MINISTRY OF EDUCATION AND TRAINING IN HCMC University of Economics Finance, HCMC INTERNATIONAL BUSINESS TOPIC ANALYZE AND EVALUATE THE KOREAN MARKET THE POTENTIAL MARKET OF THE UNIVERSITY OF ECONOMICS AND FINANCE (UEF) LECTURER: ………………………. SUBJECT CODE: 211.MGT1111E.B04E MEMBERS: 1.…………………………….. 2..……………………………. 3.……………………………. 4.…………………………….. 5.…………………………….. 6.…………………………….. Table of Contents A. OVERVIEW 4 I. Executive Summary 4 II. Overview about Korea 4 B. ANALISIS 4 I. Macroenvironment analysis 4 1. Cultural and societal analysis 4 2. Political and legal analysis 5 3. Economics and trade analysis 5 4. Competitors and technological analysis 10 5. Financial analysis 11 II. Business opportunities risks analysis 12 1. Potential when UEF enters the Korean market 12 2. Risks when UEF enters the Korean market 15 III. Strategy for UEF to enter the Korean market 16 1. Entry Modes of UEF when entering the Korean market 16 2. Overview of the plan and strategy for UEF to enter the Korean market 17 3. Specific activities implemented when UEF enters the Korean market 17 4. Strategy implementation process for UEF to enter the Korean market 20 5. Structure 21 6. Operation 23 C. Conclusion 25 IMAGE LISTS Figure 1:The Gross Domestic Product per capital in South Korea 6 Figure 2:South Koreas unemployment rate from 2016 to 2026 7 Figure 3:South Korea: Inflation rate from 1986 to 2023 7 Figure 4:Value of foreign direct investment inflows to South Korea from 1996 to 2020 8 Figure 5:Top 10 Imports to Partners Countries in 2020 9 Figure 6: Exports to Partners Countries in 2019 9 Figure 7: Potential when UEF enters the Korean market 13 Figure 8:Risks when UEF enters the Korean market 16 A. OVERVIEW I. Executive Summary This topic will summary macro environment analysis including analyzing of culture, society, economy, politics, law, technology in Korea and competitor analysis, then UEF also carefully analyze the potentials and challenges before UEF joined enter the Korean market, and implementation analysis: strategy, structure, operations and conclusions will be drawn in the end. II. Overview about Korea The Republic of Korea is the official name of South Korea however its also referred to as South Korea. This is often a nation within the Republic of Korea thats situated in Asias East Asian region and on the Choson. Seoul is the capital of this country. This busty Asian commercial metropolis is additionally a worldwide city with a major worldwide influence. The bulk of Koreas geography is mountainous. Mountains encompass up to 70 percent of Koreas acreage. Additionally, Saemangeum, the worlds second biggest coastal alluvium, is found on Kim Chis land. Korea could be a country with a high standard of living. Korea includes a temperate climate, every year has 4 distinct seasons: Spring, Summer, Autumn, and Winter. Koreans are friendly and disciplined and have a tendency to respect age and Moon Jaein is the current President of Asian country. B. ANALISIS I. Macroenvironment analysis 1. Cultural and societal analysis a.Cultural: Korean culture has been greatly influenced by Chinese and Japanese cultures. Confucianism in Korea is also influenced by China and Japan. That affluence is still preserved to this day. For example, children in the family must respect the elderly. Honesty is a top priority in society. Another cultural feature is that they often greet each other by bowing at a 90degree angle, which is different from other countries greeting each other with a handshake. That shows respect for the person they are talking to. b.Societal: Family: The research found that growing old in South Korea provided benefits for both men and women. The highest moral precept of the parentchild relationship has always been filial piety. It has had a significant impact on the South Korean family system. South Korean children were (and still are) lavished with attention; toilet training was lenient, and discipline began much later than in American households. (culturalatlas, 2021) South Korea is a country that is well known in terms of education as it always has a very welleducated citizenry and the ability to grasp new knowledge is also very sharp. In this country, education is provided in both public and private schools. Both of these schools are interested and supported by the government, but public schools are supported more than private schools, maybe because public schools train more quality talents for the country, so they are favored like that. With such a large talent pool, Korea is always at the top of the OECD countries in many aspects, such as reading comprehension, mathematics, and literature.
MINISTRY OF EDUCATION AND TRAINING IN HCMC University of Economics - Finance, HCMC - INTERNATIONAL BUSINESS TOPIC ANALYZE AND EVALUATE THE KOREAN MARKET - THE POTENTIAL MARKET OF THE UNIVERSITY OF ECONOMICS AND FINANCE (UEF) LECTURER: ……………………… SUBJECT CODE: 211.MGT1111E.B04E MEMBERS: 1.…………………………… …………………………… 3.…………………………… 4.…………………………… 5.…………………………… 6.