The study looked at why small companies investing in Vietnam decide to invest in Myanmar later on. Companies that focused on markets and networks were more likely to make this conversion investment. Improving non-financial performance through the first investment also played a role. However, having good internal information did not directly lead to choosing Myanmar for further investment. Overall, companies tended to make stable, performance-based decisions for sequential investments. To support small companies investing overseas, it's important to confirm success with the first investment, improve market response, and build strong networks.