C.T Land, Korean firm cut deal to develop logistics

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SaigonTimes English - 29 month(s) ago 11 readings

C.T Land, Korean firm cut deal to develop logistics

HCMC – C.T Land, a subsidiary of C.T Group, on Tuesday signed a memorandum of understanding with CJ GLS Co. Ltd., a unit under South Korea’s CJ Group, to jointly develop the logistics system in Vietnam.

C.T Land, Korean firm cut deal to develop logistics

By Dinh Dung - The Saigon Times Daily

Tran Kim Chung (R), chairman of C.T Group, shakes hands with Her Uk, managing director of CJ GLS, at the signing ceremony for the memorandum of understanding on Tuesday - Photo: Dinh Dung
HCMC – C.T Land, a subsidiary of C.T Group, on Tuesday signed a memorandum of understanding with CJ GLS Co. Ltd., a unit under South Korea’s CJ Group, to jointly develop the logistics system in Vietnam.

The memorandum allows C.T Land to coordinate with the logistic and shipping company CJ GLS in exploiting the logistics systems, including workshops and warehouses, in Binh Duong in the south, Danang in the central region, and Bac Ninh in the north.

C.T Group has completed C.T Song Than Logistics Complex covering over 7.6 hectares in Thuan An, Binh Duong, comprising normal, specialized and bonded warehouses, processing, packaging and distribution workshops and maintenance facilities.

Under a business cooperation contract, C.T Land will develop storage facilities at agreed locations, while the Korean partner will invest in logistics technology, said C.T Group Chairman Tran Kim Chung.

Chung said his company had invested US$12 million in the logistics center in Binh Duong, and would spent a respective US$15 million and US$8 million developing similar centers in Bac Ninh and Danang.

Later on, C.T Land and CJ GLS will consider establishing a joint-venture company to serve expansion of the logistics system on a national scale.

Through this partnership, CJ Group is enhancing its presence in multiple business fields in Vietnam.

In the field of entertainment, the South Korean group, via its subsidiary CJ CGV, spent some US$73.6 million acquiring Vietnam’s top cinema chain MegaStar in July last year.

Meanwhile, with 36 members under its umbrella, C.T Group is active in several sectors, such as property, retail, construction, financial investment and entertainment.

C.T Group is planning to expand its business into Myanmar. The group has clinched a comprehensive strategic cooperation deal with Myanmar’s Shwe Taung Development Co. Ltd. to develop shopping centers, supermarkets and building materials in Myanmar.

In addition, C.T Group has signed a cooperation agreement with Super One International to supply goods to supermarkets in Myanmar.

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