Vietnam rapidly improving after the US-China conflict, South Korea's Vietnam exports also surge.. Stories of South Korean banks and companies that succeeded in Vietnam ft. Yu Young-guk writer@sbs_economy

Vietnam's economy has gained significant attention recently due to the US-China trade tensions. Last year, South Korea recorded a trade surplus with Vietnam for the first time, and the increasing incomes and economic growth of Vietnamese consumers are expected to further boost South Korean exports. South Korean companies operating in Vietnam number over 9,500, mostly supplying intermediate goods. However, companies directly targeting Vietnamese consumers are also emerging. Orion and Shinhan Bank are prominent examples of successful South Korean companies in Vietnam. Shinhan Bank, the largest foreign bank in Vietnam, has been operating there for over 30 years, achieving success through localization strategies. Woori Bank is also actively expanding its presence in the Vietnamese market. This demonstrates the growing appeal of the Vietnamese market for South Korean businesses, allowing us to examine the factors behind their success and the unique characteristics of the Vietnamese market.

Last year, South Korea recorded a trade surplus with Vietnam for the first time. This is a result of Vietnam's economic growth and the increasing incomes of its consumers. South Korean exports to Vietnam are expected to increase further in the future.

Looking at successful South Korean companies in Vietnam recently, Orion and Shinhan Bank stand out. Orion is a prime example of a company directly targeting Vietnamese consumers, demonstrating a successful approach. Shinhan Bank, the largest foreign bank in Vietnam, has been operating there for over 30 years, achieving success through localization strategies.

Currently, there are over 9,500 South Korean companies operating in Vietnam. In the past decade, most successful South Korean companies in Vietnam were exporters. However, companies directly targeting Vietnamese consumers are also emerging.