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Sunday, February 25, 2024

Vietnam looks to boost logistics industry competitiveness

The Saigon Times

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HCMC – The Government has outlined plans to reduce logistics costs and improve the business environment, with the objective of enhancing the competitiveness of Vietnam’s logistics sector, according to Deputy Minister of Planning and Investment Tran Duy Dong.

Speaking at a recent conference titled “Logistics Vietnam – The path ahead,” held in HCMC by Vietnam Investment Review and SLP Vietnam, he said Vietnam’s logistics sector should embrace a comprehensive and thorough development strategy.

Top priorities would be placed on streamlining procedures and developing infrastructure and transportation networks, with a particular focus on alleviating the pressure on the road system and increasing transport through rail and inland waterway networks.

In addition, strengthening the workforce and fostering partnerships and joint ventures among local and international enterprises are expected to support the growth of Vietnam’s logistics sector.

Vietnam has emerged as one of the most attractive countries for foreign investment in Asia. International investors had pledged around US$20.21 billion in new capital to Vietnam in the year to September 20, a 7.7% increase over the same period in 2022, according to the Foreign Investment Department.

Agility ranked the country 11th among the world’s 50 fastest-growing logistics markets in 2022. The logistics industry in Vietnam is growing at a rate of 14-16% per year, with annual revenue ranging from US$40 billion to US$42 billion.

Vietnam is home to around 3,000 domestic transportation and logistics firms, as well as around 25 global corporations operating in various services such as transportation, taxation and payment.

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