Illustrative image. The Republic of Korea is working to open a logistics centre in Việt Nam. — VNA/VNS Photo

The Ministry of Oceans and Fisheries (MOF) of the Republic of Korea (RoK) said on Thursday that it has kicked off a corporate body in Việt Nam, paving the way for the operation of a logistics centre in the Southeast Asian country to support small- and medium-sized enterprises.

The launch of K-UPA came as the ministry has been working with the state-run Ulsan Port Authority to open the centre in Việt Nam’s southern province of Đồng Nai to help Korean firms store goods under room or low temperatures.

Under the collaboration with Korea-based logistics firm KCTC, the project valued at 18.8 KRW (US$14.3 million), focuses on the construction of a 12,000sq.m centre which is able to store 4.3 million pallets of goods.

The Ulsan Port Authority holds an 80 per cent stake in the project, with the Vietnamese KCTC taking up the remainder.

Minister of Oceans and Fisheries Kang Do-hyung said when the centre opens its doors, it will significantly enhance the export competitiveness of Korean firms operating in Southeast Asia.

The centre is expected to become operational in December this year, with the full service set to begin by July 2025. It will offer discounts of around 10-15 per cent for small and medium-sized companies of the RoK. — VNS