Gyeonggi Province pledged to strengthen practical inter-regional cooperation in areas such as trade and urban development with Hanoi, the capital city of Vietnam as well as its political, cultural and economic center.

Kim Hyun-gon, Vice Governor for Economy of Gyeonggi Province, and Tran Sy Thanh, Chairman of the Hanoi People’s Committee, signed a Memorandum of Understanding (MOU) at Dodamso (Gyeonggi gubernatorial residence) on October 21. With the signing of the MOU, Hanoi became Gyeonggi Province’s third Vietnamese cooperation partner after Ng Ean Province and Ho Chi Minh City.

Through this agreement, the two regions agreed to expand cooperation in various fields such as economy, trade, smart cities, urban development, culture and the arts, cultural heritage preservation and promotion, sports exchanges, climate change and energy issues, health care, education and people-to-people exchanges. They also shared their visions for overcoming global crises and achieving sustainable development.

“Gyeonggi Province is the largest local government in South Korea, the economic and industrial center of the nation, and a leader in high-tech industries such as semiconductors, bio and AI. Hanoi is the millennium capital of Vietnam, a center of politics, culture, science and education, and a stronghold of the northern economy,” said Vice Governor Kim. “Today, two regions representing two countries have established friendly and cooperative relations. We look forward to practical cooperation in various fields in the future.”

“Gyeonggi Province is a representative region of Korea in many aspects, including population, area and economy, and I believe it is a leading region in new fields, especially high-tech, environmental and creative innovation fields, and so I foresee considerable cooperation with Hanoi,” said Chairman Tran Sy Thanh. “I look forward to signing the MOU today and realizing cooperation in various fields.”

Hanoi is a city with a long history, so much so that in 2010 it will celebrate the 1,000th anniversary of its designation as the capital of Vietnam. It is the political, cultural, educational and economic center of northern Vietnam, and its main industries are trade, transportation, communications, finance and services. With a gross regional domestic product (GRDP) of USD 54.6 billion in 2023, Hanoi ranks second in Vietnam.

With this agreement, Gyeonggi Province will pursue closer cooperation with “post-China” Vietnam, which is the province’s third largest export market after the U.S. and China and an important partner in the global supply chain.

Gyeonggi Province expects that this agreement will provide an important opportunity to expand exchanges from the southeastern region of Vietnam to the northern region, thus diversifying exchange areas and expanding its economic sphere.