Busan Metropolitan City signed a memorandum of understanding with Can Tho City of Vietnam on Tuesday to strengthen economic cooperation centered on future industries, launching a collaboration framework aimed at tapping into the ASEAN market. The agreement was signed at Busan City Hall.
The agreement is a strategic move to respond to the growth of emerging markets represented by the "Global South" and the ongoing restructuring of supply chains. Busan plans to use Can Tho as a bridgehead to expand the foundation for local companies' entry into Southeast Asia and to build an industrial cooperation network on the ground.
Under the agreement, the two sides will pursue cooperation in smart cities and digital transformation, trade and investment expansion, business exchanges, education and research, talent exchange, and maritime, logistics, tourism, and environmental sectors. Can Tho is considered a key growth hub in southern Vietnam.
