international expansion. — VNA/VNS