…………………………… International Business Lecturer: ………………… Table of Contents IMAGE LISTS 2|Page International Business Lecturer: ………………… A OVERVIEW I Executive Summary This topic will summary macro environment analysis including analyzing of culture, society, economy, politics, law, technology in Korea and competitor analysis, then UEF also carefully analyze the potentials and challenges before UEF joined enter the Korean market, and implementation analysis: strategy, structure, operations and conclusions will be drawn in the end II Overview about Korea The Republic of Korea is the official name of South Korea however it's also referred to as South Korea This is often a nation within the Republic of Korea that's situated in Asia's East Asian region and on the Choson Seoul is the capital of this country This busty Asian commercial metropolis is additionally a worldwide city with a major worldwide influence The bulk of Korea's geography is mountainous Mountains encompass up to 70 percent of Korea's acreage Additionally, Saemangeum, the world's second biggest coastal alluvium, is found on Kim Chi's land Korea could be a country with a high standard of living Korea includes a temperate climate, every year has distinct seasons: Spring, Summer, Autumn, and Winter Koreans are friendly and disciplined and have a tendency to respect age and Moon Jae-in is the current President of Asian country B ANALISIS I Macro-environment analysis Cultural and societal analysis a Cultural: Korean culture has been greatly influenced by Chinese and Japanese cultures Confucianism in Korea is also influenced by China and Japan That affluence is still preserved to this day For example, children in the family must respect the elderly Honesty is a top priority in society Another cultural feature is that they often greet each other by bowing at a 90-degree angle, which is different from other countries' greeting each other with a handshake That shows respect for the person they are talking to b Societal: Family: The research found that growing old in South Korea provided benefits for both men and women The highest moral precept of the parent-child relationship has always been filial piety It has had a significant impact on the South Korean family system South Korean 3|Page International Business Lecturer: ………………… children were (and still are) lavished with attention; toilet training was lenient, and discipline began much later than in American households (culturalatlas, 2021) South Korea is a country that is well known in terms of education as it always has a very well-educated citizenry and the ability to grasp new knowledge is also very sharp In this country, education is provided in both public and private schools Both of these schools are interested and supported by the government, but public schools are supported more than private schools, maybe because public schools train more quality talents for the country, so they are favored like that With such a large talent pool, Korea is always at the top of the OECD countries in many aspects, such as reading comprehension, mathematics, and literature Political and legal analysis a Political: Due to frequent government changes, limited political freedom, and military coups, South Korea's political history has been turbulent In 1986, the democratic process was streamlined, the president was given absolute power, and policymaking became simple due to the consolidated authority All committees are chaired by the president, making it very easy to coordinate and operate the entire system The United States also provides considerable political and economic support to the country Despite the fact that South Korea has been a democracy for almost two decades, the military still has significant power b Legal: The South Korean legal system is modeled after that of the United States and Germany, and trials are conducted without juries The country is short on judges because it has an exclusive constitutional court that oversees government decisions and lawmaking, and only a small percentage of students pass the difficult law exams It is a developed country, and it has an attractive measure of industrial development Economics and trade analysis South Korea's economic structure is well supported by government policies South Korea has also implemented very substantial economic reforms, as a result of which the country has continued to prosper steadily The country's strong export sector is the source of its economic growth Despite the fact that the company is well-developed in terms of overall economic health and provides a favorable investment climate, it is nevertheless suffering from structural 4|Page International Business Lecturer: ………………… weaknesses as a result of extremely strict import and FDI laws FDIs have been dropping, despite the fact that the country is growing economically These constraints have an impact on the domestic market and make it uncompetitive globally In 1960, Korea was one of the poorest, most difficult countries in the world, and then it became a developed country with high turnover That shows that Korea has made a successful step in the economy Overall, South Korea's overall GDP was anticipated to reach around 1.7 trillion dollars in 2019, with growth expected to continue until 2024 Along with the BRIC countries, South Korea is regarded as one of the key economies In 2020: + services: 57% (GDP) + Industry: 32.8% + Agriculture: under 2% - South Korea's GDP per capita was 42251.50 US dollars (2020) (trading economics, 2020) Figure 1:The Gross Domestic Product per capital in South Korea 5|Page International Business Lecturer: ………………… South Korea's unemployment rate was around 3.84 percent in 2021 (statista, 2021) In comparison to the previous year, South Korea's average inflation rate in 2020 was at Figure 2:South Korea's unemployment rate from 2016 to 2026 0.54% Figure 3:South Korea: Inflation rate from 1986 to 2023 6|Page International Business Lecturer: ………………… According to the research, foreign direct investment (FDI) inflows to South Korea reached around 20.75 billion US dollars in 2020 (statiista, 