(VOVworld) - Most South Korean businesses plan to expand their overseas operation this year, where Vietnam has been the most favored destination.

After Samsung, many South Korean businesses choose Vietnam as their investment destination in 2015

A recent survey by the Korean International Trade Association shows that 49% of 540South Korean companies from 32 countries confirm their plan to expand operation in Vietnam this year, following major opportunities created by trade liberation deals Vietnam would join. Head of the Economic Department in East Asia, South Korean Foreign Ministry, Seo Min Jeong, says Korean businesses count on tariff reduction and market expansion commitments in the Vietnam Korean Free Trade Agreement: “Vietnam has high growth rate and abundant workforce. Both countries have seen increase trade revenues and we expect more investment from the Korea to Vietnam to benefit from favourable business climate.”

South Korea has been Vietnam’s largest investor with more than 4,000 projects worth 36.7 million dollars.