South Korea is a very promising market for Vietnamese IT businesses.

The event was attended by Minister of Information and Communications Nguyen Manh Hung, Vietnamese Ambassador to South Korea Vu Ho, Ambassador and representatives from the Korean Ministry of Science and Technology, nearly 20 Vietnamese technology companies, and 150 delegates from Korean associations and businesses.

Mr. Nguyen Van Khoa, Chairman of VINASA, speaks at the event. (Source: VINASA)

Speaking at the Forum, Mr. Nguyen Van Khoa, Chairman of VINASA, and Mr. Joh Joon Hee, Chairman of KOSA, agreed: “We aspire to make the Vietnam - Korea Digital Forum an annual networking space for Vietnamese IT businesses operating in Korea. In 2024, in its first year, the program received the participation and support of leaders from the relevant ministries and IT businesses of both countries.”

This will mark the beginning of a new, robust, and explosive phase of cooperation, encompassing policies, markets, training, and human resource development. Simultaneously, it will promote cooperation and the sharing of advanced policies, initiatives, and technological solutions between the two countries, leading to growth in both Korea and Vietnam and enhancing their competitiveness in the global market.

Vietnam and South Korea have elevated their relationship to a Comprehensive Strategic Partnership after 30 years of establishing diplomatic relations. The two countries have achieved remarkable successes, particularly in the economic field. Currently, in terms of investment, South Korea is the largest foreign direct investor in Vietnam.

According to Vietnamese Ambassador to South Korea Vu Ho, the digital economy is a goal for many countries, including both South Korea and Vietnam. In 2022, South Korea announced its Digital Strategy with the goal of becoming a country with best practices in digital innovation and moving towards becoming a leader in the digital era. In 2023, South Korea focused its investment on R&D in six key innovative digital technologies, including: AI, AI semiconductors, 5G and 6G communications, quantum computing, hyperspace, and cybersecurity.

"Vietnam was also one of the first countries in the world to issue a National Digital Transformation Strategy and is considered a country with strong development in the digital economy, both in terms of infrastructure and business markets. Agencies and businesses of the two countries will share and cooperate closely to find solutions to the challenges each country faces, and together achieve the goals of both nations."

South Korea is a very promising market for Vietnamese IT businesses. Recent statistics show that the total size of the South Korean IT outsourcing market is over $600 billion, and is expected to reach approximately $800 billion by 2028. Currently, more than 10 Vietnamese software companies have opened offices and invested in South Korea, including FPT, CMC, NTQ Solutions, and OmiGroup.

Vietnamese companies are collaborating and providing services to both SMEs and large enterprises, including South Korean Chaebols. Some businesses have brought "Make in Vietnam" solutions to provide and implement services for the South Korean market.

Delegates attending the Forum pose for a commemorative photo at the event. (Source: VINASA)

Mr. Ha Minh Tuan, Director of FPT Korea, commented: "Currently, Vietnamese technology companies are mature enough to become comprehensive digital transformation partners for Korean businesses. Korea has always been among the pioneers in new technology trends. The areas that Vietnamese businesses can focus on are automotive, green transformation, artificial intelligence, and digital transformation in manufacturing."

To ensure optimal digital capabilities, South Korea needs 740,000 IT professionals over the next five years, according to the Korea Information Technology Cooperation Agency (KICC). With its current training capacity, South Korea will face a shortage of 490,000 workers. South Korea's digital strategy sets specific goals for human resource development, such as cultivating 100,000 cybersecurity talents by 2022 and establishing 2,000 new software service companies by 2027.

Meanwhile, in Vietnam, with a workforce of over 1.5 million people, there are more than 300,000 software engineers. Every year, 84,000 students graduate from 168 universities and 520 colleges and vocational schools. The capabilities of Vietnamese IT engineers have been affirmed in many rankings.

Speakers at the Forum all placed high expectations on the potential for collaborative training and development of high-quality human resources to meet the needs of the Korean market, and on implementing cooperative models to effectively train and utilize this high-quality workforce.