2021) Figure 4:Value of foreign direct investment inflows to South Korea from 1996 to 2020 INTERNATIONAL TRADE STATISTIC a Import Mineral fuels, electric and mechanical equipment, iron and steel are the key imports for South Korea China, Japan, the EU, and the US are South Korea's biggest import partners Goods and services imports (percentage of GDP) (2020): 33.18 percent Figure 5:Top 10 Imports to Partners Countries in 2020 7|Page International Business Lecturer: ………………… b Export China, Japan, the EU, and the US are South Korea's most major export partners, and the things it sells include electric and electronic equipment, machinery, vehicles, ships, and boats RSJ International of the UK organizes freight to and from South Korea to destinations all over the world Figure 6: Exports to Partners Countries in 2019 c Trade Restriction A trade restriction is a restriction on the trade of products and/or services between two countries that is imposed artificially It's a result of protectionism Vietnam and South Korea have a significant competitive advantage in that there are no trade restrictions As a result, investing in the markets of South Korea and Vietnam is very convenient Competitors and technological analysis a About Competitors: In terms of competition, the International University of Korea (IUK) and Daegu University will be the most likely, as both are international universities with easy admissions Next, we will learn about these two competitors: 8|Page International Business Lecturer: ………………… First competitor is the International University of Korea IUK was established in 1978, located in Jinju, the southern city of Korea, close to the 2nd largest city in Korea: Busan The school now has about 6,000 pupils enrolled, with more than 100 Vietnamese students attending, and this number is growing The school has links with companies in the surrounding area to create conditions for students to internships and part-time jobs These include companies such as Hyundai, Renault Samsung Motors, Kia Motors, The school has simple admission criteria, regardless of the transcript in the transcript and only needs a Topik certificate to be able to apply for admission Second competitor is Daegu University Daegu University was established in 1956 as a school that is rated as the top school in Korea With the strength of training major subjects in law, engineering, education and health care or information technology, the school has attracted a large number of students to study at the school The school is located in Gyeongsan and Daegu city, From the very first day of its establishment, Daegu University has constantly improved the pedagogical environment, improved the quality of teaching equipment, as well as the teaching quality of the school in order to attract not only domestic students but also international students attract many international students to study In addition, the school also has a scholarship policy for new students With a major in economics, an international environment and a scholarship scheme for students, UEF can certainly be a potential competitor b .About Technological: Thirty years ago, Korea's gross domestic product (GDP) was only on par with the poor countries of Africa and Asia In just two decades, with targeted and selective investment and high determination of the government, the breakthrough in science and technology led to Korea's miraculous acceleration Throughout the development process, foreign technology transfer is the main source to develop the knowledge base for Korean businesses During the 1960s and 1970s, Korean enterprises, at an early stage of economic development, acquired mature technologies from developed countries through the acquisition of foreign technology "packaged in" ” to manufacture standardized and standardized products Technological innovation at this stage is mainly imitation copying through decoding of imported equipment, human mobility or learning 9|Page International Business Lecturer: ………………… Initial Expenses Business Registration $1,204 Security deposit (6 months in advance) $120000 ($20000/month) Build $780,000 Infrastructures $45,000 Total $946,204 Fixed Costs Ground-Hired cost $20,000/month Electricity, water, internet $5,000/month Marketing $30,000/year Employees $48,000/month Total $103,000 Initial Funding Capital of UEF $400,000 Capital of Daegu $419,682 Loan from the bank $229,522 Total $1,049,204 through production with links with multinational companies Subcontracting agreements are also an important channel for absorbing international standards and specifications In this process, public research institutions, not universities, play an important role in technological innovation The Korea Institute of Science and Technology (KIST), established during this period, gave businesses more negotiating power to acquire foreign innovations Financial analysis Especially as a unit operating in the field of education, UEF's financial plan will depend on many different factors, instead of just relying on financial resources in ordinary businesses At the same time, these financial plans are implemented in accordance with the process and regulations of the educational sectors of the two countries identified Currently, in order to be allowed to establish a university in Korea, it is necessary to meet five requirements: schools, lecturers, construction land, and profitable basic assets In particular, the criterion of profitable basic assets in Korea shows the financial plans of countries that want to invest in Korea The financial