Work begins on Mitsubishi Estate’s $55 mln logistics facility in northern Vietnam
Logistics facility brand Logicross, under Japan’s Mitsubishi Estate, kicked off the construction of its Logicross Hai Phong ready-built warehouse in Vietnam’s northern city of Hai Phong on Tuesday.
With an investment of $55 million, the 15.1-hectare project can offer 8.6 hectares of ready-built warehouse and is set to enter operation in the third quarter of 2025.
Located in Nam Dinh Vu Industrial Park of Hai Phong city, the project can become a key logistics hub in Vietnam’s northern region.
Logicross holds a groundbreaking ceremony for its Logicross Hai Phong in Hai Phong city, northern Vietnam, November 19, 2024. Photo courtesy of Hai Phong news portal.
The facility also meets EDGE Advanced requirements to optimize the logistics costs of tenants and reduce environmental impacts.
Speaking at the groundbreaking ceremony, Mitsubishi Estate Vietnam CEO Takashi Kagamoto said Hai Phong’s growing foreign direct investment (FDI) attraction is pushing the logistics demand in the city and prompting Logicross’ investments.
In October, Mitsubishi Estate said the company would invest $90 million in two large-scale logistics facilities under its Logicross brand. The first one, Logicross Nam Thuan in the Mekong Delta province of Long An, began construction last month. It is also the first overseas development of Logicross.
Registered foreign direct investment (FDI) in Vietnam totaled $27.26 billion in the first 10 months of this year, up 1.9% year-on-year, according to the Ministry of Planning and Investment. Hai Phong ranked fourth among all localities with $1.84 billion.
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