Idec Group Asia Vietnam, a subsidiary of France’s Asia-focused industrial real estate developer Idec Group Asia, kicked off the construction of a $51.3 million logistics and industrial warehouse in Bac Ninh province on Wednesday.
The 12-hectare project, the first of Idec Group Asia in Vietnam, is set to offer 70 hectares for lease or sale. It will provide a grade-A warehouse per European standards, such as a floor loading capacity of five tons per square meter, fire protection per NFPA standards, and a clear height of 10.9 meters.
The project, named Horizon Park and also the first of many in Vietnam, also offers solar power for some parts of the facility, according to the firm. The warehouse has a prime location of 22 kilometers from Noi Bai International Airport and between 100 and 120 kilometers away from two main seaports in the country's northern region.
The project is scheduled for completion in 2025, serving the growing demand of investors and businesses in the northern province, especially in the industrial and supporting industry sectors.
Bac Ninh, home to two Samsung factories and an Amkor plant, is among the biggest industrial hubs in Vietnam. In the first 11 months of this year, the province attracted foreign direct investment (FDI) of $1.62 billion, down 20.6% year-on-year, according to the Ministry of Planning and Investment.
Bac Ninh’s index of industrial production (IIP) fell 5.73% year-on-year in November and 12.23% in January-November, the worst decrease in the last five years, according to provincial data.