plan should be based on analysis reports and assessment of the investment scale of the market, to come up with specific financial plans, including specific plans for capital used, investment plans and revenue plan and expenditure planning, capital allocation Suppose if UEF opens an admissions office and university in Daegu, South Korea The following table will allocate the budget: 10 | P a g e International Business Lecturer: ………………… (Sources: Compilation author) Firstly, UEF entering the Korean market is taking advantage of the competitive advantage in terms of quantity of the education market, because the number of Vietnamese workers and students in Korea is extremely large UEF's exploitation of the Korean education market can completely help Vietnamese students or Vietnamese workers in Korea access education from Vietnam, with the stature and style of Korean education According to the document "Vietnamese-Korean cultural relationship" (The relationship between Korean and Vietnamese culture), published in 2009 by Professors Review: Vietnamese people in Korea, also known as Vietnamese and Korean people, have a history of forming From the 12th century, that is, from the 12th century, there were Vietnamese who came to Korea to settle down and become Vietnamese and Korean (Professor review, 2007) In the document “ 체체체체체 체체체 체체” (Status of foreigners residing by nationality), published by K2WebWizard 2013 체 체 체 체 체 체 체 체 체 (K2WebWizard Immigration Statistics Yearbook 2013), published in South Korea: Ministry of Justice, 2009 issue, page 262 also mentions: After the division of Korea and the Korean War, the ethnic Vietnamese people have many connections with both North and South Korea They are Vietnamese expatriates in the Korean peninsula or Korean citizens who are partly or entirely Vietnamese Later, the Vietnamese are the second largest group of foreigners, after the Chinese emigrants (K2WebWizard, 2009, p 262) Regarding the quantity, in the report "164 Vietnamese students 'missing in Korea'", BBC radio, December 10, 2019 has specific statistics: As of the end of 2019, Vietnam currently has more than 48,000 workers working in Korea Vietnam is the second largest labor exporter to Korea According to statistics from the Immigration Department, Ministry of Justice of the Republic of Korea, in 2015, there were 26,340 Vietnamese workers illegally staying in the country (BBC, 2019) According to Vietnam News and Asia News Network, there are more than 37,400 Vietnamese students in Korea by the end of 2019, an increase of more than 10,000 people compared to the same period last year (VOA, 2019) 12 | P a g e International Business Lecturer: ………………… According to statistics: Among multicultural households, immigrants married with Korean spouses accounted for a relatively high proportion of 35.8%, among them the number of multicultural marriages in Korea in Vietnam, Vietnamese people are the most According to the report "Promoting connection and cooperation in education and training between Vietnam and Korea" by Assoc Dr Dang Hoang Linh (Diplomatic Academy) and MSc Vu Thi Kim Oanh - Nguyen Trai University, published in the Journal of State Management: According to statistics from the Korea Immigration Department, in 2019, Vietnam is the country with the largest number of international students in Korea is the second largest with 37,426 students, just behind China Specifically, there are now more than 160,165 foreign students studying in higher education programs in Korea, of which the number of Vietnamese students accounted for 23.4%, an increase of 14 times compared to 2009 (State Management Review, exploiting information on December 24, 2021 on the Journal's Website) Thus, with the current rapidly increasing number of employees and students, this is a very potential market for UEF to exploit It is not difficult to understand that Vietnamese workers or students will be very excited when they can access the education of the country, the educational culture of the country with the educational style in Korea Secondly, UEF's entry into the Korean market is responding to the orientation and development strategy of the education industry of both countries Most recently, the signing ceremony of cooperation in education and human resource development between Vietnam and Korea took place on September 29, 2021, with the cooperation of Vietnam Entrepreneurs & Investment Association- Korea (VKBIA), VKBIA Association Joint Stock Company and VISANG Education Group in Vietnam This signing ceremony aims to meet human resources in FDI enterprises, supporting industry enterprises, manufacturing enterprises and other fields of education and training that Vietnam and Korea are in need of Accordingly, it can be seen that: Vietnam's education orientation defines a comprehensive cooperation strategy to implement joint education and training programs, develop highly qualified human resources, improve Korean language and proficiency to meet human resources working in FDI enterprises, supporting industries and manufacturing enterprises Previously, there were many educational cooperation programs between Korea and Vietnam There have been many Korean universities opening branches in Vietnam, and at 13 | P a g e International Business Lecturer: ………………… present, the national education development strategy has been, is and will focus on developing this educational cooperation relationship between the two countries Korea and Vietnam For example: Some Korean and Vietnamese universities have implemented the "Regulation on mutual recognition of grades", typically Pusan University of Foreign Languages and University of Social Sciences and Humanities of Ho Chi Minh City Students studying for years in Vietnam and years in Korea have created many advantages for students in studying and researching (State Management Review, information exploitation on December 24, 2021 on the Journal's Website) Therefore, UEF's entry into the Korean market is responding to the orientation and development strategy of the education industry of both countries Risks when UEF enters the Korean market Besides the potentials, UEF's entry into the Korean market is not without risks Specifically: 14 | P a g e International Business Lecturer: ………………… Figure 8:Challenges when UEF enters the Korean market Risks when UEF enters the Korean market Risks on education mechanism, policy and educational Risks of converting and attracting students to study cooperation from Korea (Sources: Compilation author) Accordingly, UEF's entry into the Korean market faces the following risks: Firstly, although the number of Vietnamese workers and students in Korea is very large, the conversion and attraction of Vietnamese people and students or local people to participate in Vietnamese education programs in Korea is not easy If it is not done skillfully and without a specific and methodical plan, this can completely limit the effectiveness and cause a lot of problems Secondly, when entering the education market in Korea, UEF will have to face challenges related to education mechanisms, policies and educational cooperation in Korea If not studied carefully, the effectiveness of this work can become contradictory III Strategy for UEF to enter the Korean market Entry Modes of UEF when entering the Korean market *Entry Modes of UEF when entering the Korean market UEF will enter the Korean market with joint venture (UEF holds 60%, so the initial while Daegu's initial capital is 40%) Because of a lot of reasons: Combining the resources of both universities: When entering into a joint venture, the parties can combine the resources of both parties to create favorable conditions for 15 | P a g e International Business Lecturer: ………………… business: human resources, capital, relationships, helping to implement projects quickly and conveniently Professional specialization: Each university will have its own way of operating and different professional strengths When joint ventures, these elements of expertise will selectively converge together, creating strength for the university Save costs: The joint venture helps UEF make the most of the relationships of both parties This will help UEF save costs Easily penetrate new markets: When UEF wants to exploit foreign markets, a joint venture with another university in Korea will help UEF understand the nature of the new market as well as develop a strategy suitable business From there, business activities and profits can be maximized Overview of the plan and strategy for UEF to enter the Korean market The plan and strategy for UEF to enter the Korean market were developed within the UEF Board of Directors, not looking at the relevant agencies and general plans and strategies for the entire education sector This is a plan and strategy utilized inside UEF to guide and outline particular tasks that UEF must carry out in order to join the Korean market efficiently In the plan and strategy for UEF to enter the Korean market, it is necessary to fully develop plans for: - Overall strategy: Objectives, orientations and specific plans - Financial planning - Personnel planning and human resources - Management and operation plan Specific activities implemented when UEF enters the Korean market Specific activities to be implemented when UEF enters the Korean market are summarized in four main contents of the plan Specifically: * Overall strategy including objectives, orientations and specific plans: UEF's overall strategy for entering the Korean market clearly outlines goals, orientations and specific plans to be implemented in the market entry process Specifically: Objective: Short-term goal 16 | P a g e International Business Lecturer: ………………… Entering the Korean education market Bringing Vietnamese educational culture to Korea, creating a unique educational cultural interference between Vietnam and Korea Approaching Vietnamese workers and students in Korea who want to study programs with Vietnamese identity Approaching the source of customers who are Korean students, trainees, and people who have a need to learn about Vietnamese culture and learn Vietnamese chapters Long-term goals In the next 10 years will open a UEF branch in the center of Korea Enhancing the stature of UEF to reach out to different markets around the globe In the next 20 years, UEF will become one of the top educational quality schools in Korea Orientations: Implement the master plan and in the master plan, divide into specific plans in which special focus is placed on financial, human resource and management - operation plans In each plan and strategy, the objectives, orientations, specific activities are clearly stated, along with the accompanying implementation process Orientation is based on legal documents on conditions of capital, facilities, programs and personnel from the Korean side Specific plans: Specific plans include financial plans, personnel and human resource plans and management - operation plans and other specific plans Before going into the proposal of these specific plans, it is very necessary and important to