Vietnam is emerging as a key destination targeted by Korean companies in their future business strategies. (Source: VNA)

Accordingly, it can be seen that Vietnam is emerging as a key destination targeted by Korean companies in their future business strategies.

The Korea International Trade Association conducted a “Overseas Business Demand Survey” on 906 corporations and companies from August 10 to 30. According to the survey results, the overseas business focus of Korean companies has shifted from China and Japan to emerging markets such as Vietnam and India.

For the question allowing up to three main business destinations, the US ranked first with 26.6%; followed by China with 15.1%, Japan at 10.8%, Vietnam at 7.4%, Germany at 2.9%, India at 2.3%; and then Russia at 2.2% and Taiwan (China) at 2%.

However, when it comes to choosing countries as important future business destinations, companies ranked the US 22.9%, followed by Vietnam 8.7%, India 7.3%, China 7%, Japan 5.2%, Germany 4.1%, Indonesia 3.8% and Saudi Arabia 3.1%.

The survey results also show that companies with large export capacity consider India as their future business destination, while companies with medium export performance consider Vietnam and China as their future business destinations.

Companies with export capacity of over 10 million USD chose the US as their future business focus countries in order: 27.3%, India 8.4%, Vietnam 8.2%, Japan 5.1% and China 4.5%.

Companies with export capacity under 10 million USD choose the US in order 20.5%, Vietnam 9.6%, China 9.1% and India 7.1%.