Le Hai Binh, chairman of Mat Bao BPO JSC, and Ja Kwan Koo, chairman of Samkoo Inc., sign an agreement to exploit the business processing outsourcing service market in Viet Nam as well as other markets in HCM City on June 3. — VNS Photo

Mat Bao BPO JSC and South Korea-based Samkoo Inc. on June 3 signed an agreement to exploit the business processing outsourcing service market in Viet Nam as well as other markets.

Business process outsourcing (BPO) is the practice of contracting a specific work process or processes to an external service provider. The services can include payroll, accounting, telemarketing, data recording, social media marketing, or customer support.

The services enable companies to focus on their core businesses, cut costs and improve efficiency.

Under the agreement, Samkoo will transfer know-how to Mat Bao BPO as well as invest an undisclosed sum of money in it. Le Hai Binh, the chairman of the latter company, said their target is to develop it into the top company in the Viet Nam BPO industry.

The BPO market in Viet Nam grew annually at 25-35 per cent over the past decade, and it still has great growth potential, he said.

The global BPO services market is expected to grow to US$52 billion by 2023.

Ja Kwan Koo, chairman of Samkoo, said: “Mat Bao BPO is one of the best BPO services providers in Viet Nam. I believe Mat Bao BPO will be our good partner to promote the development of the BPO services market in Viet Nam to enable it to catch up with the world market trend.”

Samkoo is one of the largest BPO companies in South Korea with 30,000 workers and providing a variety of outsourcing services.

Established in 2014, Mat Bao is among the fastest growing BPO companies in Viet Nam. It has more than 3,000 staff across the country. — VNS