”China, Japan, South Korea, and Vietnam, the biggest risk is China”: joint response needed to foster startup market - South Korean report

“If we push forward based on our huge population, developed technology and capital, it will be difficult for South Korea, Vietnam and Japan to respond separately.
Lotte Ventures CEO Chung Yong-min spoke at the 13th International Business and Financial Conference held by Edaily in Hanoi, Vietnam on the 22nd.
Conference (IBFC)” Session 2-4 “Vietnam’s Young ICT Human Resources and Emerging Vertical Industries”
"The biggest risk we have is China," he said. Lotte Ventures is the first foreign venture capital company to receive permission from the Vietnamese government. Foreign-affiliated company
Lotte Ventures also accounted for the first fund that Venture Capital invests in startups in Vietnam. The leader of the global startup ecosystem is a population of 340 million.
0 million people in the US and 1.4 billion people in China. South Korea and Vietnam, which share de facto borders with China, must create a startup ecosystem to jointly respond to China's economic offensive with Japan.
This is the future that CEO Chung envisions. Representative Chung said, ``(The three countries) have many similar cultures, such as similar values such as Confucianism and a passion for educating children.''
If we provide them with the know-how to avoid repeating the mistakes they made, they will likely grow much faster than Japan and South Korea."
Kim Jin Young, CEO of The Invention Lab, who also gave a lecture, also said that
We focused on Tonam's young ICT talent. CEO Kim said, ``The level of IT talent in Vietnam is increasing every year,'' and ``When we look at the point at which South Korea's GDP has developed, we can see at what times and what kind of production.
"We can predict whether there are opportunities in the industry and which startups have potential in Vietnam," he said, looking at the possibilities of investing in Vietnam.
The Invention Lab is the most popular Korean Excelerator in Vietnam.
This is a company that invests heavily. Over the past six years, we have invested in 158 startups and successfully landed 15 companies in Vietnam. Fund management size alone is 38 billion won (approximately 4,274,540,000 yen)
reach. Representative Kim also proposed a plan for the Korean founder and Vietnamese CTO to jointly enter the Vietnamese startup market. However, the Vietnamese government is working to create a startup ecosystem.
He also advised the need to be more flexible. CEO Kim said, ``It is quite difficult for a foreign investment corporation to receive government permission,'' and ``Lotte Ventures, which has received an investment license,
"If we grow a large number of local companies, the Vietnamese government will recognize this and there is a possibility that we will be able to provide opportunities for foreign VCs to exit."
FingerVina CEO Lee Jung-hoon, who served as the moderator, said, ``Last year, President Yoon Seok-yeol (Yun Seok-yue)
US President Biden visited Vietnam in September, and Chinese President Xi Jinping visited Vietnam in December. It is the only country that has been visited by major countries,'' and ``English-speaking engineering graduates graduate every year.''
80,000 people will emerge at a time, and Vietnam will likely foster startups with diverse business models in the technology field in the future."