“Super Port” Vinh Phuc has an investment capital of 200 million USD, with a designed cargo capacity of about 530,000 TEUs, will be Vietnam’s new logistics center, applying the most advanced technology in Asia.
Vinh Phuc ICD Logistics Center
The project was officially launched on November 14, 2020, by Prime Minister Nguyen Xuan Phuc and Singapore Prime Minister Ly Hien Long, assigned to the joint venture of T&T Group (Vietnam) and YCH Holdings (Singapore) as an investor, with a scale of more than 83 hectares, and a total investment of up to 200 million USD, with a designed cargo capacity of about 530,000 TEU.
According to many experts, high logistics costs are one of the major barriers affecting the competitiveness of the Vietnamese economy in general and businesses in particular.
“Currently logistics costs account for about 17% of GDP, equivalent to about 42 billion USD, contributing about 4% to GDP. The high cost of logistics directly affects the competitiveness of the supply chain” – Mr. Do Quang Hien, Chairman and General Director of T&T Group – Co-investor of Vinh Phuc ICD Logistics Center project shared.
Expected to become an important link to help reduce import and export costs, the appearance of the “super port” – ICD Vinh Phuc Logistics Center will increase Vietnam’s competitiveness in the Asian and world markets.
Kick off the ASEAN Smart Logistics network
Applying 4.0 technology, smart logistics infrastructure will help to removing bottlenecks in time and transport pressure; thereby optimizing supply chain costs in each ASEAN member country and improving supply chain speed and reliability in each country in the region. Vinh Phuc ICD Logistics Center is the realization of the idea of a regional smart logistics connection chain proposed by Dr. Robert Yap (Executive Chairman of YCH Group).
Hopefully this will be the “launch pad” for the economies of Vietnam, Singapore and ASEAN countries to “take off” in the near future.
Source: Vietnam Economic Times VnEconomy