[NEWS] - Vietnam’s logistics industry has a growth rate of 14 - 16%/year

Logistics is a fast-growing and stable industry in our country, with an average growth rate of 14 - 16% per year, with a scale of 40 - 42 billion USD/year. According to the assessment from Agility in 2022, our country ranks 11th in the group of 50 emerging logistics markets globally and the logistics industry has a lot of room for good development.

Vietnam’s logistics industry has a growth rate of 14 - 16% / year

On May 11, the Import-Export Department (Ministry of Industry and Trade), Vietnam Logistics Business Association (VLA), and VINEXAD Organizer held a seminar to introduce Vietnam International Logistics Exhibition (VILOG) year 2023.

Mr. Tran Thanh Hai - Deputy Director of the Import-Export Department (Ministry of Industry and Trade) said that the logistics industry is identified as an important service industry in the overall structure of the national economy, with the role of supporting and connecting connect as well as promote the economic and social development of the whole country as well as of each locality, in order to contribute to improving the competitiveness of the economy.

Over the past years, Vietnam’s logistics industry has now made significant progress with an average growth rate of 14 - 16 %/year, with a scale of 40 - 42 billion USD/year. The number of enterprises and the business quality of logistics services is increasing, also contributing a significant part to bringing the result of goods export reaching the highest level ever, reaching 732.5 billion USD, a corresponding increase. equivalent to 9.5% compared to 2021. According to Agility’s assessment of 2022, ranked 11th in the group of 50 global emerging logistics markets.

Besides the advantages, Mr. Hai acknowledged that Vietnam’s logistics still have many weaknesses, specifically: logistics costs are still high, and the lack of linkages between logistics service businesses with each other and with other companies. Manufacturing, trading, and exporting enterprises as well as the scale and financial potential of Vietnamese logistics enterprises are still weak, and going to foreign markets is still insignificant...

The Vietnam International Logistics Exhibition in 2023 was held with the purpose of implementing the services set out by the Prime Minister to promote trade promotion for the logistics industry. This is also an indispensable activity for Vietnam’s logistics service industry to promote, connect and introduce itself to the world; is an opportunity for businesses operating in the field of domestic and international logistics as well as investors, shippers, and other stakeholders to exchange, cooperate, consult and choose measures to optimize the logistics process of enterprises.

"The fact that Vietnam has a large-scale international logistics exhibition for the first time is also a necessary step and a remarkable mark in the process of international integration of Vietnam’s logistics service industry," said Mr. Hai. know.

General Secretary of the Vietnam Logistics Business Association (VLA) - Mr. Nguyen Duy Minh said this is the first time, Vietnam has had a separate exhibition for the logistics business. Therefore, the VLA side expects that the exhibition will bring together leading logistics enterprises in Vietnam. Thereby, trade promotion activities have taken place firmly, helping to promote Vietnam’s logistics service industry to develop commensurate with its inherent potential, at the same time creating a buzz to attract foreign investment. transferring the operation industry, training human resources, and establishing a green ecosystem in the logistics industry

Through this article, we also partly see the development potential of the logistics industry in the future. Indochina Holding is currently a trade promotion unit supporting small and medium enterprises to bring their products to countries around the world.

Hoang Yen (Collection source)