Vietnamese Prime Minister Nguyen Xuan Phuc and Singaporean Prime Minister Lee Hsien Loong launched the ASEAN Smart Logistics Network on Saturday.
The Vinh Phuc inland container depot and logistics centre was granted an investment licence the same day.
The project, located in the northern province of Vinh Phuc, has been developed by Vietnam’s T&T Group and Singapore’s YCH Group. It is expected to be one of the largest logistic centres in the north of Vietnam with funding of more than $163 million.
Phuc said: “This is a meaningful project, and it’s a manifestation of a cohesive and responsive ASEAN.”
Speaking at the launch ceremony, Singaporean Prime Minister Lee said the “superport” was the largest logistics project launched by a Singaporean company in Vietnam.
It would provide crucial infrastructure support for Vietnam’s growing exports, while contributing to Industry 4.0 and the country’s human resource development goals.
Lee said: “The superport will be one of our flagship B2B projects under the ASEAN smart logistics network initiative. It will strengthen logistics and supply chain connectivity in the region, and explore technology to the fullest.”
It will complement ASEAN economic integration efforts and fit in with existing initiatives like the master plan on ASEAN connectivity 2025, the ASEAN Smart Cities network, and the initiative for ASEAN integration.
Lee said Singapore and Vietnam enjoyed strong and thriving business links.
“Singapore was the top ASEAN investor in Vietnam last year, with bilateral trade increasing almost 10 per cent year-on-year,” he said.
Robert Yap, chairman of YCH Group Singapore, said the project was a multi-model transportation effort connecting railways, roads and air travel. It also linked road and air connections between China’s Yunnan with Hanoi and Hai Phong International Port in Vietnam.
The Vinh Phuc ICD Logistics Centre will provide logistical services at an international level, bringing down costs over the next five to 15 years while connecting ASEAN markets with the rest of the world.
Le Duy Thanh, chairman of Vinh Phuc province’s People’s Committee, said: “Once the project is put into operation, it will help enterprises improve competitiveness, shorten transportation times and reduce costs, opening opportunities for not only Vinh Phuc but also ASEAN countries.”
“The centre is located on 87ha in Binh Xuyen district. It is the connecting point of 20 industrial parks in the province and neighbouring localities,” he said.
Viet Nam News/ ASIA NEWS NETWORK