Logistics giant GLP plans US$1.5bil Vietnam investment to ramp up business

A view of Ho Chih Minh City. Asia's biggest warehouse operator, GLP, is targeting a $1.5 billion investment in Vietnam over three years via a new venture to tap rising demand for logistics facilities in the South-East Asian country, an executive at the Chinese-owned firm said. - The Vietnam News/ANN

SINGAPORE/Ho CHIH MINH CITY, Oct 17 (Reuters): Asia's biggest warehouse operator, GLP, is targeting a US$1.5 billion investment in Vietnam over three years via a new venture to tap rising demand for logistics facilities in the South-East Asian country, an executive at the Chinese-owned firm said.

Even before the novel coronavirus pandemic, Vietnam and other low-cost Asian countries had seen increased business from international manufacturers looking to diversify supply chains away from China, and also to escape higher tariffs.