The Korea-Vietnam Smart City Cooperation Centre has been launched to share technologies and systems, while promoting the expansion of South Korean companies in Vietnam.

The centre was initiated as part of an official development assistance project to implement an MoU on construction and urban development cooperation signed by South Korea's MOLIT and the Vietnamese Ministry of Construction.

With an investment capital of 7.5 billion won ($5.5 million), the building is located in the Academy of Managers for Construction and Cities under the Ministry of Construction. It boasts various facilities such as a South Korean smart city technology exhibition hall, a smart city certification data centre, a VR experience centre, and an education centre.

With an annual economic growth rate of 7 per cent, Vietnam ranks first in Asia for overseas construction orders from South Korean enterprises, indicating a high demand for urban and regional development.

The Korea-Vietnam Smart City Cooperation Centre is expected to serve as a hub for both construction and IT companies entering Vietnam and for smart city cooperation between the two countries.

In addition, the project will play a pivotal role in developing smart cities in Vietnam, conducting international joint research between the two countries, and facilitating technology exchanges to support the local entry of South Korean companies.