BUSAN — As the restructuring of global supply chains drives demand for more diverse production bases, the Busan-Jinhae Free Economic Zone Authority has begun courting Korean companies operating in Vietnam to relocate home or make new investments.
The authority said on the 15th that it held an investment briefing in Ho Chi Minh City the previous day for about 20 Korean companies based in Vietnam. With members of the Busan-Gyeongnam Investment Companies Association in Vietnam in attendance, the agency presented the zone's industrial sites and logistics base, investment incentives and support programs for companies returning to Korea.
The briefing was designed to secure companies early as they consider reshaping production bases in response to geopolitical uncertainty and swings in logistics and production costs. The agency targeted not only companies moving all overseas production facilities back to Korea, but also those shifting part of their manufacturing operations or setting up an additional base at home.
The authority highlighted the locational advantages of the zone, where the Busan New Port, industrial complexes and hinterland sites are clustered together, and held consultations tailored to each company's investment plans. It also explained practical requirements in the investment process, including securing sites, investment subsidies, tax and financial support, and procedures for permits and consultations with relevant agencies. The agency shared cases of companies that have returned and invested in Korea, and gauged potential investment demand through individual consultations and networking.
"Backed by the logistics and industrial infrastructure centered on the Busan New Port, we will actively support the return and new investments of Korean companies operating in Vietnam," said Park Sung-ho, commissioner of the authority. "Through support tailored to each company's investment plan, we will turn this into tangible investment results."