South Korea's oceans ministry said Thursday it has kicked off a corporate body in Vietnam to open a logistics center in the Southeast Asian nation to support small and medium-sized businesses. The launch of K-UPA came as the Ministry of Oceans and Fisheries has been working with the state-run Ulsan Port Authority to open the center in Dong Nai, southern Vietnam, to help South Korean firms store goods under room or low temperatures. Under the collaboration with South Korea-based logistics firm KCTC, the project, estimated at 18.8 billion won (US$14.3 million), centers on building the center sized 12,000 square meters, capable of storing 4.3 million pallets of goods. The Ulsan Port Authority holds an 80 percent stake in the project, with the Vietnamese arm of KCTC taking up the remaining 20 percent. "When the center opens its doors, it will significantly enhance the export competitiveness of South Korean firms operating in Southeast Asia," Oceans Minister Kang Do-hyung said in a statement. The center is e xpected to start its preliminary operation in December, with the full service set to begin by July 2025. It will offer discounts of around 10 to 15 percent for South Korean small and medium companies. Source: Yonhap News Agency
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