Boosting Cooperation with YCH Group in Logistics Human Resources Training, Innovation Center

10:00:22 AM | 9/25/2023

The Vinh Phuc Provincial People’s Committee and YCH Group Pte Ltd (Singapore) recently signed a memorandum of understanding (MoU) on training Vietnamese interns in the supply and logistics chain and conducting joint research on the establishment of an innovation center in Vinh Phuc province.

An MoU signed between Vinh Phuc Provincial People’s Committee and YCH Group

The MoU was signed at the 17th Vietnam-Singapore Connectivity Ministerial Meeting (CMM), which took place on August 27 during the official visit of Singapore Prime Minister Lee Hsien Loong to Vietnam from August 27 to 29. The event was held to commemorate the 50th anniversary of diplomatic relations and the 10th anniversary of the Vietnam-Singapore Strategic Partnership.

YCH Group Pte Ltd will cooperate in training Vietnamese interns in the supply and logistics chain in Vietnam and Singapore through the Internship Program under the Vietnam SuperPort Project; conduct joint research on the establishment of an innovation center in Vinh Phuc province; collaborate with vocational training schools in the province for students with relevant training majors to participate in internships at the ICD Vinh Phuc Logistics Center. The MoU was signed and implemented based on principles consistent with the scope of functions and tasks of each party, legal regulations of each country and international treaties to which each country is a signatory.

ICD Vinh Phuc Logistics Center is a “super” project invested by T&Y Superport Vinh Phuc Joint Stock Company (a joint venture between T&T Group of Vietnam and YCH Group of Singapore). This is considered a key project between Vietnam and Singapore and was initiated by the Vietnamese and Singapore prime ministers in 2021, expected to become the first “superport” of the Southeast Asia smart logistics network. Once completed, this will be one of the largest logistics centers in northern Vietnam, connected with industrial parks by road and rail and linked to Noi Bai International Airport (Hanoi), Cat Bi International Airport (Hai Phong) and Yunnan Province of China. This project is expected to create breakthroughs for Vietnam’s logistics industry, reduce logistics costs to 16% of GDP by 2025, increase logistics services to 5-6% of GDP, and boost logistics services growth to 15-20%. At the same time, the project will help connect Vinh Phuc with ASEAN countries and the world.

According to leaders of Vinh Phuc province, as an industrially developed province with many FDI enterprises, Vinh Phuc has a huge demand for freight transportation. Therefore, to meet the demand of local companies, the province has promoted logistics infrastructure development in sync with transportation infrastructure and trade-service infrastructure. The “superport” ICD Vinh Phuc is expected to handle 10% of total container cargo output in northern provinces when it becomes operational. Cooperation with YCH Group in logistics human resources training will help complete the Vinh Phuc ICD Logistics Center from infrastructure construction to operation and service, thus ensuring smooth logistics service with economic centers, reducing costs for businesses, and increasing the competitiveness of supply chains.

By Nguyet Tham, Vietnam Business Forum