HomeNEWSSouth Korea to expand economic relations with Vietnam through metaverse initiative

South Korea to expand economic relations with Vietnam through metaverse initiative

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A province in South Korea identified as Gyeongbuk has announced plans to use Web3 technology to boost its economic relations with Vietnam. In an announcement today, the Governor of Gyeongbuk Lee Cheol-woo revealed plans for the project.

According to the Governor, the project will focus on “growing economic, cultural commercial and people-centred contacts with Vietnam.” With that, the region seeks to strengthen ties with neighbouring Vietnam.

The recent development highlighted the increasing popularity of Blockchain and Metaverse initiatives in South Korea. Lately, the Asian country is growing in popularity in terms of its embracement of the metaverse sphere. Contributing to this fame is the Gyeongbuk province. Recall that in June, the Governor of the province promised to invest $13.8 million in the metaverse. Then, the Governor seeks to establish the region as a hub for metaverse innovation.

More so, the quest into the metaverse is targeted at growing the local economy. The Gyeongbuk Province of South Korea believes in the potential of the metaverse.

Increasing efforts by South Korea to embrace Blockchain initiatives

Meanwhile, South Korea has pushed strongly in 2022 to become very active in the development of the metaverse and other blockchain initiatives. The country is aiming to become the fifth most metaverse-ready nation across the globe.

In that regard, the country set aside $186.7 million to build an all-encompassing metaverse platform. This platform is themed “Expanded Virtual World.” In February, South Korea’s Ministry of ICT, Science and Future planning disclosed plans on the Metaverse project. Also, the ministry said the funds will help fast-track the completion of the four main objectives of building the all-encompassing metaverse ecosystem.

In addition, the funds will provide support for content creators to assist in designing the metaverse platform. South Korea through the ministry intended to use the metaverse as a platform or enhancing the digital growth of cities, media and education.

Furthermore, there are other provinces in South Korea that’s pushing to become a force to reckon with in the virtual assets sphere. Alongside Gyeongbuk, Busan the second-largest city in South Korea is aiming to grow its blockchain ecosystem. Recently, Binbits reported that the City partnered with Crypto.com and Gate.io to create regional offices in the city. Worth noting that the two cryptocurrency exchanges will provide technological and infrastructure assistance to Busan.

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