Deputy Prime Minister Trinh Dinh Dung on October 18 received Robert Yap, Executive Chairman of YCH Group - a leading Singaporean logistics enterprise which intends to invest in developing a logistics centre in Vietnam.

Deputy Prime Minister Trinh Dinh Dung (R) shakes hands
with Robert Yap, Executive Chairman of YCH Group

According to Robert, after Vietnamese Prime Minister Nguyen Xuan Phuc’s visit to Singapore 2018, the group decided to enter into a joint venture with T&T Group of Vietnam to develop an international logistics centre and an inland port in the northern province of Vinh Phuc.

The construction of the centre will begin in the third quarter of 2020, he said, adding it is hoped to create a connection point for the circulation of commodity supply chain between Vietnam and ASEAN, and regional and international markets.

Apart from providing the most modern logistics services, the centre will organize training programmes in logistics, he noted.

For his part, Deputy PM Dung applauded the investment cooperation project between YCH and T&T, saying that this is a specific manifestation of the Vietnam - Singapore strategic partnership.

Vietnam's goal is to build a complete transport infrastructure system, thus forming large logistics service centres at the international level, in order to reduce costs for enterprises and improve the quality and competitiveness of products, goods and the whole economy, he said.

Deputy PM Dung proposed the two firms to closely coordinate in order to soon complete the preparation for the construction of the project.

Singapore is now the third largest foreign investor and one of the most important trade partners of Vietnam. It is also a country with leading logistics industry in Asia.