HCMC to build first logistics center in 2023
Ho Chi Minh City, Vietnam’s southern economic hub, will construct its first logistics center among the planned seven next year, the city's department of industry and trade director Bui Ta Hoang Vu said Thursday.
Vu was answering a question about the city’s logistics development plans at a People's Council meeting.
He added that the process for a planned logistics center in HCMC’s Saigon Hi-Tech Park was at the eighth stage of the 12 steps needed. He did not give further details about these steps, or the center’s scale and location.
According to logistics facility developers, building a standardized logistics center requires huge investment and a large site, up to dozens of hectares. Such a hub needs goods transportation and distribution services, and areas for customs, tax and inspection procedures to provide fully integrated services.
Legal steps are another challenge. The entire process must go through 12 time-consuming steps, including working out a detailed project plan (detail ratio: 1/500), having it appraised and approved, completing land-related legal procedures, and conducting a pre-feasibility study and a feasibility study.
Long An International Port in Long An province bordering Ho Chi Minh City, southern Vietnam. Photo courtesy of the port.
In Long An province bordering HCMC, Singapore-based integrated logistics and supply chain developer YCH Group and Vietnam’s T&T Group will jointly build Phuoc Vinh Dong Logistics Area Project in Can Giuoc district. The duo signed a memorandum of understanding to carry out the project in February but have not yet broken ground.
The 71.2-hectare project site is in the proximity of Long An International Port and HCMC’s Hiep Phuoc Port.
YCH said Phuoc Vinh Dong would support the duo’s integrated logistics hub Vietnam SuperPort they are constructing in Vinh Phuc province near Hanoi in the north. It will cost $200 million or more to build.
Vietnam Airlines, Vietnam Railways Corp., and Vietnam Maritimes Corp. have signed MoUs with the duo’s joint venture T&Y SuperPort Vinh Phuc for air, railroad and maritime connectivity with the Vinh Phuc logistics hub.
- Related News
- Read More
ASEAN Future Forum 2024 looks to ensure comprehensive security for community
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
Southeast Asia - Wed, April 24, 2024 | 10:19 pm GMT+7
Rail connects Vientiane, China's Guizhou province
The Guiyang-Laos tourist train will be launched on May 8, signifying a pivotal step in boosting tourism and cultural ties between China and Southeast Asia.
Southeast Asia - Wed, April 24, 2024 | 10:18 pm GMT+7
Vinhomes targets after-tax profit of $1.38 bln in 2024 as market warms up
Vinhomes, a major housing developer under private conglomerate Vingroup, targets to earn an after-tax profit of VND35 trillion ($1.38 billion) this year, up 4.4% year-on-year, given more positive signals from the local real estate market.
Companies - Wed, April 24, 2024 | 10:13 pm GMT+7
Vinh Phuc province officials disciplined for investment project violations
Dozens of officials in Vinh Phuc province have faced disciplinary actions by the Central Inspection Committee for violations related to investment projects.
Politics - Wed, April 24, 2024 | 8:19 pm GMT+7
Former chairmen of An Giang, Soc Trang provinces face disciplinary action
Former chairman of An Giang province Vuong Binh Thanh received a warning from the Central Inspection Committee for his violations, while former chairman of Soc Trang province Tran Van Chuyen was reprimanded.
Politics - Wed, April 24, 2024 | 7:05 pm GMT+7
Mitsubishi taps Vietnam market with $1.8 mln investment in food importer Homefarm
Mitsubishi Shokunin, the food arm of Japanese keiretsu Mitsubishi, has invested VND45 billion ($1.8 million) in Homefarm, a Vietnamese food import start-up, the firm said.
Companies - Wed, April 24, 2024 | 4:45 pm GMT+7
No Vinhomes funding for VinFast: CEO
Vinhomes CEO Nguyen Thu Hang says the residential property development arm of Vietnam’s private conglomerate Vingroup has not provided financing for other companies in the group’s ecosystem, including EV-maker VinFast.
Companies - Wed, April 24, 2024 | 4:37 pm GMT+7
Japan's Vsun Solar begins commercial operations of 4GW silicon wafer plant in Vietnam
Tokyo-headquartered Vsun Solar has commenced commercial production at its 4-gigawatt silicon wafer plant in Vietnam.
Industries - Wed, April 24, 2024 | 3:39 pm GMT+7
Thailand’s Super Energy told to complete paperwork first, construct wind power project later
Super Wind Energy Congly Bac Lieu JSC, under Thailand’s renewable energy developer Super Energy, is looking to restart its 141-MW Bac Lieu wind power plant phase III in Vietnam’s Mekong Delta province of Bac Lieu.
Energy - Wed, April 24, 2024 | 3:32 pm GMT+7
Standard Chartered revises down Vietnam GDP growth forecast to 6%
Standard Chartered Bank has lowered Vietnam's 2024 GDP growth forecast to 6% from 6.7% in January due to lower-than-expected Q1 growth and global trade headwinds.
Economy - Wed, April 24, 2024 | 3:03 pm GMT+7
TPBank targets after-tax profit of $295 mln in 2024
Private Vietnamese lender TPBank targets to earn VND7.5 trillion ($294.75 million) in after-tax profit this year, according to CEO Nguyen Hung.
Banking - Wed, April 24, 2024 | 1:09 pm GMT+7
Sumitomo Mitsui-invested VPBank plans to merge with ailing lender
Hanoi-based VPBank, the biggest private lender by charter capital in Vietnam, will ask for shareholders’ approval to proceed with a plan to acquire a weak bank following a request by the State Bank of Vietnam (SBV).
Banking - Wed, April 24, 2024 | 11:18 am GMT+7
Man arrested after 7 workers die in cement crusher accident
Tran Manh Hung, 44, has been accused of violating labor safety regulations in an accident that killed seven people and injured three others at a Yen Bai province-based cement factory in northern Vietnam.
Society - Wed, April 24, 2024 | 10:12 am GMT+7
Jewelry mogul Doji expands investment portfolio beyond gold
Doji Gold & Gems Group JSC, Vietnam’s leading jewelry maker, has expanded its investment portfolio, ranging from its pillar arm of gold and silver to finance, banking, and real estate.
Companies - Wed, April 24, 2024 | 9:42 am GMT+7
Increased US imports propels Vietnam wood industry growth
Export of wood and wood products reached $3.5 billion in the first three months of 2024, dominated by the U.S. with $1.9 billion, up more than 36.4% year-on-year.
Economy - Wed, April 24, 2024 | 8:09 am GMT+7
Vincom Retail to retain name, new shareholders to boost company growth: AGM
Vincom Retail leaders said Tuesday that the company does not intend to change its name for now and that it will benefit from the extensive operating experience of new shareholders.
Companies - Tue, April 23, 2024 | 10:40 pm GMT+7
