Logistics sector set to contribute 8-10 pct to GDP by 2025
Vietnam’s logistics sector aims to contribute 8-10 percent to gross domestic product (GDP) by 2025, heard a conference hosted by the Ministry of Industry and Trade (MoIT) in Hanoi on March 6.
Hanoi (VNA) – Vietnam’s logistics sector aims to contribute 8-10 percent togross domestic product (GDP) by 2025, heard a conference hosted by the Ministryof Industry and Trade (MoIT) in Hanoi on March 6.
MoIT DeputyMinister Tran Quoc Khanh said the plan to improve the sector’s competitiveness till2025 also aims to achieve 15-20 percent services growth and an outsourcingratio of 50-60 percent, reduce costs by 16-20 percent of GDP and have thesector rank 50th or better globally in terms of nationalcompetitiveness.
To hitthese targets, Khanh suggested attracting investment in logisticsinfrastructure, including building logistics centres on regional and globalscales to improve connectivity between Vietnam and countries worldwide.
He saidlogistics costs remain high, accounting for more than 20 percent of the GDP inHanoi, Ho Chi Minh City and the northern port city of Hai Phong. However, thesector is yet to develop in the Mekong Delta.
Khanhadmitted that foreign logistics suppliers still hesitate to do business inVietnam due to limited technological infrastructure, customers and policies.
Tran ThanhHai, deputy head of the MoIT’s Export-Import Department, said funding for theplan is sourced from the State budget, businesses, credit organisations,foreign sponsors and other sources.
Accordingto him, logistics plays a significant role in the economy as one of the keysectors for 2016-2020 national development as set in the Resolution of the 12th National Party Congress.
Participantsspoke highly of the plan, saying that developing Vietnam into an attractivebusiness destination on the back of competitive labour costs, a wide market andconvenient trade will drive the logistics sector forward.
They sharedview that Vietnam’s entry into a series of free trade agreements with the ASEANEconomic Community, Japan, the Republic of Korea, European Union countries and EurasianCustoms Union will fuel the development of logistics services.-VNA
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Illustrative image (Source: VNA) 
