Yongsan-gu Partners with Vietnamese Economic Cooperation Organization VKBIA

On the 16th, a business agreement was signed with VKBIA to lead economic exchanges between Korea and Vietnam... Joint conferences and exhibitions planned... Yongsan International Exchange Office reopening ceremony also held

[Asia Economy Reporter Jongil Park] Yongsan-gu (Mayor Seongjanghyun) signed a mutual cooperation memorandum of understanding (MOU) in the economic sector between Korea and Vietnam with VKBIA (Vietnam-Korea Business and Investment Association), a major economic cooperation organization in Vietnam, at the Yongsan International Exchange Office located in Quy Nhon City, Binh Dinh Province, Vietnam, on the 16th.

This is to revitalize economic exchanges between the two countries in celebration of the 25th anniversary of the friendship exchange between the district and Quy Nhon City.

The signing ceremony lasted 30 minutes, including greetings from guests, signing of the agreement, and commemorative photos. Attendees included Yoon Seong-bae, Director of Yongsan International Exchange Office; Nguyen Huu Don Chin, Chairman of VKBIA Central Vietnam Branch; Pham Hai Thin, CEO of VKBIA Co., Ltd.; Nguyen To Hai, Vice Governor of Binh Dinh Province, Vietnam; and Nguyen Cong Vinh, Vice Mayor of Quy Nhon City, Vietnam.

VKBIA is a quasi-governmental organization in Vietnam that performs a role similar to KOTRA (Korea Trade-Investment Promotion Agency) in Korea. It was established in Vietnam in September 2019 to promote various exchange and cooperation projects encompassing economy, trade, science and technology, culture, and education between Korea and Vietnam on the occasion of the 10th anniversary of the strategic partnership between the two countries.

The district and VKBIA plan to continue mutual cooperation by hosting economic conferences, fairs, events, and investment attraction briefings in the future. They also agreed to jointly develop and operate language education programs necessary for exchanges, such as Korean and Vietnamese, as well as programs for technology transfer, vocational training, and employment support.

A district official said, “Following the investment attraction briefing held with Binh Dinh Province, Vietnam in 2019, we plan to diversify economic cooperation with VKBIA this year,” adding, “We expect exchanges between Yongsan-gu and Quy Nhon City, as well as between the two countries, to accelerate significantly.”

On the same day, the district also held a completion ceremony (reopening) for the expansion and remodeling of the Yongsan International Exchange Office. Major construction details included the establishment of a Hanbok exhibition and experience space in the office’s first-floor PR hall (104㎡), expansion of the third-floor lecture room (from 63㎡ to 110㎡), and improvements to other outdated facilities and equipment. The construction took six months.

Most of the construction costs were borne by Quy Nhon City, with partial support from the district.

Through this construction, the district especially expects the operation of the ‘Quy Nhon Sejong Institute’ to become more active. The Quy Nhon Sejong Institute, which teaches Korean language and culture to locals, has a capacity of 300 students per semester. Previously, due to a lack of space in the office (lecture room), some students had to attend classes in external classrooms.

Seongjanghyun, Mayor of Yongsan-gu, said, “Marking the 25th anniversary of the friendship exchange between the district and Quy Nhon City, we are accelerating international exchange projects,” adding, “Especially this year, we will discover and implement various new projects in the economic and cultural sectors.”

Quy Nhon City is a port city located in central Vietnam. The district has maintained a friendship exchange with Quy Nhon City since 1996. Representative projects include supporting outstanding students from Quy Nhon City to study in Korea, establishing and operating the Yongsan International Exchange Office and Quy Nhon Sejong Institute, building houses of love, and supporting the construction of a cataract treatment center in Quy Nhon City Hospital.

This year, in addition to economic exchanges, the two cities plan to further expand their relationship through various means such as building a traditional Korean house (Hanok) locally in Vietnam, operating a cyber language institute, and supporting the latest medical equipment for the cataract treatment center.