"After this, you don't have to bother getting on a plane, just the metaverse is enough to close the relationship between countries."
The more widely known, the more confident the Gyeongbuk region of South Korea is to apply the metaverse as one of its objectives to strengthen economic relations with the country of Vietnam.
According to Lee Cheol-woo during a visit to the Southeast Asian country, the governor of Gyeongbuk province stated that the main purpose of the action was to expand the economy, culture, trade and people with Vietnam through the metaverse.
Although Lee sees the country of South Korea as "metaverse capital" due to having regulatory exemptions and tax exemptions, the country has not yet decided the amount of funds it wants to invest in the metaverse.
But to make its country one of the innovation hubs of the metaverse, the province intends to invest 18 billion won ($13.8 million) and increase the value of Gyeongbuk by around $1 trillion based on the new initiative.
South Korean President Yoon Suk-yeol has also reportedly supported the metaverse and Web3 development while the Ministry of Science and ICT has invested $185 million in developing the growth of the metaverse industry.
In context, the metaverse is a decentralized Internet and Web3 built on blockchain, the basic technology of cryptocurrency or accessing a 3D virtual world network through a virtual reality (VR) headset.
On a different side, the prime minister of Japan, Fumio Kishida also invested in metaverse and non-fungible tokens (NFT) in October this year so that his country's economy could grow through the development of Web3.
