A new 'K-Vietnam Valley Special Zone' will be established in Bonghwa, North Gyeongsang Province, as part of the government's initiative to increase tourism and resident population, thereby creating new growth engines for the region.
The Ministry of SMEs and Startups announced on August 6 that it has designated the 'Bonghwa K-Vietnam Valley Special Zone' during the 60th Regional Specialized Development Zone Committee meeting.
The Regional Specialized Development Zone system allows local governments to selectively apply 130 regulatory exceptions outlined in the 'Special Zone Act' to promote specialized projects that align with local characteristics.
The newly designated 'Bonghwa K-Vietnam Valley Special Zone' will leverage the 800-year history of exchanges between Korea and Vietnam. It aims to create an international tourism hub that combines history, culture, and recreation, drawing on historical resources such as the Vietnamese Ly Dynasty prince who settled in Bonghwa during the Goryeo Dynasty and the Hwasan Yi clan.
Based on this special zone designation, Bonghwa County plans to implement eight specialized projects with a total budget of 347.6 billion won from 2026 to 2030. These projects include the development of the K-Vietnam Valley, tourism development around the Changpyeong Reservoir, rental smart farms, and a healing pet village in the Baekdudaegan mountain range. The application of ten regulatory exceptions, including the Immigration Control Act, National Land Planning Act, and Housing Act, will ease institutional constraints related to the stay of foreign workers, land use, and housing supply.
Since the establishment of diplomatic relations in 1992, exchanges between Korea and Vietnam have expanded across various sectors, including the economy and industry.
Roh Yong-seok, First Vice Minister of the Ministry of SMEs and Startups, stated, 'The Bonghwa K-Vietnam Valley Special Zone is a new attempt to connect the unique historical resources of the 800-year exchange between Korea and Vietnam with cultural tourism and regional economic revitalization. We will support the implementation of projects to ensure that the specialized development zone becomes a practical growth hub, while also strengthening performance-based management and operations.'
* This article has been translated by AI.
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