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. 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. 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.

Source: Viet Nam News August 27, 2016 02:26 UTC