Witnessed online by Prime Minister Nguyen Xuan Phuc and his Singaporean counterpart Lee Hsien Loong, the construction of Vinh Phuc ICD Logistics Center (SuperPort), the cornerstone of the ASEAN Smart Logistics Network (ASLN), kicked off on November 14.
Delegates at the ground breaking ceremony of the project on November 14. Photo: VGP
As part of the recently-concluded 37th ASEAN Summit and related Summits, the ground breaking ceremony of the project, jointly invested by YCH Holdings (Singapore) and T&T Group (Vietnam), was held in the northern province of Vinh Phuc.
Addressing the event, PM Phuc highlighted this is an evidence of ASEAN’s cohesive and responsive spirit. At the 37th ASEAN Summit, ASEAN leaders agreed that the bloc needs to continue containing the Covid-19 pandemic while ensuring safety for citizens and recovering production through consolidating the sustainability of supply chain and guaranteeing the flow of goods and services, he said.
The SuperPort project is considered another contributor to ASEAN's cooperation and Vietnam-Singapore friendship.
Prime Minister Nguyen Xuan Phuc addresses the event on November 14. Photo: VGP
Singapore is Vietnam’s third biggest foreign investor after South Korea and Japan, PM Phuc added. The event was also to welcome the signing of Regional Comprehensive Economic Partnership (RCEP) on November 15.
For his part, Singaporean PM Lee Hsien Loong spoke highly of the strong business-to-business partnership between Vietnam and Singapore in general and the joint efforts made by T&T Group and YCH Holdings to implement the project despite the Covid-19 pandemic.
SuperPort is the biggest logistics project invested by a Singaporean firm in the country, and will enhance Vietnam’s logistics infrastructure and the local export industry as well as materialize the goal of achieving sustainable development.
Being invested with an estimated US$166.3 million by T&T Group of Vietnam and two Singaporean partners (YCH Group Pte Ltd and YCH Holdings), the center will serve as a transshipment hub for import – export in the Hanoi-Lao Cai economic corridor and trade with China via the Lao Cai border gate. It will also act as an inland container depot and provides customs clearance services for exports and imports.
This is one of the pioneering logistics projects which will help strengthen the supply chain in the region and support the bloc’s economic integration progress, PM Lee said.
According to the Vietnam Logistics Business Association (VLBA), the country’s logistics sector grows by around 14-16% annually, with the market size of US$20-22 billion, accounting for 20.9% of GDP. There are about more than 4,000 logistics companies in Vietnam, mainly in Hanoi and Ho Chi Minh City.