South Korea’s Gyeongbuk province has announced plans to use Web3 technology to expand its economic relations with Vietnam.

In a December 19 announcement, the province’s governor, Lee Cheol-woo, said the metaverse project would focus on “growing economic, cultural, commercial, and people-centered contacts with Vietnam.”

In June, the province announced that it would invest $13.8 million to establish itself as a hub for metaverse innovation in hopes of growing the local economy.

South Korea has been very active in the development of the Metaverse since early 2022 and aims to become the fifth most metaverse country in the world. It has allocated $186.7 million to create an all-encompassing metaverse platform known as the Expanded Virtual World.

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