Logistic cots, including transport, storage, and customs procedures, currently make up about 21 percent of Vietnam's gross domestic product (GDP), equivalent to 37-40 billion USD per year.
Logistics trading is not provided adequate conditions for development in Vietnam though it is considered a cash cow sector, Nguyen Cam Tu, Deputy Minister of Industry and Trade, said.
The logistics industry in Vietnam, which is expected to develop strongly in coming years, needs a new legal framework that would address future growth.
The industry and trade ministry is drafting an action plan for lowering logistics costs to 18 percent of the country’s gross domestic product (GDP) by 2020.