South Korea’s Gyeongbuk province wants to open new bilateral trade routes with Vietnam to improve trade and commerce between the nations.
Governor Lee Cheol-woo Disclosure It was opened to the public after an official visit to commemorate the 30th anniversary of the establishment of diplomatic relations between South Korea and Vietnam. At a conference at the Korea-Vietnam Economic Forum, Lee announced ambitious plans to use the Metaverse to stimulate commercial activity between nations.
“We plan to create a new level of regionally-driven global metaverse innovation special zone to create a sustainable metaverse industry ecosystem, including the establishment of a world-class metaverse test bed, special regulations within the special zone, and living conditions.” said Lee. “This year, we will expand economic, cultural, trade and people-to-people exchanges with Vietnam.”
Lee’s speech did not reveal how much investment Gyeongbuk would commit to its planned expansion into Vietnam, but experts believe it could be in the millions of dollars. The expansion into Vietnam will be the first foray into which the state-backed Metaverse project will be used outside South Korea.
Gyeongbuk has earned the title of being the Metaverse Capital of South Korea due to government tax cuts and regulatory exemptions received by companies building in the Metaverse. In June, the ministry pledged to invest 18 billion won ($13.8 million) to “establish itself as a hub for metaverse innovation.” Economists widely believe the move could add 1 trillion won in value to the region.
Vietnam Home to one of the top games in the ecosystem, Axie Infinity, it knows the metaverse well. Non-Fungible Token (NFT)Developed by Vietnamese tech company Sky Mavis, Axie Infinity skyrocketed in popularity, reaching 1 million users. Deloitte reports that the Metaverse could generate $9 billion to $17 billion annually in Vietnam’s Gross Domestic Product (GDP) by 2035.
South Korea is the undisputed leader in the virtual world
Metaverse development in South Korea is progressing at breakneck speed, with both private and government-backed efforts making great strides. After the government, led by Fumio Kishida, sunk funds to develop the nation, he pledged $185 million to help grow Metaverse-related industries. Metaverse ecosystem.
The country’s Ministry of Science, Information and Communication (MSIT) has laid out an ethical roadmap for the Metaverse based on the principles of fairness, autonomy, reciprocity, respect for privacy and inclusivity. MSIT’s candid plan for virtual worlds was a collaborative effort of his 12 experts in engineering, legal, ethics, and data protection working with a pool of over 2,500 respondents.
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