Vietnamplus

Falling petrol prices have given cheer to people and businesses and may stimulate consumer demand in the near future.

Vietnam’s economic growth in the first quarter of 2022 was consolidated thanks to the solid performance of export-oriented manufacturing and recovering service sector, according to the Vietnam Macro Monitoring report recently released by World Bank.

Rising logistic costs are hindering exports, putting firms at risk.

Indonesia plans to build a container port in the Batam Free Trade Zone and Free Port in Tanjungpinggir, Riau Islands, that will directly face Singapore and loccate only about 15km from the island country.

Container and warehouse shortages and surging container shipping costs have hit the textile and garment industry hard, insiders told a seminar in Ho Chi Minh City.

Despite being known for its low labour costs, higher logistics costs have continually reduced the competitiveness of Vietnam’s exports compared to elsewhere in the region.

Removing bottlenecks in transport infrastructure and policy mechanisms is considered an important solution to help cut logistics costs and improve the competitiveness of Vietnamese businesses and goods in the time to come.

The Import and Export Sub-Department, has received complaints from businesses and business groups about a shortage of containers that has led to an unprecedented increase in shipping tariffs, its deputy director Tran Thanh Hai has said.

Cold storage might soon become a rising star in the logistic sectors, property market researcher Jones Lang LaSalle (JLL) Vietnam has said.

Vietnam has set an annual growth target of 15-20 percent for the logistics sector, making up 8-10 percent of the country’s gross domestic product (GDP). Besides, logistics costs are also expected to reduce, equivalent to 16-20 percent of the GDP.

Margrethe Maersk, one of the world’s largest container ships, docked at Cai Mep International Terminal (CMIT) in Phu My township, the southern province of Ba Ria - Vung Tau, on October 25.

Construction on three new wharves at the Long An International Port project will be completed in 2021, and another wharf will be built in that same year to increase the port's capacity.

The State should develop solutions to reduce high logistics costs in trading agricultural products to improve the competitiveness of Vietnamese farm produce on the market, according to experts.

Inflated logistics costs were hampering the competitiveness of Vietnamese goods, according to Chairman of the Vietnam Textile and Apparel Association (VITAS) Vu Duc Giang.

The expected execution of the EU-Vietnam Free Trade Agreement in 2020 will create great pressure on Vietnamese logistics businesses, insiders said.

Vietnam will develop a seaport master plan for 2021-30, with an aim to enhance infrastructure connectivity, reduce logistics costs and promote marine economic development.

The World Bank made public a report on improving Vietnam’s land transport and a strategy on sustainable development of inland waterway transport in the country at a workshop in Hanoi on March 28.

Vo Tri Thanh, Director of the Institute for Brand and Competitiveness Strategy, said export performance in 2018 was very positive.

Logistics costs amount to 20.9 percent of Vietnam’s gross domestic product (GDP), impeding the country’s competitive edge, according to experts.

Prime Minister Nguyen Xuan Phuc has signed a directive on reducing logistics costs and connect the transport infrastructure system.