- South Korea wants to improve trade ties with Vietnam via the metaverse.
- Gyeongbuk will use the metaverse to build economic, trade, and cultural relations.
- The Ministry of Science will invest $185M to grow metaverse-related industries.
The South Korean province of Gyeongbuk plans to use metaverse to deepen its trade and other cultural ties with Vietnam. On the occasion of the 30th anniversary of diplomatic relations between Korea and Vietnam, Provincial Governor Chul-Woo Lee gave a speech.
According to a Gyeongbuk press release, Lee made the following statement in the Vietnamese province of Bac Ninh:
We will emphasize expanding economic, cultural, commercial, and people-centered exchanges with Vietnam through the metaverse,
In addition, an export contract worth $2.2 million was also signed based on textile machinery, cosmetics, and household goods.
The Gyeongbuk province intends to invest 18 billion Korean won (about $13.8 million) in June to position itself as a center for the development of the metaverse, making use of the resources for the country’s technological and cultural resources. According to the province, the project will boost the local economy by 1 trillion won.
The growth of the metaverse and Web3 are among the top priorities for South Korea, according to newly elected president Yoon Suk-yeol. Additionally, the Ministry of Science and ICT had allocated US$185 million to support the growth of businesses connected to the metaverse.
The Digital New Deal, South Korea’s national strategy for the metaverse sector, intends to promote enterprises while also generating new employment.
As a result, the national government of South Korea’s decision is good news for the rapidly expanding industry. The nation has an advantage over its competitors because of its flourishing IT industry, which provides a model for how other governments might invest in the digital sphere.