Private U.S. firm Warburg Pincus is forming a joint venture with a state-run Vietnamese company to provide logistics services in the country’s key economic and industrial zones. Warburg Pincus and Vietnam’s Investment & Industrial Development Corp., also known as Becamex IDC, will pour more than $200 million into the joint venture, Warburg Pincus said in a statement sent to Bloomberg on Monday. The venture, BW Industrial Development JSC, will develop and operate modern warehouses and factories in Vietnam, Jeffrey Perlman, head of Southeast Asia at Warburg Pincus, was quoted by Bloomberg as saying. “With the transformative shift of the manufacturing base from markets like China to Vietnam as well as with the rapid rise of domestic consumption, the logistics and industrial real estate market in Vietnam is in the ‘early innings’ and at an inflection point for outsized growth,” Perlman said in the statement. The Asian Development Bank forecasts Vietnam’s economy will expand by 6.7 percent this year, the second highest growth among its Southeast Asian peers after the Philippines. Vietnam itself expects economic growth of 6.5-6.7 percent next year, and thinks that the target of 6.7 percent set for this year is within reach. Warburg Pincus is a private… Read full this story
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