The MoU provides a foundation for consolidating the friendship and cooperation through information exchange and mutual assistance in various fields such as economics, tourism, and culture.

Pohang City, located in the eastern part of the RoK, is an industrial city with great advantages for development in the tourism, fishery, and agriculture. Ba Ria – Vung Tau, located in the southern key economic region, is the gateway to the Mekong Delta Sub-region with great potential for development in the oil and gas industries.

The shared potential for development in various industries provides favourable conditions for both sides to further cooperation for mutual benefits.

Since the establishment of diplomatic ties in 1992, Vietnam and the RoK have significantly improved relations in various fields - political, economic, and diplomatic. Both countries decided to raise the level of cooperation to a “strategic partnership” in 2009.

The RoK is now a leading foreign investor in Vietnam with 2,900 projects worth US$24 billion, including 53 in Ba Ria Vung Tau with a total capitalization of US$3.3 billion.