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Bac Ninh okays $115m logistics park   2009-02-20 - VNS

Mapletree Investments Pte Ltd (Mapletree) from Singapore will develop a US$115 million logistics park in northern Bac Ninh Province’s Viet Nam-Singapore Industrial Park (VSIP Bac Ninh).

The Bac Ninh People’s Committee granted an investment licence to the company yesterday to build a 55ha logistics park. Mapletree will enjoy exclusive status in the logistics sector within the VSIP Bac Ninh for eight years from the date of land handover.

The park is expected to supply about 280,000sq.m of modern logistics space by the fourth quarter of 2011. It will include built-to-suit and multi-tenanted warehouse facilities, as well as an inland container depot.

The company hopes its project would facilitate the development of logistics services in the northern region and also attract big names in the logistics industry to the province.

The new park would be the company’s third logistics facility in Viet Nam, following two in southern Binh Duong Province. The newest park is affirmation of its efforts to service the logistics customers more effectively here, said Mapletree Chief of Investment Officer Chua Tiow Chye.

"Despite the challenging global economic conditions, Mapletree remains confident of Viet Nam’s growth potential in the long-term. We are constantly exploiting new investment opportunities in Viet Nam," he said.

Financed by State-owned Becamex IDC and Sembcorp Industrial Parks of Singapore, the 700ha VSIP Bac Ninh has so far attracted 18 domestic and foreign investors with a total registered capital of more than $300 million.

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