Logistics trading is not provided adequate conditions for development in Vietnam though it is considered a cash cow sector, Nguyen Cam Tu, Deputy Minister of Industry and Trade, said.
A container is being upload onto a truck in Dinh Vu port, Hai Phong city. (Source: VNA)
Hanoi (VNA) - Logistics trading is not provided adequate conditions for development in Vietnam though it is considered a cash cow sector, Nguyen Cam Tu, Deputy Minister of Industry and Trade, said.
Tu told a conference, held to provide market information and favourable commercial mechanism to facilitate import-export and transport businesses in Hanoi on November 17, that Vietnam should create favourable conditions for trade activities as well as building an effective logistics sector for better exports. In addition, the country should have high value products in the world market while increasing integration in the seaport sector.
"The country's weakness is low competitiveness due to a lack of high value products and low technology content," he said.
He added that the regulations on border gate trade, especially transport infrastructure and logistics services had not been given attention.
He suggested that Vietnam should improve services quality, infrastructure and trade to promote the country's key export sectors.
Bui Hong Minh from the ministry's Import-Export Department said that most of the Vietnamese enterprises signed import contracts under Cost, Insurance and Freight (CIF) and export contracts under Free on Board (FOB) method, thereby transporting a majority of goods through foreign shipping companies. It was the reason that a relatively big amount of transport fees of 17 billion USD a year for imported and exported goods were paid to foreign firms.
Minh clarified that logistics included warehouse services, transport and loading. In some countries such as Singapore, the logistics costs accounted for only 12 percent to 15 percent.
However, the cost in Vietnam was as high as 20 percent of the total for each export item. In addition, the lack of human resources for logistics services has also affected the competitiveness of exporters.
"The shortage of synchronous transport methods has made logistics cost higher. This has resulted in low competitiveness for Vietnamese goods and services," he said.
🍸 He proposed that Vietnam should have reforms at the macro level, focusing on facilitation of trade activities.-VNA
The state-owned Vietnam Railway Corporation and the Indo Trans Logistics Corporation held a ceremony on November 6 to commence the construction of a railway logistics centre in Yen Vien station.
Shipping services have been developing in recent years, however, the service still has not caught up with the development of Vietnam's e-commerce sector.
Fifteen Vietnamese personnel will attend a training course in mine clearance in Seoul from November 16-27, the Republic of Korea (RoK)’s defence ministry announced on November 13.
A logistics centre built in Can Tho could help sustainable economic growth across the Mekong Delta region, experts said at a workshop on logistics development in the region held in Can Tho on Nov 13.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
A container is being upload onto a truck in Dinh Vu port, Hai Phong city. (Source: VNA)
