The Small & Medium Business Administration (SMBA) and the Ministry of Science & Technology of Vietnam signed a memorandum of understanding (MOU) in Seoul on Sept. 9 for broader technology exchange. There, the two organizations agreed to set up new channels for technology exchange between small firms and work more closely with each other to come up with support measures to that end.
The MOU is a follow-up of the Innovative Convergence Technology Exchange Project the SMBA launched last year in order to help small Korean firms create new added value. A number of Korean companies produced tangible results for two years by transferring their technology to those in need of it in Vietnam and the two government agencies met with each other at this time so as to further accelerate the process.
In 2014 alone, engineers at more than 50 Korean companies were sent to Vietnam for about 20 cases of technology transfer, joint production, local subsidiary establishment, and other projects. This year, those at 22 different companies have visited Vietnamese firms highly interested in innovative technology owned by Koreans. The singing of the MOU at this time took place at the request of the Vietnamese government, which has paid much attention to their cutting-edge technology as well.