study the legal provisions on Korean education and the establishment conditions Specifically: The Korean government is loosening regulations regarding universities to improve establishment requirements It will also open the door to collaborative projects between universities and local governments It is an aspect to alleviate concerns about “local extinction” by driving innovation in higher education to technological innovation and university-focused developing regions According to relevant agencies, the Korean Ministry of Education is considering a plan to adjust the university establishment approval standards specified in the Regulation on management of university establishment (Presidential Decree) Currently, in order to be allowed to establish a university, it is necessary to meet four requirements: schools, lecturers, construction land, teachers teaching students, and profitable basic assets However, as the 17 | P a g e International Business Lecturer: ………………… development of information and communication technology (ICT) has made distance learning possible online, the government has been looking for ways to accommodate these requirements to match current trends If the plan goes through, it is expected that textbook and teacher requirements among the four main requirements will be relaxed The possibility of waiving some of the textbook requirements for fully qualified online education universities cannot be ruled out A university official said, “In the past, the institution was founded to deliver lessons by broadcasting or online to some level," a university official explained We will be able to overcome these constraints if textbook and teaching requirements are eased or eliminated.” The Korean Ministry of Education is also promoting a plan to remove regulations related to the 'Regional Innovation Project (RIS) based on cooperation with local governments and universities' on a trial basis RIS is a project that supports metropolitan cities and provinces in non-urban areas to promote core projects that will develop the region using the human and physical resources of universities However, the Department of Education is trying to come up with a solution this year, as universities, local governments and companies participating in RIS may encounter regulations related to technology and business in the region task process An official from the Ministry of Education said, “We have received around 170 billion won in RISrelated funds this year, and we will proceed with a strategy to eliminate all of them in order to increase the project's pace as RIS associated rules and regulations on a test facility for specific project sectors” *Financial plan Especially as a unit operating in the field of education, UEF's financial plan will depend on many different factors, instead of just relying on financial resources in ordinary businesses At the same time, these financial plans are implemented in accordance with the process and regulations of the educational sectors of the two countries identified The financial plan should be based on analysis reports and assessment of the investment scale of the market, to come up with specific financial plans, including specific plans for capital used, investment plans and revenue plans and expenditure planning, capital allocation * Personnel planning and human resources 18 | P a g e International Business Lecturer: ………………… The personnel and human resource plan must contain specific plans and actions to meet the regulations on personnel and human resources required by the Korean side It is feasible to establish cooperation contracts to supply individuals from both sides in order to maximize the effectiveness of the collaboration process * Management and operation plan The management and operation plan of the University is also very important It helps UEF's plan to enter the Korean market be operated according to specific steps, avoiding the implementation of instincts, without a specific management and operation process Strategy implementation process for UEF to enter the Korean market The process of strategic implementation for UEF to enter the Korean market focuses on the following main contents: (1) Planning a strategy for UEF to enter the Korean market, (2) Deploying strategic activities UEF's entry into the Korean market, (3) Checking - monitoring the implementation of the UEF strategy to enter the Korean market, and (4) Reporting on the results of the implementation of the UEF strategy to enter the Korean market Strategy implementation process for UEF to enter the Korean market Planning UEF's strategy to enter the Korean market Deploying UEF's strategy to enter the Korean market Check and supervise Report on the the process of implementation of the implementing the UEF strategy to enter UEF strategy to enter the Korean market the Korean market Figure 9:Strategy implementation process for UEF to enter the Korean market In particular, the strategic planning stage of UEF to enter the Korean market to ensure that the roadmap for entering the Korean market is properly implemented, in line with the 19 | P a g e International Business Lecturer: ………………… orientations and goals of the two countries' education industries suggest The stage of implementing the UEF strategy to enter the Korean market will carry out the specific implementation contents as suggested in section 5.2 At the same time, it is necessary to pay attention to implementing the UEF strategy to enter the Korean market in parallel with the inspection and supervision stage to avoid