About 25 small and medium-sized enterprises (SMEs) from the Republic of Korea will visit Vietnam next month in the hope of furthering business ties.

Hana Micron Vina Co Ltd, wholly invested by the Republic of Korea, in Bac Giang province

They will participate in the Donghaen Festival in Hanoi next month, the first step of the Republic of Korea's Ministry of SMEs and Startups' globalisation strategy in Vietnam to support its 1,000 domestic companies to become enterprises with strong export products.

The Ministry of SMEs and Startups announced on July 29 that a project called 'K-Innovation Mission' to encourage the smaller companies to innovate and export abroad has completed the process of selecting businesses to participate in the event in Vietnam.

Accordingly, the ministry has received a list of 125 companies registered to participate in the project.

The companies that have registered to participate in the project are SMEs and joint ventures in promising sectors such as beauty, consumer goods manufacturing and software.

The Donghaen Festival will be held in Hanoi starting on August 28. Participating enterprises will be supported with many programmes such as connecting them with potential Vietnamese partners and consulting to enhance export efficiency.

In particular, the government will allocate a budget to support enterprises in the fields of innovation and software to help them strengthen their export capacity.

The 'K-Innovation Mission' project is a comprehensive package of measures to enhance the capacity of Korean SMEs and startups to increase their export capacity.

The project receives advice from Korean embassies abroad as well as Korean public organisations.

Enterprises will be provided with advice, information and be supported to resolve difficulties that small and medium-sized enterprises encounter when entering foreign markets.