IFC supports development of Vinh Phuc ICD Logistics Centre
Vietnam’s T&T Group and Singapore’s YCH Group have inked a deal with the International Finance Corporation (IFC) on project development to attract capital funding for their inland container depot (ICD) logistics centre in northern Vinh Phuc province.
A graphic design of the Vinh Phuc ICD Logistics Centre (Source: vietnamnet.vn)
Hanoi (VNA) – Vietnam’s T&T Group and Singapore’s YCH Group haveinked a deal with the International Finance Corporation (IFC) on project developmentto attract capital funding for their inland container depot (ICD) logisticscentre in northern Vinh Phuc province.
Underthis agreement, IFC - a member of the World Bank Group, exclusively entrustedby T&T and YCH, will arrange a funding package that can be worth up to 75percent of the total investment in the Vinh Phuc ICD Logistics Centre, the first super-port project of theASEAN Smart Logistics Network (ASLN). This package may include aloan from IFC and others that IFC mobilises from other sources.
DoQuang Hien, Chairman and General Director of T&T Group, said the cooperationwith IFC will help his firm and YCH access international financial sources andmake use of valuable consultancy and experience of one of the world’s leadingfinancial organisations to speed up the project.
Henoted that once completed, the centre will help reduce commercial cost, fueltrade growth, and develop Vietnam’s logistics sector to the world level.
Representatives of T&T, YCH, and IFC sign the agreement virtually on February 16. (Source: vietnamnet.vn)
RobertYap, Executive Chairman of YCH Group, said the partnership with IFC will helpmobilise financial solutions for the Vinh Phuc ICD Logistics Centre to keep upwith the ASLN development.
Meanwhile, IFC’sparticipation in this project right from the design stage will help ensure thisproject meet the highest international standards on the environment, society,governance, and climate friendliness so as to attract international funding, accordingto Alfonso Garcia Mora, IFC Regional Vice President for Asia and Pacific.
Headded the project will not only help improve the local logistics sector but alsobecome a role model for application in other markets in the region, thushelping improve the logistics capacity in ASEAN.
T&Tand YCH started work on the Vinh Phuc centre on December 23. The project coversover 83ha in Huong Canh township and Son Loi commune of Binh Xuyen district. Featuring functions of both adistribution centre and an ICD, it has a total investment of some 200million USD and is designed to handle about 530,000 TEUs per year./.
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A graphic design of the Vinh Phuc ICD Logistics Centre (Source: vietnamnet.vn) 
Representatives of T&T, YCH, and IFC sign the agreement virtually on February 16. (Source: vietnamnet.vn) 
