Vietnam’s efforts to strengthen its digital technology sector were highlighted during a meeting between Minister of Information and Communications Nguyen Manh Hung and Hur Sung Wook, Chairman of South Korea’s National IT Industry Promotion Agency (NIPA). The discussions, held as part of Vietnam International Digital Week 2024, underscored the shared opportunities and challenges in fostering collaboration in the ICT and semiconductor industries.
Minister Hung stressed the importance of collaboration in the digital age, noting that no country can achieve technological development independently. He outlined Vietnam’s ongoing efforts to draft its first law on the digital technology industry, a move aimed at creating a robust foundation for sustainable growth in the sector. The draft law reflects Vietnam’s ambition to become a key player in the global digital economy.
A central theme of the discussions was the “+1” model, a strategy that encourages companies to diversify operations by establishing additional production or R&D facilities in foreign markets. Minister Hung identified the semiconductor industry as a prime example of how this model can benefit Vietnam and South Korea.
“Currently, over 30 Vietnamese digital technology companies are exploring opportunities to expand into South Korea. Together, we can promote the ‘+1’ policy for mutual growth,” said Minister Hung.
He also invited NIPA to expand its initiatives in Vietnam, emphasizing the potential for deeper collaboration. This move aims to further strengthen ties and drive growth in the ICT sector.
Chairman Hur acknowledged Vietnam’s potential as a stable and attractive destination for South Korean companies looking to diversify operations. He highlighted Vietnam’s economic and political stability as key factors, particularly in a global environment marked by uncertainties such as the return of Donald Trump as U.S. President in 2024.
Chairman Hur drew comparisons between Vietnam’s current stage of ICT development and South Korea’s position three decades ago. He credited South Korea’s growth to clear and actionable government policies that fostered business confidence and industry expansion.
As part of Digital Week 2024, NIPA facilitated connections for 34 South Korean startups, including those in the semiconductor and artificial intelligence sectors, to explore opportunities in Vietnam. Chairman Hur emphasised that fostering bilateral ties requires not just investment but also talent development.
One notable initiative is NIPA’s “IT School” programme, which offers seven-month internships at South Korean technology companies to Vietnamese final-year university students. It has a strong track record, with approximately 80% of participants securing jobs at South Korean firms operating in Vietnam after graduation. This initiative highlights the importance of cultivating a skilled workforce to support the growing demands of the ICT and semiconductor industries.
The discussions also touched on the challenges posed by rapidly evolving technologies, such as AI-powered surveillance systems. While these systems enhance security, they also raise privacy concerns.
Chairman Hur shared South Korea’s approach to navigating such issues, which involves adapting regulations on a case-by-case basis to balance technological advancement with ethical considerations.
Both leaders acknowledged that as emerging technologies reshape industries, governments must implement flexible and adaptive policies to address associated risks. Chairman Hur reiterated that mutual trust between governments and businesses is essential to foster innovation and manage challenges effectively.
The meeting between Minister Hung and Chairman Hur reflects the growing strategic importance of Vietnam-South Korea ties in the digital technology sector. With Vietnam positioned as a promising “+1” destination and South Korea offering expertise and investment, both nations are set to benefit from deeper cooperation.
By promoting the “+1” model, developing human capital, and addressing emerging technology challenges, Vietnam and South Korea aim to build a resilient and innovative digital ecosystem that supports mutual growth. This partnership underscores the potential of collaboration in shaping the future of the global digital economy.
