From left to right: Chairman of the Viet Nam Chamber of Commerce and Industry Vu Tien Loc, Deputy Chairman of the Government Office Nguyen Xuan Thanh, Secretary of the Vinh Phuc Provincial Party Committee Hoang Thi Thuy Lan, Deputy Prime Minister and Foreign Minister Pham Binh Minh, Prime Minister Nguyen Xuan Phuc, Minister of Trade and Industry Tran Tuan Anh, Chairman cum General Director of T&T Group Do Quang Hien, Singaporean Ambassador to Viet Nam Catherine Wong, and Executive Chairman of YCH Group Robert Yap at the launching ceremony, Ha Noi, November 14, 2020. Photo: VGP
The leaders also witnessed the introduction of the first project - Vinh Phuc ICD Logistic Center (SuperPort) in the northern province of Vinh Phuc, jointly invested by T&T Group (Viet Nam) and YCH Holdings (Singapore).
Addressing the event, PM Phuc highlighted this is an evidence of ASEAN’s cohesive and responsive spirit.
At the 37th ASEAN Summit, ASEAN leaders agreed the bloc needs to continue containing the Covid-19 pandemic while ensuring safety for citizens and recovering production through consolidating the sustainability of supply chain and movement of goods and services, Phuc said.
Singapore is Viet Nam’s third biggest foreign investor after the Republic of Korea and Japan while the two-way trade rose by 10% per year.
For his part, Singaporean PM Lee Hsien Loong commended the strong business-to-business partnership between Viet Nam and Singapore in general and the joint efforts made by T&T Group and YCH Holdings to implement the first project despite the Covid-19 pandemic.
This is one of the first logistics projects which will help strengthen supply chain in the region and support the bloc’s economic integration progress.
According to the Viet Nam Logistics Business Association (VLBA), the country’s logistics sector grew by around 14-16% annually, with the market size of US$20-22 billion, accounting for 20.9% GDP.
There are about more than 4,000 logistics companies in Viet Nam, said.
In 2018, Viet Nam ranked 39th out of 160 countries on the World Bank’s Logistics Performance Index, and third in ASEAN after Singapore and Thailand./.
By Thuy Dung