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Warehousing giant GLP launches $1.5bn joint venture in Vietnam

Singapore company bets on COVID success story as trade moves from China

A GLP warehouse outside Prague, Czech Republic. The big logistics company sees huge growth potential in Vietnam, a country with a dynamic population that has had success halting the spread of COVID-19.

HO CHI MINH CITY -- Asia's biggest warehouse operator GLP is debuting in Vietnam through a $1.5 billion joint venture, betting that demand for logistics services will rise in Southeast Asia as brands diversify their supply chains away from China.

The company will develop three facilities with Vietnam's SEA Logistic Partners, or SLP. The partners plan to develop a total of 335,000 sq. meters of land around Hanoi and Ho Chi Minh City, according to GLP.

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