Gyeongsangbuk-do and Vietnam’s Thai Nguyen Province have re-signed a friendly cooperative agreement based on 20 years of sisterhood. Both regions will expand cooperation in corporate exchanges and investment, as well as in youth, education, and cultural exchanges.

The agreement was arranged to reaffirm the sisterhood relationship and cooperative will between the two regions following the integration of Thai Nguyen Province and Bac Kan Province last July, and to broaden the scope of cooperation to the former Bac Kan Province area.

Thai Nguyen Province is a major manufacturing hub in Vietnam where Korean companies such as Samsung Electronics and Samsung Electro-Mechanics operate. Gyeongbuk possesses advanced industrial foundations, including semiconductors and information and communication technology (ICT) in Gumi, and secondary batteries in Pohang.

The province will promote exchanges and investment cooperation between companies in both regions, and discuss concrete cooperative tasks through communication between departments by sector. The female entrepreneurs from Thai Nguyen Province who accompanied this visit will serve as a bridgehead for expanding corporate exchanges and economic cooperation between the two regions.

Since establishing sisterhood ties in 2005, the province and Thai Nguyen Province have continued mutual delegation visits, the Saemaul Undong (New Community Movement), and exchanges in the economic and administrative fields. The Saemaul Undong pilot project in Lung Van Village, Thai Nguyen Province, helped enhance residents' self-reliance capabilities and contributed to regional development.

Last December, Gyeongsangbuk-do Governor Lee Cheol-woo visited Thai Nguyen Province to discuss cooperative measures and delivered a consolation fund of 20 million dong (approximately 110 million won) for residents affected by typhoons.

Along with economic cooperation, exchanges in the youth, education, and culture sectors will also be expanded. As of the end of June this year, registered foreign nationals of Vietnamese nationality residing in Gyeongbuk numbered about 30,000, accounting for about 31% of all registered foreign nationals in the province and ranking first by nationality. Based on this human foundation, the province plans to deepen mutual understanding and broaden resident-participatory exchanges.

The Thai Nguyen Province delegation will stay in Gyeongbuk from the 19th to the 23rd, visiting medical, bio, and industrial sites as well as major cultural and tourism attractions. The delegation will tour regional industrial and research foundations—such as the Andong Medical Center, Gyeongbuk Bio Industry Research Institute, Gyeongbuk Technopark, and POSCO PR Center—and attend the Gumi City Investment Briefing and the Korea-Vietnam Women Entrepreneurs Conference to explore corporate exchanges and cooperative measures. They will also visit Bulguksa Temple, major attractions in Pohang and Gimcheon, and Gimcheon High School to experience Gyeongbuk's history, culture, and educational environment.

The event was attended by 47 members of the Vietnamese delegation, including Gyeongsangbuk-do Administrative Vice Governor Hwang Myung-seok, Dinh Quang Tuyen, Deputy Secretary of the Provincial Party Committee and Chairman of the Vietnam Fatherland Front Committee of Thai Nguyen Province; Nong Quang Nhat, Vice Chairman of the People’s Committee; and Nguyen Thi Binh, President of the Association of Women Entrepreneurs. Administrative Vice Governor Hwang Myung-seok and Vice Chairman Nong Quang Nhat signed the agreement.

Dinh Quang Tuyen, Deputy Secretary of the Provincial Party Committee of Thai Nguyen Province, said, "I am grateful for Gyeongsangbuk-do's warm welcome, and I cherish the long-standing friendship and the support sent during the typhoon damage." He added, "We hope that taking this agreement as an opportunity, Thai Nguyen Province—newly launched following integration—and Gyeongsangbuk-do will expand cooperation in various fields such as corporate exchanges, investment, education, and culture to develop together."

Gyeongsangbuk-do Administrative Vice Governor Hwang Myung-seok stated, "Gyeongsangbuk-do and Thai Nguyen Province are precious partners who have built friendship and trust over 20 years and have been a source of strength for each other in difficult times." He continued, "Using this agreement as a stepping stone, we will create cooperative projects that residents and companies can truly feel across various fields, including economy and industry, as well as youth, education, and culture."

With this agreement, Gyeongsangbuk-do plans to expand cooperation with its overseas sister and friendly cities into economic trade, youth and education, and culture, while promoting overseas expansion of local companies and revitalizing private-level exchanges.

[Copyright (c) Global Economic Times. All Rights Reserved.]