14TH NATIONAL CONGRESS OF THE COMMUNIST PARTY OF VIETNAM

Singapore, Vietnam launch ASEAN Smart Logistics Network

Nhat Minh

Nov 16, 2020 / 02:24 PM

The latest SuperPort project is considered a contributor to cooperation in ASEAN and the Vietnam-Singapore friendship.

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.

Vietnam logistics property may grow faster compared to SE Asian peers

15 Oct, 08:46

Glenn Hughes, head of LOGOS Vietnam Logistics Venture, told Hanoitimes about his company's opportunities and plan to contribute to the modernization of Vietnam's logistics property sector.

Singapore’s YCH to start construction of world-class logistics center in Vietnam

18 Oct, 18:25

With an advantage of geographical location and adequate infrastructure, the center is expected to become a focal point facilitating the global supply chain among Vietnam, ASEAN, regional and international markets, said YCH’s CEO Robert Yap.

Vietnam to tax crypto asset transfers at 0.1%

This approach mirrors the current tax calculation applied to securities transactions.

05 Feb, 04:53 PM

Hanoi craft exhibition showcases Tet goods as shopping demand rises

Featuring 100 booths, the exhibition brings together artisans and businesses from Hanoi and neighboring provinces, presenting handicrafts, gifts, decorations and specialty foods, while promoting craft villages and stimulating consumption ahead of the 2026 New Year.

05 Feb, 01:14 PM

Vietnam establishes support body for International Financial Center Council

Beyond internal coordination, the support body undertakes international cooperation, information and communication activities.

05 Feb, 01:04 PM

Hanoi draws US$102 million in foreign direct investment during January

Strong investor activity continued in the capital at the start of the year, as a mix of new projects, capital adjustments and share acquisitions helped reinforce Hanoi’s role in sustaining Vietnam’s positive foreign investment trend.

04 Feb, 10:22 PM

Vietnam pushes rural e-commerce expansion to narrow digital divide nationwide

As Vietnam’s e-commerce market accelerates, attention is shifting toward how national policies and platform-led initiatives can help smaller localities overcome structural barriers, bringing digital trade opportunities to mountainous, border and rural communities.

04 Feb, 09:22 PM