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.
Up to 68.4% of logistics companies in Vietnam saw increases in their revenues in the first nine months of 2022 compared to the same period of last year, a study released by Vietnam Report JSC showed.
The Vietnamese logistics sector is eyeing the urgent need for renovation, overall solutions and vision as well as new development orientations to catch up with the global trend, creating a breakthrough for the country’s socio-economic recovery and development, according to experts.
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.
Amid the logistics industry’s development and the Fourth Industrial Revolution, new logistics services have increased and required more quality and creative human resources, heard a forum held both in person and virtually on October 15.
Fostering connectivity among logistics firms and between them and producers and exporters would form a network of big enterprises able to lead the market, heard a workshop in Hanoi on April 20.
Logistics, considered a backbone of Vietnam’s economy, is among eight sectors prioritised by the national programme for digital transformation until 2025.
Prime Minister Nguyen Xuan Phuc has requested the military logistics sector to continue caring for both material and spiritual lives of soldiers nationwide while attending the sector’s 70th traditional day on July 11.
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.
Ho Chi Minh City is making efforts to improve its logistic services to create a driving force for its economy as well as that of the southern key economic region.
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.
Although the cold chain logistics sector in Vietnam is considered small and fragmented, the market has shown signs of improvement due to the increasing demand for high quality products.
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.
A lack of investment in inland waterways has stunted the development of water-borne shipping and made Vietnam’s logistics sector heavily dependent on more expensive road transport.
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