Ministry to transform VN logistics

The industry and trade ministry is drafting an action plan for lowering logistics costs to touch 18 per cent of the country’s gross domestic product (GDP) by 2020.
ministry to transform vn logistics "Fulcrum" for the development of customs agents
ministry to transform vn logistics AEC integrates logistics network
ministry to transform vn logistics Vietnam gears up for APEC Year 2017
ministry to transform vn logistics
The industry and trade ministry is drafting an action plan for lowering logistics costs to touch 18 per cent of the country’s gross domestic product (GDP) by 2020. — Photo nhipcaudautu.vn.

The industry and trade ministry is drafting an action plan for lowering logistics costs to touch 18 per cent of the country’s gross domestic product (GDP) by 2020.

The costs for logistics currently are about 20 to 25 per cent of the GDP, compared with the average rates of seven to 10 per cent in developed countries.

Reducing logistics costs would help prevent wastage of resources and enhance the competitiveness of the Vietnamese economy amid the rapid international integration, the ministry said.

Under the prime minister’s draft action plan for enhancing competitiveness and developing logistics services, which was being discussed for more ideas, the ministry said logistics would be developed as a key service industry of Việt Nam that could meet domestic demand and extend its reach to the regional and global markets.

The logistics services industry will contribute five per cent of the GDP and have a growth rate of 15 to 20 per cent per year by 2020, according to the draft.

Improving logistics infrastructure and the capacity of logistics firms was essential, the ministry said.

The action plan has been developed even as local logistics firms are struggling to compete with foreign rivals.

Multinational logistics firms hold a significant market share in providing logistics services in Việt Nam.

Đỗ Xuân Quang, president of the Việt Nam Logistics Association, said at a recent conference that foreign marine transport firms accounted for just three to four per cent of the logistics firms operating in Việt Nam, but handled more than 80 per cent of the country’s import and export volumes.

Foreign firms are dominant in routes leading to the American and European markets.

Meanwhile, more than 70 per cent of the existing 1,300 domestic firms are of small and medium size, with average capital of about VNĐ7 billion (US$320,000), making it hard for them to compete with multinational companies. They mainly provide services in the local or nearby markets.

However, Quang said the logistics services industry of Việt Nam had significant room for growth, especially with the formation of the Asean Economic Community as well as participation in free trade agreements, which would promote trade and boost demand for logistics services.

In order to promote the development of the logistics industry, the ministry proposed in the draft that the legal framework should be improved, coupled with enhanced infrastructure connectivity to transform Việt Nam into a logistics hub of the region.

ministry to transform vn logistics Allowing securities companies to invest indirectly overseas

VCN- In circular No.105/2016/TT-BTC of the Ministry of Finance entered into force on 15-8-2016, the Ministry of Finance ...

In addition, firms must improve their capacity and competitiveness, while paying attention to developing human resources for the logistics sector and applying technologies in operation.

Source: Vietnam News

Related News

The economy can achieve the GDP growth target of about 7 percent

The economy can achieve the GDP growth target of about 7 percent

VCN - According to Nguyen Thi Huong, Director General of the General Statistics Office, to achieve the economic growth target in 2024, macroeconomic stability will be an important foundation and it is necessary to continue to maintain exchange rate stability, control inflation, and ensure major balances of the economy.
Risks for the economy when cash flow has not yet been put in to production and business

Risks for the economy when cash flow has not yet been put in to production and business

VCN - Investment channels in Vietnam have a lot of potential, but financial and banking expert Dr. Nguyen Tri Hieu, Director of the Institute for Research and Development of Global Financial and Real Estate Markets, said that cash flow into production and business is still modest, leading to risks for the economy.
Turning by-products into high-value export products

Turning by-products into high-value export products

VCN - By investing in research and applying technology, many businesses not only solve the problem of waste and the environment but also create high-value products and export them to many markets.
The biggest problem for the footwear industry is rising costs

The biggest problem for the footwear industry is rising costs

VCN - Although there is no shortage of export orders, the biggest challenge for the footwear industry today is the lack of labor, making it difficult for businesses to maximize production capacity. In addition, the supply of auxiliary materials is still not really strong, causing production costs to increase. Ms. Phan Thi Thanh Xuan (photo), Vice President and General Secretary of the Vietnam Leather, Footwear and Handbag Association, shares about the context and requirements for the footwear industry today.

Latest News

State President welcomes top legislator of Cuba

State President welcomes top legislator of Cuba

State President Luong Cuong met with Politburo member, President of the National Assembly of People’s Power, and President of the Council of State of Cuba Esteban Lazo Hernandez in Hanoi on November 2.
Remove "bottlenecks" for economic breakthrough

Remove "bottlenecks" for economic breakthrough

VCN - In recent articles and speeches, General Secretary and President To Lam has repeatedly mentioned that the country is facing a new era of national growth. General Secretary and President To Lam also requested that the “bottlenecks” of the economy must be quickly removed, creating innovation and breakthroughs to complete the set tasks.
Int’l organisations, experts remain optimistic about Vietnam's economic outlook

Int’l organisations, experts remain optimistic about Vietnam's economic outlook

International organisations and experts have made positive comments on the Vietnamese economy, affirming their optimism about Vietnam's economic outlook.
Party chief clarifies major issues on new era of nation

Party chief clarifies major issues on new era of nation

Prof. Dr. To Lam, General Secretary of the Communist Party of Vietnam (CPV)’s Central Committee on October 31 had a discussion with participants of a training course for officials planned for the 14th Party Central Committee, focusing on a number of issues on a new era – the era of the nation’s rise.

