In a strategic move, Korea’s Ministry of Oceans and Fisheries has announced the establishment of a corporate body named K-UPA in Vietnam. The purpose of this initiative is to launch a logistics center in Dong Nai, southern Vietnam, aimed at providing support to small and medium-sized businesses.
This development is part of a collaborative effort between the Ministry of Oceans and Fisheries, the state-run Ulsan Port Authority, and Korean logistics firm KCTC. The envisioned logistics center, estimated at 18.8 billion won ($14.3 million), will cover an area of 12,000 square meters and have the capacity to store 4.3 million pallets of goods under room or low temperatures.
The Ulsan Port Authority holds the majority stake of 80 percent in the project, while the Vietnamese arm of KCTC holds the remaining 20 percent.
Oceans Minister Kang Do-hyung expressed optimism about the venture, stating, “When the center opens its doors, it will significantly enhance the export competitiveness of Korean firms operating in Southeast Asia.”
The logistics center is anticipated to commence preliminary operations in December, with full services scheduled to begin by July 2025. As part of its offerings, the center plans to provide discounts ranging from 10 to 15 percent for Korean small and medium-sized companies, aiming to further bolster trade and logistical support in the region.