Big investment should be made to accelerate digital transformation in the logistics sector, which plays a pivotal role in Vietnam’s socio-economic landscape, creating significant value addition and contributing to the nation's import-export growth, according to Deputy Director of the Agency for Foreign Trade under the Ministry of Industry and Trade Tran Thanh Hai.
Prime Minister Pham Minh Chinh has outlined three objectives and seven key tasks to promote the growth of Vietnam’s logistics sector, including reducing logistics costs from 18% to 15% by 2025.
The logistics sector, which has become an important service industry and played a role in supporting, connecting and promoting Vietnam’s socio-economic growth, is undergoing a rapid transformation as sustainability takes centre stage. With an estimated market size of 40-42 billion USD a year and over 40,000 firms operating in the sector, the stakes are high, and the need for change is urgent.
The Vietnam Warehousing & Automation Show 2024 and the Cold Chain & Refrigeration Exhibition (The CO-REF Vietnam) kicked off in the southern province of Binh Duong on May 23.
Vietnamese logistics firms have been advised to work harder to enhance their productivity, service quality and competitiveness amid current difficulties due to global economic instability.
Vietnam will focus on enhancing the competitiveness of the logistics sector and removing bottlenecks in the industry in order to promote trade and investment with India, an official has said.
Foreign investors will continue to pour money into Vietnam’s logistics sector to seize post-pandemic development opportunities, Lao Dong newspaper quoted Piyush Rathorenoi, General Director of the Transworld QBV ICD as saying.
Developing Ho Chi Minh City into a supplier of high-quality human and technological resources for the logistics industry was the subject of a recent conference held in the city by the HCM City Department of Industry and Trade in coordination with the Vietnam Logistics Research and Development Institute.
With e-commerce and automation changing the landscape of the logistics sector dramatically, there will be a focus on re-skilling the existing workforce in technology, which will improve the competitiveness of the logistics industry.
The northern port city of Hai Phong is working to develop logistics services so that they will contribute 25 – 30 percent of its gross regional domestic product (GRDP) by 2030.
Logistics, considered an industry with huge contributions to the development of the economy, has not lived up to its potentials due to human resources shortage.
The logistics sector has been the bottleneck for Vietnam’s economic development, but offers plentiful opportunities for local startup companies with the application of technologies.
Localities and businesses appreciate the efforts made by Vietnamese trade counsellors in helping the country’s businesses boost their exports, and want them to continue providing information.
A new data platform for the logistics sector that allows various firms along the supply chain to keep track of cargo movements was launched by the Ministry of Trade and Industry of Singapore.
The Vietnam Logistics Business Association on April 12 launched the implementation of the PM’s decision approving an action plan to improve competitiveness and development of logistics service by 2025.
