South Korea’s ‘metaverse’ province will utilise a virtual platform to improve connections with Vietnam

Gyeongbuk Province in South Korea, led by Governor Lee Cheol-woo, is now in Vietnam, where he has announced intentions to utilize the metaverse to further develop economic and other ties with the Southeast Asian nation.

According to a news release issued by the Gyeongbuk province of South Korea on Monday, Lee made the following statement in the Bc Ninh province of Vietnam: “We will priorities growing economic, cultural, commercial, and people-centric interactions with Vietnam by harnessing the metaverse.”

A representative for Gyeongbuk Province, which declared itself South Korea’s “metaverse capital” in February and offers regulatory exemptions and tax incentives to attract investment, said that the province has not yet settled on any concrete investment levels.

As part of Web3, the third generation of the decentralized Internet based on blockchains (the technology that underpins cryptocurrencies), the metaverse is a network of 3D virtual worlds that may be accessed by means of virtual reality headsets.

Based on its technological and cultural assets, the province announced in June that it will spend 18 billion Korean won to become a centre for metaverse innovation. The province predicts that the program will bring 1 trillion won to the area.

Yoon Suk-yeol, who was elected president of South Korea in March, has made progress toward the metaverse and Web3 a top priority for his country. 

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