S Korean firms have identified Vietnam as a crucial upcoming destination
According to a survey conducted by the Korea International Trade Association (KITA), Vietnam is emerging as a significant future business destination for enterprises from South Korea. The survey, which assessed the foreign business demand of 906 conglomerates and companies, revealed a shift in focus for Korean companies from China and Japan to emerging markets like Vietnam and India.
The United States ranked as the top choice for future business destinations with 22.9%, followed by Vietnam at 8.7%, India at 7.3%, China at 7.0%, Japan at 5.2%, Germany at 4.1%, Indonesia at 3.8%, and Saudi Arabia at 3.1%. The survey also highlighted that companies with substantial export capabilities view India as their future business destination, while medium-sized export performers prefer Vietnam and China.
Among companies with export capabilities exceeding $10 million, the United States remains their top priority with 27.3%, followed by India at 8.4%, Vietnam at 8.2%, Japan at 5.1%, and China at 4.5%. For companies with export capabilities below $10 million, the order of preference was the United States at 20.5%, Vietnam at 9.6%, China at 9.1%, and India at 7.1%.