It covers 83 hectares in Huong Canh township and Son Loi commune in the Binh Xuyen district.

The investor of the project is the T&Y Superport Vinh Phuc joint stock company, a consortium of the T&T Group and its Singaporean partners, the YCH Group and YCH Holdings Company, according to Vietnamese media reports.

The centre’s first phase is planned to be operational in the third quarter of 2022 and Phase 2 in the fourth quarter of 2024.

This will be one of the largest logistics hubs in northern Vietnam, linking industrial zones by road and rail as well as connecting to Hanoi, the Hai Phong International Airport, and China’s Yunnan province, emphasised a representative of T&T Group.

The centre is expected to pave the way for a breakthrough in Vietnam's logistics, towards the goal of cutting logistics cost to about 16-20 per cent of the gross domestic product (GDP) and raising the ratio of the sector's contribution to the GDP to 5-6 per cent by 2025.

According to the World Bank’s 2020 data, logistics cost in Vietnam was about 20.9-25 per cent of the GDP. Meanwhile, the figures for Thailand, Malaysia, and Singapore were 19 per cent, 13 per cent and 8 per cent respectively.

Fibre2Fashion News Desk (DS)