SELECT 
  IF(
    cscart_ult_language_values.value IS NULL, 
    lang.value, cscart_ult_language_values.value
  ) as value 
FROM 
  cscart_language_values lang 
  LEFT JOIN cscart_ult_language_values ON cscart_ult_language_values.name = lang.name 
  AND company_id = 1 
  AND cscart_ult_language_values.lang_code = lang.lang_code 
WHERE 
  lang.lang_code = 'vi' 
  AND lang.name = 'state_field_required_only_for_countries_with_regions'

Query time 0.00055

JSON explain

{
  "query_block": {
    "select_id": 1,
    "table": {
      "table_name": "cscart_ult_language_values",
      "access_type": "system",
      "possible_keys": ["PRIMARY"],
      "rows": 0,
      "filtered": 0,
      "const_row_not_found": true
    },
    "table": {
      "table_name": "lang",
      "access_type": "const",
      "possible_keys": ["PRIMARY"],
      "key": "PRIMARY",
      "key_length": "392",
      "used_key_parts": ["lang_code", "name"],
      "ref": ["const", "const"],
      "rows": 1,
      "filtered": 100
    }
  }
}