The South Korean Ministry of Ocean and Fisheries announced the investment in the logistics center which aims to help South Korean small- and medium-sized businesses wishing to operate in Vietnam. The facility features 12,000 square meters of warehouse space with a storage capacity of 4.3 million pallets of goods. South Korean companies will receive discounts to use the facility.
South Korea's Ministry of Oceans and Fisheries has recently unveiled an intention to invest $14 million to build a logistics center in Vietnam aimed at supporting South Korean small- and medium-sized enterprises (SMEs) operating in Vietnam. Oceans Minister Kang Do-hyung highlighted that the center's opening will significantly enhance the export competitiveness of South Korean firms in Southeast Asia. Moreover, South Korean SMEs stand to benefit from exclusive discounts of approximately 10-15%, making this investment not only financially rewarding but also aligned with the broader economic goals of the Korean government.
The logistics warehouse will be situated in the dynamic Dong Nai region, the K-UPA logistics center is strategically positioned to cater to the growing demands of South Korean SMEs. It will have state-of-the-art facilities, including storage options at room or low temperatures. The center is poised to become a pivotal hub for international trade and boost economic ties between South Korea and Vietnam.
The Ministry of Oceans and Fisheries has partnered with the Ulsan Port Authority and a leading South Korean logistics firm, Korea Container Terminal Corporation ("KCTC"). This formidable alliance brings together governmental support, port infrastructure expertise, and the proven track record of KCTC, making long-term success likely for the project. The Ulsan Port Authority holds an 80% stake in the project and KCTC's Vietnamese subsidiary retains 20%
With an estimated capital commitment of $14.3 million, the K-UPA logistics center will cover 12,000 square meters of prime warehouse space, and offer a substantial storage capacity of 4.3 million pallets of goods. The K-UPA logistics center is set to commence preliminary operations in December 2024, with full-service operations scheduled to kick off by July 2025.
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