South Korean Province Seeks to Improve Relationship with Vietnam Through Blockchain Initiatives

Yoon Suk Yeol and Nguyen Xuan Phuc shaking hands
  • Gyeongbuk Province plans to leverage blockchain technology to expand business with Vietnam. 
  • Its Governor, Cheol-Woo Lee, said the province’s top priority is to grow and sustain ties with Vietnam.
  • Earlier, Lee pledged $13 million in metaverse investments.
  • Vietnam and South Korea are persistent in fostering blockchain and metaverse technology.

To expand its relationship with Vietnam, South Korea’s Gyeongbuk Province has resolved to tap into the potential of blockchain technology.

According to its Governor, Cheol-Woo Lee, the province’s utmost priority is to focus on growing and sustaining economic, cultural, commercial, and people-oriented contacts with Vietnam, thereby fostering the ties between the two.

To achieve this, the governor reaffirms his administration’s commitment to harnessing blockchain and metaverse initiatives at an economic forum commemorating the 30th anniversary of diplomatic ties between Korea and Vietnam. 

Earlier, Lee pledged that the province would invest at least $13 million in the metaverse. According to the governor, this would help cement the province’s place as a metaverse and blockchain innovation hub and aid its relationship with Vietnam.

As part of the measures towards fostering a mutual relationship with Vietnam, the governor also visited Cresyn and M-Tech, located in Vietnam’s Bac Ninh Province. 

“It was a valuable opportunity to get a glimpse of the future of Korea and Vietnam from the two representatives doing the most exemplary business management as partners of Samsung Electronics in a faraway country. I look forward to standing tall,” the governor maintained.

South Korea and Vietnam Assist Blockchain Initiatives

Meanwhile, South Korea has been unrelenting in fostering blockchain and metaverse initiatives. Recently, the country allocated $177.1 million to develop an all-encompassing metaverse platform. According to reports, it aims to become one of the world’s most metaverse-ready nations. 

Gyeongbuk is not the only province in South Korea complementing the country’s effort in the virtual arena. Busan, another province in the country, recently collaborated with popular crypto exchanges Crypto.com and Gate.io to develop its blockchain ecosystem. Through the partnership, both exchanges are expected to offer technical and infrastructural aid to the province. 

As for Vietnam, its authorities have also been consistent in the bid to foster blockchain and metaverse initiatives. In June, Vietnam Blockchain Association was launched in Hanoi to bring together blockchain experts to promote the development of Vietnam’s digital economy. 

The association took it further by partnering with Binance to foster the growth of blockchain technology in Vietnam and connect it with other major technology corporations worldwide.

On the Flipside

  • Despite it welcoming crypto regulations, South Korea’s crypto market is down 58% from 55.2 trillion won a year ago, according to data from the Financial Intelligence Unit (KoFIU).

Why You Should Care

Despite the poor market conditions, Gyeongbuk’s steps will likely expose more people in South Korea and Vietnam to blockchain technology and cryptocurrency.

 

You may also like:

Meta And South Korea To Collaborate To Strengthen Metaverse Security

South Korea Is Preparing ‘Metaverse Industry Promotion Law’

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Soumen Datta

Soumen has been a dedicated researcher and writer in the field of cryptocurrencies for the last few years. Even though Indian crypto regulations are still unclear, he believes that India will continue to innovate in the years to come. He loves to play his guitar and sing along in his spare time. He holds bags mostly in BTC, ETH, BNB, MATIC, ADA.