The Ministry of SMEs and Startups (Minister LEE Young; hereinafter "MSS"), on June 23 (local time), held a meeting at Lotte Center Hanoi in Vietnam with Korean startups active in Vietnam and local investment institutions, including venture capitals, to assess the current state of Vietnam's startup ecosystem and develop strategies for local expansion. The MSS examined the progress of the preparations for the opening of the 'K-Startup Center (KSC) Hanoi,' of which operation will be led by private experts for the first time.
 
The meeting brought together Korean startups, including the motorcycle trading platform known as "OK Xe" and the fresh food delivery service "Shark Market," as well as Korean venture capitals including Lotte Ventures Co., Ltd. that has entered Vietnam and accelerator firms including "The Invention Lab". The meeting was to share information about Vietnam's startup and business management environment, and to discuss strategies for the successful local expansion of Korean startups.
 
Minister LEE Young stated, "Since the establishment of diplomatic relations in 1992, Korea and Vietnam have made significant progress in various fields. We hope to take advantage of the President's state visit to Vietnam as an opportunity to expand exchanges in the startup sector." She added, "We will support our startups to establish a successful presence in Vietnam by incorporating private expertise into the 'K-Startup Center (KSC) Hanoi,' which is scheduled to open in September."
 
During the meeting, the private-led operating plan for 'KSC Hanoi' was announced, and a business agreement was signed between the Small and Medium Business Administration (Deputy Director WOO Young-hwan) and Lotte Ventures Co., Ltd. (Representative JUN Young-min) to facilitate cooperation in operating KSC Hanoi.