The statue of Vietnam's King Lý Thái Tổ (974-1028) in Bonghwa county — VNA/VNS Photo

SEOUL — The Ministry of SMEs and Startups (MSS) of the Republic of Korea (RoK) said it has designated the Bonghwa K-Việt Nam Valley Special Zone in Bonghwa county, North Gyeongsang Province, following the 60th meeting of the Committee on Special Economic Zones for Specialised Regional Development on August 6.

With the designation in place, Bonghwa will carry out eight specialised projects worth a combined 347.6 billion KRW (US$245.1 million) from 2026 to 2030 – among them are the K-Việt Nam Valley itself, tourism development around Changpyeong Reservoir, rental smart farms, and a Baekdudaegan healing ‘pet village.’

Ten regulatory exceptions, spanning the Immigration Act, the National Land Planning and Utilisation Act, and the Housing Act, will ease constraints on residency for foreign workers, land use, and housing supply, according to the ministry.

Drawing on historical assets – including Prince Lý Long Tường of Việt Nam's Lý Dynasty and the ancestral village of the Hwasan Lee clan descended from him – the county will create an international tourism hub blending history, culture, and leisure. Bonghwa aims to attract more tourists and longer-term visitors, giving the local economy a new source of growth. — VNA/VNS