More News

Vietnam, others call on US to immediately end embargo against Cuba

Vietnam, others call on US to immediately end embargo against Cuba

Vietnam calls on the US to immediately end its embargo against and remove Cuba from the list of state sponsors of terrorism, moving towards normalising relations between the two countries based on equality, mutual respect, and respect for each other's national sovereignty and political independence, stated Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN.
Vietnam

Vietnam's economy is recovering well

VCN - According to Dr. Nguyen Quoc Viet, Deputy Director of the Vietnam Institute for Economic and Policy Research (VEPR), by the end of the third quarter of this year, Vietnam's economy had recovered relatively well amid optimism about the overall growth of the world economy in late 2024 and 2025.
“Carbon footprint” reduction needed for sustainable tourism development: insiders

“Carbon footprint” reduction needed for sustainable tourism development: insiders

Vietnam's tourism industry is making efforts to reduce its “carbon footprint” in pursuit of sustainability, focusing on developing “green tours”, upgrading transport infrastructure, and developing renewable energy-used vehicles, said insiders.
Concerted efforts underway to prevent IUU fishing

Concerted efforts underway to prevent IUU fishing

Vietnam is making thorough preparations to welcome the European Commission (EC)'s inspection delegation with the hope of having its “yellow card” on illegal, unreported and unregulated (IUU) fishing against the fisheries sector removed, thus boosting seafood exports to the EU market.
Vietnam needs to diversify supply chains for sustainable growth: economists

Vietnam needs to diversify supply chains for sustainable growth: economists

The diversification of global supply chains is creating significant opportunities for Vietnam to engage more deeply in international production networks. However, along with market expansion prospects, there are challenges posed by trade tensions, the reality of climate change accompanied by natural disasters, and the requirements for carbon emissions reduction, according to experts.
PM arrives in Abu Dhabi, beginning official visit to UAE

PM arrives in Abu Dhabi, beginning official visit to UAE

Prime Minister Pham Minh Chinh, his spouse and a high-ranking delegation of Vietnam arrived at Zayed International Airport in Abu Dhabi at 11 am on October 27 (local time), starting their official visit to the United Arab Emirates (UAE) at the invitation of President Mohamed bin Zayed Al Nahyan.
Big rebound forecast for southern industrial property market in 2025

Big rebound forecast for southern industrial property market in 2025

Despite a challenging 2024 marked by global economic uncertainties and regulatory changes, the industrial property market in the south is poised for a robust recovery in 2025, according to property consultancy Knight Frank.
Vietnams tourism likely to boom under "Six Countries, One Destination" visa initiative

Vietnams tourism likely to boom under "Six Countries, One Destination" visa initiative

A shared visa zone for the Southeast Asia region, similar to Europe’s Schengen visa mechanism, could be a game-changer Vietnam’s tourism sector needs. The proposed “Six Countries, One Destination” initiative aims to facilitate seamless travel across six neighboring countries, thus boosting regional tourism.
Vietnamese Prime Minister to visit UAE, Qatar, Saudi Arabia

Vietnamese Prime Minister to visit UAE, Qatar, Saudi Arabia

Prime Minister Pham Minh Chinh, his spouse, and a high-ranking delegation of Vietnam will pay official visits to the United Arab Emirates (UAE) and Qatar, attend the 8th Edition of the Future Investment Initiative (FII) and make a working trip to Saudi Arabia, from October 27 to November 2.
Read More

Your care

Latest Most read
State President welcomes top legislator of Cuba

State President welcomes top legislator of Cuba

State President Luong Cuong met with Politburo member, President of the National Assembly of People’s Power, and President of the Council of State of Cuba Esteban Lazo Hernandez in Hanoi on November 2.
Remove "bottlenecks" for economic breakthrough

Remove "bottlenecks" for economic breakthrough

General Secretary and President To Lam requested that the “bottlenecks” of the economy must be quickly removed, creating innovation and breakthroughs to complete the set tasks.
Int’l organisations, experts remain optimistic about Vietnam's economic outlook

Int’l organisations, experts remain optimistic about Vietnam's economic outlook

International organisations and experts have made positive comments on the Vietnamese economy, affirming their optimism about Vietnam's economic outlook.
Party chief clarifies major issues on new era of nation

Party chief clarifies major issues on new era of nation

Prof. Dr. To Lam, General Secretary of the Communist Party of Vietnam (CPV)’s Central Committee on October 31 had a discussion with participants of a training course for officials planned for the 14th Party Central Committee, focusing on a number of issues on a new era – the era of the nation’s rise.
Vietnam, others call on US to immediately end embargo against Cuba

Vietnam, others call on US to immediately end embargo against Cuba

Vietnam calls on the US to immediately end its embargo against and remove Cuba from the list of state sponsors of terrorism, moving towards normalising relations between the two countries based on equality, mutual respect, and respect for each other's national sovereignty and political independence, stated Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN.
Mobile Version