A tech startup's stand at the International Techfest Connect 5+ event in Hải Phỏng City. — VNA/VNS Photo

Coastal city Hải Phòng's science and technology department has jointly organised an event to promote investment and innovation with Korea's Cheongju City and Chungbuk Technology Park as part of the International Techfest Connect 5+ event, held in Hải Phòng on April 15-16.

According to the organisers, the event offered Vietnamese business startups opportunities to connect with domestic and international companies, especially those in high-tech sectors.

Phạm Thị Sen Quỳnh, the department's deputy director, said the city has been working together with South Korean partners to promote business opportunities and innovation. The department signed a cooperation agreement with Chungbuk Technology Park, South Korea in September last year.

"The event has been an opportunity for investment funds to connect with startups from both countries to seek investment deals, helping to develop the market and growth on both sides," she said.

Quỳnh said many Vietnamese businesses, especially startups, have been facing numerous difficulties in the search for and implementation of new technologies, including administrative procedures and communication.

She said product development in high-tech sectors remains a complicated process for startups, which requires businesses to seek partners and investors that can help them develop sustainably.

At the event, representatives from Vietnamese and South Korean businesses and organisations signed a Memorandum of Understanding (MOU) for a joint development effort for collaboration in high-tech sectors, as well as agreements to simplify and streamline administrative procedures in granting Vietnamese businesses access to the South Korean market.

They said accessing and increasing startup capital from investors, investment funds play a vital role in helping young technology businesses in Vietnam to create breakthroughs, design products and achieve sustainable growth.

Lee Beom Seog, Cheongju City's mayor, said Cheongju positions itself as an industrial hub with a diverse selection of industries, including biotechnology, transportation, machinery, materials and renewable energy. The city has been home to major South Korean businesses in the past such as SK, Samsung and LG.

"Cheongju shares Hải Phòng's vision of becoming an innovation hub and building a developed ecosystem for startups. Our collaboration will help both cities better adapt to rapid changes in the world of science and technology," he said.

Director of the Hải Phòng Department of Science and Technology Trần Quang Tuấn said the tech event contributes to improving the quantity and quality of connection and promotion events between the city’s businesses and those in the region, as well as international businesses.

Phạm Hồng Quất, Director of the Market Development Department under the Ministry of Science and Technology, said the event helps localities and businesses find solutions to local development problems, especially those related to green transformation, digital transformation and circular economy. This is also an opportunity for Vietnamese enterprises to cooperate with international ones and gradually master some value chains in semiconductor and green technology. — VNS