Results of the survey of Korea International Trade Association (KITA) announced in early January 2015 showed that the majority of the Korean companies which planned to expand their business in the emerging foreign markets this year had chosen Vietnam.
According to KITA, out of about 537 Korean businesses surveyed, 49% said that they planned to develop their businesses or set-up business venture in Vietnam in the year 2015
The surveyed companies can choose from the list of 32 countries with an annual growth rate higher than 3% in the past three years.
Indonesia and Thailand are the No.2 and No.3 preferred markets with 37.4% and 30% of the companies selected to survey respectively, followed by Malaysia with 28.5% and Turkey with 20.7%.
The survey results showed that among the 15 most popular leading business locations this year, there are 7 countries in East Asia.
More than 53% of Korean companies surveyed said that they are targeting the local consumer market in countries above, 24.8% said they would use the country as a production facility, and 22, 2% said the expansion was to take advantage of the value of the existing free trade agreements.
Finding the right business partner in Vietnam is also important. We recommend doing research on the reputation of the company and individual shareholders, corporate or individual, gathering publicly available company information, and performing background checks on key personnel to find potential risks in cooperation. Working with a reliable partner can help achieve economic benefits, saving time and money in business.