Sumitomo plans to invest in Vietnam's port
Japanese-based Sumitomo Corporation has teamed up with logistics company Suzuyo and a Japanese public-private fund to take a 10 percent stake in Vietnam's Gemadept JSC. This activity aimed in the port operation and logistics business.
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It is know that Sumitomo provided more than half of the roughly 4 billion JPY the team aid to a local fund. Sumitomo intends to build a logistics network connecting plants to ports for seamless export of locally produced goods. Sumitomo is operating three industrial parks in Hanoi’s suburbs, and owning a logistics unit in the Southeast Asian country.
At present, at Hai Phong port, drivers have to wait one to two hours for cargo to be loaded onto ships. If this is sucessful, the wait times will be shortened to an average 12 minutes in Japan, and plans to use the expertise in Vietnam. About 14 million container equivalents of goods are shipped in and out of Vietnam annually. With a growth rate of 7 percent, the number is expected to reach 23 million by 2025.
