INTERVIEW
Trading with ASEAN Countries Prof. Park Seong-min
The ASEAN countries are popular tourist destinations beloved by Koreans and people around the world. But it’s not just tourists that are seeking out ASEAN; many companies are also expanding their business in the region. We talked to Professor Park Seong-min, who returned to Korea after working abroad and focuses on ASEAN from a business perspective.
Please start by saying hello to the readers of the Monthly ASEAN Culture House.
Hello. I’m Park Seong-min, a professor in the Department of Office Administration at Baehwa Women’s University. Using my experience of living overseas, I co-wrote The Real ASEAN from Expatriates’ Point of View. One of the ASEAN countries where I worked was Viet Nam. It was in the 2000s and there were fewer Korean people living in Viet Nam at the time. Trung Hoa Street was Hanoi’s Koreatown, at only about 200-300m in length. Now, there’s a large Korean town in the My Dinh district with many residents.
We’ve heard that Viet Nam is the ASEAN country in which Korean companies have the most interest.
Viet Nam has emerged as an attractive investment destination due to its geopolitical importance, high education levels, and high productivity. With the U.S., Japan, and China increasing their investments, the local business environment is changing. Currently, the country’s greatest overseas direct investment still comes from Korea, but because of the changing environment, Korean companies need a plan B. I recommend Thailand. Thailand is the only country in ASEAN that escaped colonial rule and effectively adopted the institutions of the Western powers into their own systems. Other ASEAN countries are referencing their practices. Thailand is also the first country in ASEAN that Japan and Western countries started investing in. I think the country’s value could grow in the future. It’s still a test market in ASEAN.
Korea and ASEAN have very different working environments. What aspects are the most different?
As anyone knows, Koreans place an emphasis on speed. However, because our standards are focused on time, this puts serious pressure on foreign employees. We need to change how we evaluate ability and performance in terms of time. Koreans also may not realize this element to their work style, but we wait until the third time. Often, even when big mistakes have been made, Koreans wait until the third strike to reprimand someone. The staff I worked with in Viet Nam said this is strange. If there’s a big mistake, it needs to be pointed out and fixed right away, but Koreans wait until the third time it happens and then punish the person severely. I believe this kind of work style can be adjusted in consideration of local staff.
Finally, could you say a word to the readers of the Monthly ASEAN Culture House and anyone who is dreaming of working abroad in ASEAN?
ASEAN will emerge as an even more important region for South Korea and Koreans in the future. We need to consider it not only as a production base but also as a consumer market. Therefore, we need to pay attention and learn about ASEAN. I recommend trying to understand ASEAN by watching a lot of YouTube channels where locals introduce their own country. You can also read the Monthly ASEAN Culture House and books such as The Real ASEAN from Expatriates’ Point of View, written by experts including myself and 11 other authors who have experienced ASEAN firsthand. As you learn in-depth about ASEAN, I hope you’ll consider ASEAN as a companion to Korea and the Korean people.
KOREA FOUNDATION
