SEA Logistic Partners (SLP), a Southeast Asia-focused industrial and logistics facility development and operation platform and a joint venture with GLP, has broken ground on SLP Park Haiphong, its first logistic development in Vietnam and Southeast Asia.
Upon completion, SLP Park Haiphong will feature six single-story warehouses with a building area of 88,810 square metres and land area of 190,100sq.m. The first phase of the development includes three single-story warehouses with a total building area of 47,560sq.m and land area of 100,000sq.m and is expected to deliver in the second quarter of 2022.
The new development is strategically located in Dinh Vu-Cat Hai Economic Zone of Haiphong city, the largest coastal economic and transportation hub in the northern region of Vietnam. Haiphong Port is the second-largest seaport in Vietnam, the largest seaport in Northern Vietnam, and is within 1.5 hours from Hanoi and other major industrial clusters, which allows it to serve increasing demand in port-related logistics as well as import and export-related distribution.
“This groundbreaking represents the beginning of our long-term commitment to the Vietnamese market. We launched SLP to create world-class industrial and logistic infrastructure in Southeast Asia and support the region’s economic development. We look forward to working with local partners and the government to contribute to Vietnam’s modern logistic infrastructure,” said Kent Yang, a founding partner of SLP.
Since entering Vietnam in October 2020 through a joint venture with GLP, SLP has acquired five development sites with a total land area of close to 700,000sq.m and expanded the team to more than 20 team members. Over the next three to four years, the joint venture aims to invest approximately $1 billion to build a 1 to 1.5 million sq.m modern logistics real estate platform in Vietnam.
It will initially focus on the two largest markets in the country, Greater Hanoi and Ho Chi Minh City and its nearby provinces and will be able to leverage GLP’s fund management, development and operational expertise, and resources and extensive global customer network. SLP is committed to be a leading responsible developer and a pioneer of Environmental, Social and Governance (ESG) efforts in Vietnam.
The northern provinces are stepping up the construction of industrial zones to attract foreign investment. Bac Giang People’s Committee approved the construction zoning planning of four industrial zones (IZs) in order to welcome investors who are looking to invest in the province.