arising problems during the implementation process that reduce the effectiveness of the strategy implementation In addition, it is necessary to have a specific summary assessment report for each period, to draw lessons for later stages Structure STRUCTURE OF UEF IN KOREA 20 | P a g e International Business Lecturer: ………………… Main Council Principal and Vicepresident FACULITY ADMINISTRATIVE PARTY COMMITTEE AND OTHERS DEPARTMENT English Department School Office Quality Assurance center Academic Support Project Design Center Training Councils Party committee Business Administration Inspection center Department Training Department Coucil Youth Group Recruitment Council Library Room IT center Science and Training Trade Union Admissions Counseling Center Faculty of International Financial Department languages and cultures Management Business Student Cooperation Center Association Department Faculty of Law Support center Competition And Disciplinary Council Faculty of Information Technology Media Center Faculty of Economics Figure 10:Structure of the university The university will negotiate with each other to choose a Project leader , Project manager, a Project coordinators 21 | P a g e International Business • Lecturer: ………………… A project leader is a professional who directs and oversees the completion of a project The project leader will travel immediately to the university in Korea to oversee the whole project, ensuring that students and professors are successful completion of the training • program and make a pleasant and productive working atmosphere is maintained Project manager is in charge of planning and managing projects in order to guarantee that they are finished on time and on budget Project managers organize and allocate project resources, create budgets for the university, track progress, and keep stakeholders updated • throughout the process, make sure university activities run smoothly The project coordinator collaborates with members of the project team, lecturers, and students to set timetables and monitor progress to ensure that the training process is completed on time These individuals are also in charge of organizing and attending meetings, as well as planning university events Operation Step 1: Survey and identify training needs This is the most important step in the entire training program development process By determining the right needs, it will help create a training plan that is most suitable for the current situation of the business, as well as helping to save maximum costs Both schools negotiate with each other and choose a training program Step 2: Register the school's training program to the Ministry of Education and Training After both parties have reached an agreement on the content of the training program, the study time and tuition fee according to the credits must meet the general provisions of the university training regulations of the Ministry of Education and Training education and training, UEF will submit an application for approval directly to the Ministry of Education and Training to have the training program reviewed and eligible to start implementing that training program in the education system school system Step 3: Enrollment plan The school will have to make a clear enrollment plan on enrollment time, enrollment content and implementation unit Regarding implementation, departments work together to ensure material and technical foundations, service funding, quality of enrollment and admission to higher education in each year And as an international learning environment, many subjects will be entirely in English, so the candidate's entry standard must also have basic English to facilitate learning The school will also have English training courses at the beginning of the 22 | P a g e International Business Lecturer: ………………… course for candidates who not meet the foreign language requirements to create the most favorable conditions for candidates The highlight of UEF compared to other universities in Vietnam is the scholarship policy Until now, that scholarship policy is still being maintained and is the school's most powerful weapon to attract students and ensure the enrollment target set out each year With the desire to create motivation and train talents, each year, UEF always offers many scholarships to successful candidates in all enrollment methods UEF scholarships contribute to expand access to an international learning environment, enjoy quality English-focused training in the current integration context, and provide highquality human resources for the society association and country The following are the types of scholarships that will be applied to the school's enrollment plan: • Entrance scholarship: This scholarship has levels ranging from 25%, 50% and 100% of tuition fees Subjects are those who consider university entrance exam scores, transcripts or competency assessment test scores that meet the standard scores in • accordance with the scale to enjoy the above scholarship values Corporate scholarships: this is a scholarship that applies to successful candidates in trending fields of study Specifically, industries that are in line with new development trends require creativity and are focused on recruiting by many businesses With this type of scholarship, the successful candidates will receive a scholarship of 30% of the tuition fee for the entire course, provided that they have enough points for admission to those • majors Scholarship for children of education: this scholarship is applied to candidates who are