Vietnam

Logistics expected to make up 8-10% of Vietnam’s GDP by 2025

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HANOI: Vietnam's logistics sector is expected to make up between 8% and 10% of the country's gross domestic product (GDP) by 2025, Vietnam News Agency (VNA) reported.

The target was set in an action plan on enhancing competitiveness and developing logistics services by 2025 recently approved by Prime Minister Nguyen Xuan Phuc.

Under the plan, the logistics sector is expected to grow by 15% to 20% by 2025.

The action plan also aims to make Vietnam one of the world's 50 leading logistics service providers and to reduce logistics costs to 16% to 20% of the GDP.

To achieve the goals, the plan suggested improving policies, attracting more investment into logistics infrastructure and fostering cooperation between local logistics firms and international partners.

It also hopes to enhance logistic infrastructure connectivity to link Vietnamese ports with neighbouring countries.

According to the plan, investment is called for the construction of type I logistic hubs in Hanoi and Ho Chi Minh City and type II logistic centres localities such as Lang Son, Lao Cai, Hai Phong, Da Nang, Quy Nhon and Can Tho.- Bernama

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