Binh Duong and Gangnam enter strategic cooperation

The signing ceremony held simultaneously in both countries online

The MoU signing ceremony was witnessed by leaders from Binh Duong province and Gangnam-gu district and held online.

Gangnam-gu is one of the major development centres of South Korea’s economy, where leading companies and global company branches such as Google, Microsoft, Apple, and Facebook are located.

Its annual GRDP is about $55 billion, and it is also famous for the song Gangnam Style by South Korean singer Psy.

Gangnam-gu envisages cooperation with Vietnam’s Binh Duong and leverages the MoU to strengthen diplomatic relations with the country and Southeast Asia, as well as contribute to the exchange and spread of South Korean culture.

Gangnam-gu is proactive in foreign tourist attraction and promoting the region by holding diverse international events like the Yeongdong-daero K-POP Concert, the IEF 2020 International E-sports Festival, and the Medical Tourism Festa, to evolve into a future attractive destination.

Meanwhile, the southern province of Binh Duong is located in the heart of the southern key economic zone which encompasses Ho Chi Minh City, Dong Nai, Binh Duong, Ba Ria-Vung Tau, Binh Phuoc, Tay Ninh, Long An, and Tien Giang.

Binh Duong is one of the localities with rapid economic growth and dynamic industrial development. The province has allured more than 3,000 foreign investment projects, with about 800 South Korean enterprises operating in diverse fields such as electronics, precision engineering, and medical equipment.

Binh Duong has gained myriad achievements in external relations. So far, the province has established cooperative relations with 10 foreign provinces and cities and is now an official member and reliable partner of four multilateral organisations, namely the World Technopolis Association, the World Smart Community Forum, the Asia Economic Cooperation Forum, and the World Trade Center Association.

Through the MoU with Gangnam-gu, Binh Duong wishes to promote friendship and strengthen cooperative ties between both sides and, at the same time, create opportunities to promote trade and cultural exchange globally. Under the Binh Duong Innovation Region strategy, Binh Duong is setting the goal of bridging economic development by strengthening the service sectors of the local economy.

Through the MoU with Gangnam-gu, Binh Duong wishes to promote international trade activities and cultural exchange

The World Trade Centre Binh Duong New City – a subsidiary of Becamex IDC, a trusted industrial, and urban real estate developer in Vietnam – has become a critical component for service development in the province rooted in the exhibition industry and commercial services.

This attests to the concerted efforts to turn Binh Duong into an international trade hub with more vibrant activities in the region. In the meantime, Gangnam-gu hopes to expand activities in Vietnam and Southeast Asia to strengthen tourism development and cultural exchanges. In addition, Gangnam-gu expects to push economic exchanges through support for business matching programmes and trade exhibitions for companies in both regions.

WTC Binh Duong New City has been organising 16 online and hybrid webinars attracting more than 7,000 domestic and foreign investors, corporates, and hundreds of supporting small- and medium-sized enterprises over the past two years.

In addition, the WTC Binh Duong New City has organised many practical activities, such as collaborating with the World Trade Centre Mumbai to organise a virtual exhibition, authorised by the European Commission to be the local event organiser of EU Industry Week 2021 on Green Manufacturing Technologies, and the Connecting Supply and Demand of Goods in Binh Duong conference and exhibition, among others.

In light of the MoU, the two parties will focus on exchanging information and perspectives to enhance growth enablers through cooperation in trade, investment, culture, and tourism; as well as medical, cultural, and commercial exhibitions and conferences and K-POP festivals.

Leveraging the cooperation, WTC Binh Duong New City seeks to lay a steppingstone to promote activities, land cooperation agreements, and experience exchange opportunities with investors and businesses worldwide.

The MoU signing ceremony also featured activities between Becamex IDC and COEX, a South Korean company located in Gangnam-gu.

Accordingly, Becamex IDC and COEX signed strategic cooperation for managing and operating the convention and exhibition centre WTC EXPO, which covers 22,000sq.m and is scheduled to be reopened in early 2022. Along with this, both sides aim to attract world-class conferences and exhibitions to Binh Duong and WTC Binh Duong New City.