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

Query time 0.00014

JSON explain

{
  "query_block": {
    "select_id": 1,
    "nested_loop": [
      {
        "table": {
          "table_name": "vi_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
        }
      }
    ]
  }
}