French logistics and transport company FM Logistic broke ground Wednesday on a $30 million warehouse and distribution center in Bac Ninh, 20 kilometers outside Hanoi, to tap into the growing outsourced logistics market in Vietnam.
Once completed, the multi-client facility will employ about 300 people and provide 560,000 square feet of storage space for up to 70,000 pallets. Completion of the first phase is expected in the spring of 2020.
FM Logistic said Vietnam has one of the world’s fastest growing economies, with GDP growth of 7 percent of 2018. The increase in domestic manufacturing, rise in wages and consumption, a young population and booming e-commerce also are driving the Vietnamese logistics market, which FM Logistic said presents opportunity for international 3PL companies providing value-added logistics services and last-mile delivery.
“The Bac Ninh warehouse and distribution center will support the development of food, retail, FMCG, industrial and cosmetics companies on the booming Vietnamese market. It will also increase FM Logistic’s warehousing space in Vietnam almost tenfold, at a moment when Class A warehousing is in high demand. This testifies to our commitment to investing in Vietnam,” said Hamza Harti, FM Logistic’s country managing director for Vietnam.
Maersk sells shares in French oil company Total
Maersk, which has been reducing its holdings in Total over the past year, says it sold shares worth about $1 billion.
a month ago