A US$14 million joint venture between Singaporean and Vietnamese firms was signed Thursday for a logistics center in the southern province of Binh Duong.
The center - to be located in Thuan An District of Binh Duong - is a JV between YCH Logistics and Supply Chain Management of Singapore and the state-owned Binh Duong import-export and manufacturing firm (Protrade).
The 6.9 hectare JV - 20km away from the southern hub Ho Chi Minh City - will start operating in the first quarter next year.
Vice chairman of the Binh Duong People's Committee, Le Thanh Cung, said the project is suitable for the development plan of the province.
Once operational, the center will help improve the local logistics industry and increase the competitiveness of logistics companies, he added.