Investment into Indonesia from Korea had already begun in the 1980s, while Vietnam became an investment destination for Korea beginning in 1992 following the establishment of diplomatic relations. The scale of investments into Indonesia remained far larger than those into Vietnam in the 1990s, with investment into the latter picking up during the 2000s. Investment into Vietnam, for its part, was concentrated in the materials industry such as textiles and clothing. Over half of Korean investment into each country goes into the manufacturing sector: the majority of investments into Vietnam is received by primary metals and textiles industries; whereas food processing, electronic parts, computer, visual/audio/communications equipment manufacturing are the major recipients of Korean investments into Indonesia. Mining is second after manufacturing in terms of level of investment in both countries. Mining is followed by real estate/rentals and construction in Vietnam; and wholesale/retails and agriculture/forestry/fisheries for Indonesia.
A summary of the results of an in-depth survey for Korean companies in Vietnam and Indonesia in 2011 are as follows. On the question of areas of local policy with the most impact on business operations, labor and tax administration were selected for Vietnam, whereas labor stood out in the case of Indonesia. In order to deal with ‘deteriorating labor situations’ firms induce competition among workers through disbursement of regular incentives as well as holding fast to the principle of annual negotiation for wages. The annual negotiation for wages was also an important principle among Korean firms in Indonesia, while also fostering loyalty to the firm through CSR activities. Also, whenever labor costs rise, they are offset by increased productivity in both countries. In cases where inflation causes costs of raw materials to rise, firms in both countries combat rising costs through corporate campaigns to economize and reduce waste, system of rewards, and raising factory prices.
On the other question of an area where ‘information is most necessary for domestic market entry,’ firms in both countries pointed out taxes and labor. In Vietnam, such information is provided by the Korean government agencies and related organizations, the local Korean community, and the local government. In Indonesia, firms acquire the needed information mostly through the local Korean community and the internet. There also calls by firms in both countries for the Korean government to work with the local government to create opportunities for procuring information on a more frequent basis, as well as set up a  system for exchange of information between Korean firms and the government.
The survey also shows that companies are engaged in earnest efforts at localization, by involving local personnel in decision-making, in addition to improving their perception among the public through community activities as part of fulfilling their CSR. But when conflicts arise in spite of all effort, Korean companies in Vietnam usually resolve them through agreed settlements with the parties concerned or Korean law firms; while companies in Indonesia also make attempts at agreed settlement, or seek help from a local legal firm.
In terms of ‘strengthening operational capability’, firms in Vietnam pointed to securing a professional workforce and labor management as the most important. Professional personnel were also considered important among companies in Indonesia, in addition for competitiveness in prices. Plans for expanding the organization among companies in Vietnam were general and across the board. Companies in Indonesia were more specific, with expansion planned for such departments as production, design, R&D, and marketing; whereas departments related to raw materials procurement, accounting/taxes, and labor management would be maintained at present levels for the most part. The majority of the requests among companies above for government assistance were made during the planning stages for making investments, or at the very early phases following entry into each country.
In terms of average annual total sales for Korean companies in each country during the 2009 fiscal year, Korean companies in Indonesia outperformed their counterparts in Vietnam by 3.9 times, and recorded 3.5 times the amount in cost of goods sold. Cost of sales and administration were also higher in Indonesia, by approximately 2.7 times; but nonoperating expenses were at similar levels. Nonoperating expenses, however, were higher than cost of sales and administration in Vietnam, pointing to greater expenses from loan interest payments, loss in value of local currency, and losses from investment into liquid and real assets; compared to Indonesia. Corporate taxes were much higher in Indonesia than in Vietnam. The average number of local workers employed in manufacturing firms were similar, about 770 in both countries.
According to Data Envelopment Analysis on Korean manufacturing in both countries, firm's efficiency is increased with ① greater length of sales operation ② location in Central regions - Ho Chi Minh area - Hanoi (Vietnam, in order) and regions other than Jakarta – Jakarta region (Indonesia, in order). However, the impact from ③ the presence of local executive/management on efficiency of operations was not significant.
Eliciting implications for Korean government policy would mean continued efforts for ① the establishment and strengthening of the system of information exchange between firms and local governments ② provision of an in-depth analytical/systematic information on local macroeconomic policy and economic trends ③ creation and active promotion of a local professionals database ④ construction of a production network and survey of corporate S&D related to entry into service markets ⑤ survey of time and location of entry and training programs. Corporate strategies should include the following consideration: ① earnest desire for entry into the domestic market ② maintaining sound labor relations and prompt response to rising wages ③ securing professional workers ④ experience in the local market and sound location.

서언 

국문요약 

제1장 서론 
1. 연구의 필요성과 목적 
2. 기존 연구 검토 
3. 연구방법 및 구성 

제2장 양국의 외국인투자 환경 변화 및 투자 현황 
1. 최근의 외국인투자 유치 정책과 제도 변화 
가. 베트남 
나. 인도네시아 
다. 소결 
2. 외국인 비즈니스 환경  
가. 비즈니스 수월성 분석 
나. 경제자유도지수 분석 
다. 근로자 임금구조 
3. 외국인직접투자 동향 및 구조 
가. 베트남 
나. 인도네시아 
다. 소결 
4. 한국의 투자 현황 
가. 베트남에 대한 투자 
나. 인도네시아에 대한 투자 
다. 소결 

제3장 현지 진출 한국기업의 경영실태 조사 
1. 설문조사 개요 
2. 베트남 조사 결과 
가. 투자 동기와 결정배경
나. 사업에 영향을 미치는 주요 요인 
다. 정보 취득 
라. 현지화와 네트워킹 
마. 경영역량 강화 
3. 인도네시아 조사 결과 
가. 투자 동기와 결정배경  
나. 사업에 영향을 미치는 주요 요인 
다. 정보 취득 
라. 현지화와 네트워킹 
마. 경영역량 강화 
4. 소결 
가. 설문조사 결과 
나. 현지 심층조사 사례 결과 
❙제4장 현지 진출 한국기업의 생산성 분석 
1. 생산성 분석의 개념과 방법 
가. 생산성 분석의 개념 
나. 생산성 분석의 방법 
2. 계량 모델  
가. 확률적 프런티어 분석(SFA)  
나. 자료포락분석(DEA) 
3. 자료 설명 
가. 베트남 
나. 인도네시아 
4. 생산성 분석 결과  
가. 베트남 
나. 인도네시아

제5장 결론 및 시사점 
1. 요약 
가. 양국의 투자환경 변화 
나. 현지 경영실태 분석 
다. 생산성 분석 
2. 시사점 
가. 정부 정책에 대한 시사점  
나. 기업 전략에 대한 시사점 

참고문헌 

부록 

Executive Summary