Ninety-two percent of South Korean companies operating in Vietnam said they had no plans to withdraw, despite rising labor costs and regulatory burdens, according to a Korea International Trade Association (KITA) survey released Sunday. Among those planning to stay, 87.5 percent identified Vietnam’s cost advantage over other countries as the main reason. Vietnam’s monthly minimum wage rose from US$45.4 in 2010 to $205.3 in 2024, an increase of more than 4.5 times. KITA said wages grew at an average annual rate of 11.4 percent over the 14-year period, the fastest increase among major Asian economies. Nearly 60 percent of respondents expected their Vietnam operations to improve over the next three to five years, compared with 12.4 percent who held a pessimistic outlook. Seventy-two percent said Vietnam would continue serving as a global business hub. KITA advised companies to reassess their cost structures and adapt operations to the country’s changing business environment.