children, children of teachers, leaders of high schools, officials of Departments of • Education and Training with a value of 30% of the entire course Program design There are majors in the program - Business Administration - International Business - Human Resource Management - Marketing - Logistics And Supply Chain Management - International Law 23 | P a g e International Business Lecturer: ………………… - Information Technology - English Language • Develop training programs for each major + Training time + Degree training + Admission Criteria for each major + Graduation conditions Step 4: Teaching standards, output standards and course duration Requirements for teaching organization: With the ratio of lecturers is 40% Vietnamese and 60% foreigners The selection of lecturers to meet the teaching quality of international standards is rigorous and rigorous Candidates must go through many rounds of interviews, have a lot of professional experience as well as have in-depth knowledge of the subjects they undertake Promote and ensure the professional capacity and professional responsibility of the teaching staff, in accordance with the regulations on the working regime of the lecturers, and improve the quality and effectiveness of training There is an internal inspection and monitoring mechanism and a quality improvement system based on collecting and evaluating feedback from learners Organize periodic tests every semester to assess students' learning ability as well as improve the quality of teaching better Output standards and course duration: Students must meet the standards of specialized knowledge; skill; degree of autonomy and self-responsibility through completing the required number of credits for the entire course The international environment requires output standards in foreign languages and informatics as well as an essential skill to be able to meet the job requirements and have many opportunities The output standard of English certificate is at least IELTS 6.5 and certificate of computer science The duration of the course is from four to six years of study depending on the training profession for holders of a high school diploma or an intermediate diploma; from two and a half to four years of study for holders of intermediate degrees in the same training discipline; from one and a half to two years of study for holders of college degrees in the same training discipline 24 | P a g e International Business Lecturer: ………………… C Conclusion In conclusion, this topic will summarize macro environment analysis, which will include an examination of Korea's culture, society, economy, politics, law, and technology, as well as competitor analysis UEF will also carefully examine the opportunities and challenges before entering the Korean market, as well as implementation analysis, which will include strategy, structure, operations When building a university, UEF must carefully study and consider many factors, develop a lot of useful training program, research and teaching with peer-learning to advance the professional practices of educators from around the world REFERENCES BBC (2019) “164 học viên Việt Nam ‘mất tích Hàn Quốc” BBC PGS TS Đặng Hoàng Linh (Học viện Ngoại giao) ThS Vũ Thị Kim Oanh – Trường Đại học Nguyễn Trãi (2021) Báo cáo “Đẩy mạnh kết nối, hợp tác giáo dục đào tạo Việt Nam – Hàn Quốc” Tạp chí Quản lý Nhà nước Việt Nam https://www.quanlynhanuoc.vn/2021/04/20/day-manh-ket-noi-hop-tac-giao-duc-vadao-tao-viet-nam-han-quoc/ , khai thác thông tin ngày 24 tháng 12 năm 2021 Professors review (2007) “Vietnamese-Korean cultural relationship” (Mối liên hệ văn hoá Hàn – Việt) Tạp chí Professors Review statista (2021) statista Retrieved from statista: https://www.statista.com/statistics/263701/unemployment-rate-in-south-korea/ statista (2021) statista Retrieved from statista: https://www.statista.com/statistics/377275/inflation-rate-in-south-korea/ statista (2021) statista Retrieved from https://www.statista.com/statistics/377275/inflation- rate-in-south-korea/ tradingeconomics (2020) tradingeconomics Retrieved from tradingeconomics: https://tradingeconomics.com/south-korea/gdp-per-capita-ppp#:~:text=GDP%20per %20capita%20PPP%20in%20South%20Korea%20is%20expected%20to,according%20to %20our%20econometric%20models 25 | P a g e International Business Lecturer: ………………… K2WebWizard (2009) liệu “체체체체체 체체체 체체” (Tình trạng người nước cư trú theo quốc tịch) K2WebWizard 2013 체체 체체체체체체체 (Niên giám thống kê nhập cư 2013 K2WebWizard) South Korea: Ministry of Justice, trang 262 VOA (2019) “Bộ GD&DT: 161 sinh viên Việt vắng mặt, khơng tích” VOA Truy cập 12 tháng 12 năm 2019 10 체체체체체 (2020) “체체, 체체체 체체체체 체체 체” Tạp chí điện tử Viethantimes http://www.viethantimes.com/news/articleView.html?idxno=14910 11 Website Đại Học Kinh tế - Tài TPHCM UEF: https://www.uef.edu.vn/ 12 https://vi.wikipedia.org/wiki/H%C3%A0n_Qu%E1%BB%91c 13 https://data.worldbank.org/indicator/SP.POP.TOTL?locations=KR 26 | P a g e ... for UEF to enter the Korean market Entry Modes of UEF when entering the Korean market *Entry Modes of UEF when entering the Korean market UEF will enter the Korean market with joint venture (UEF. .. when UEF enters the Korean education market in the following main idea: Potential when UEF enters the Korean market UEF' s exploitation of the Korean education market can UEF' s entry into the Korean... implementation of the UEF strategy to enter the Korean market Strategy implementation process for UEF to enter the Korean market Planning UEF' s strategy to enter the Korean market Deploying UEF' s strategy