As part of last week’s 2020 ASEAN Regional Conference that was held in Hanoi, Vietnamese Prime Minister Nguyen Xuan Phuc and Singaporean Prime Minister Lee Hsien Loong launched the ASEAN Smart Logistics Network (ASLN).
As a component of the ASLN, the Vinh Phuc Inland Container Depot (ICD) and logistics center was granted an investment license on the same day that the ASLN was launched. The project is located in Vinh Phuc province and has been developed by Vietnam’s T&T Group and Singapore’s YCH Group. It is expected to be one of the largest logistic centers in the north of Vietnam with funding of $163 million USD.
Speaking at the launch ceremony, Vietnamese Prime Minister Nguyen said, ““This is a meaningful project, and it’s a manifestation of a cohesive and responsive ASEAN,” while Singaporean Prime Minister Lee said the superport was the largest logistics project launched by a Singaporean company in Vietnam.
Prime Minister Lee said that the new superport is an important infrastructure support for Vietnam's growing exports.
He 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.”
The project has been designed to complement ASEAN economic integration efforts and fit in with multiple ASEAN initiatives including the master plan on ASEAN connectivity 2025, the ASEAN Smart Cities network, and the initiative for ASEAN integration.
Prime Minister Lee also said in his prepared remarks that Vietnam enjoyed strong and thriving business links and that "Singapore was the top ASEAN investor in Vietnam last year, with bilateral trade increasing almost 10% year-on-year."
Robert Yap, Chairman of YCH Group Singapore, said that the project is a multi-model logistics and transportation project that will connect air travel, railways and roads and provide connections between China’s Yunan City with Hanoi and the Hai Phong International Port.
The Vinh Phuc ICD Logistics Center is located on 87 ha of land in Binh Xuyen District. It is the connecting point of 20 industrial parks in the province and neighboring localities and will provide international level logistical services connecting ASEAN markets with the rest of the world.