HÀ NỘI — Cutting transportation costs will be vital to enhancing the competitiveness of the logistics industry, the Việt Nam Logistics Business Association has said. Currently, Vietnamese logistics costs are equivalent to roughly 21 per cent to the gross domestic product (GDP), compared to the ratios of just 9-14 per cent in developed economies. There were more than 1,300 logistics firms operating in Việt Nam, 20 per cent of which were foreign firms but held a market share of 80 per cent. The Prime Minister on February issued Decision 200/QĐ-TTg to boost competitiveness of Việt Nam’s logistics service by 2025, under which, logistics will become an important service sector to the economy. Experts say that improving the connectivity of logistics infrastructure as well as capacity of local logistics service providers are important steps toward boosting the industry’s development.

Source: Viet Nam News March 27, 2017 02:48 UTC