Vietnam listed as future key destination for RoK firms

At RoK-funded Youngbag Vietnam company in the Binh Xuyen Industrial Park, Vinh Phuc province. (Photo: VNA)

Vietnam is emerging as a key destination in the future business strategy of enterprises from the Republic of Korea (RoK), a survey has shown.

The Korea International Trade Association (KITA) conducted a survey on foreign business demand for 906 conglomerates and companies from August 10 to 30. The results indicated that, aside from the US ranking at the top, the focus of business operations for Korean companies abroad has shifted from China and Japan to emerging markets such as Vietnam and India.

Regarding the choice of countries as important future business destinations, the US was the top with 22.9%, followed by Vietnam with 8.7%, India 7.3%, China 7.0%, Japan 5.2%, Germany 4.1%, Indonesia 3.8%, and Saudi Arabia 3.1%.

The survey also showed that companies with significant export capabilities consider India as their future business destination, while medium-sized export performers choose Vietnam and China.

For those with export capabilities exceeding 10 million USD, the US tops their priority for future business destinations with 27.3%, India 8.4%, Vietnam 8.2%, Japan 5.1%, and China 4.5%.

For those with export capabilities below 10 million USD, the order was the US 20.5%, Vietnam 9.6%, China 9.1%, and India 7.1%./.