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South Korea, Vietnam Form Web3 Bridge

South Korea and Vietnam are joining forces to strengthen their web3 developments.

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South Korea is expanding its web3 foray further afield to involve Vietnam, following a delegation trip from Gyeonbuk province to Bắc Ninh province.

On Friday, Gyeongbuk province governor Lee Cheol-woo and his delegation visited the Vietnamese province to “emphasise growing economic, cultural, commercial, and people-centered contacts with Vietnam through the metaverse.”

Gyeonbuk earned the title of South Korea’s “metaverse capital” in February and offers legislative exclusions and tax benefits.

No specific investment numbers were publicly revealed after the meeting but the Gyeonbuk province had committed to spending KRW 18 billion (US$13.8 million) on metaverse development back in June. Gyeonbuk believes the program will increase the province’s value by KRW1 trillion.

Lee had been speaking at the Korean-Vietnam Economic Cooperation Forum 2022 in Hanoi, which was attended by some 500 participants from political and business circles from both countries.

The event’s tagline was “Great Together, Next Prosperity 100!” and was aimed at “discussing shared prosperity of Korea and Vietnam of the coming century that could be building on top of the 30 years of economic ties.”

Trade volume between Korea and Vietnam has risen 162x from US$493 million in 1992 to $80.7 billion in 2021.

South Korea has been generally supportive of web3 with president Yook Suk-yeol placing metaverse and web3 developments on his list of national priorities and objectives. The country’s Ministry of Science and ICT has also committed US$185 million to further the development of businesses involved in the metaverse and web3.

Most recently, Singapore’s ADDX won the backing of Korean Banking Group KBFG in a US$20 million raise.

Read more: Singapore’s ADDX Wins Backing of Korean Banking Group KBFG