|ITL is dedicated to build a sharing ecosystem in Vietnam’s logistics market |
The negative impacts of COVID-19 on the general economy caused the trade chains to break, borders to close, and transportation costs to increase. The logistics sector faced an uphill struggle in 2020, leading to the dissolution of nearly half a million enterprises, with the rest enduring reduction of 30-50 per cent in revenues and profit.
Despite the crisis, ITL – a leading logistics corporation - utilised its core foundation, strong financial potential, and a methodical strategy to remain in the right direction. It scored a “hat-trick” of achievements: reaching 109 per cent in profit compared to 2019; attracting investment of $70 million from the International Financial Corporation, a sister organisation of the World Bank and member of the World Bank Group; and ranked in the Top 50 Vietnam The Best, Top 500 Biggest Companies in Vietnam 2020 and Top 10 Most Reputable Logistics Companies in Vietnam.
Also in 2020, ITL successfully completed a merger and acquisition (M&A) with Sotrans Group to increase total assets and key infrastructure such as seaports, warehouses, and inland container depots (ICDs), enhancing competitiveness with international logistics companies. With consistent strategies, ITL has expanded its influence and maintained its position in the country, step by step approaching its goal of becoming a “national champion”.
Ben Anh, CEO of ITL Corporation, said that the enterprise is focused on building its system to provide a diversified and full array of logistics services to domestic and international customers with the lowest cost, saving time and ensuring high efficiency. Besides that, building a large-scale ecosystem with methodical infrastructure will pave the way for ITL to increase its competitiveness, cooperating and trading with major customers in the country and all over the world.
“Our goal is to become the national champion in the logistics with a vision of creating a sharing ecosystem in Vietnam. There, we are willing to share with all transportation and logistics enterprises to utilise the values from ITL ecosystem such as supply chains, aviation services, warehousing systems, container ports and ICDs, and railway freight stations,” Ben Anh explained. “This will create resonance, bringing the highest benefits not only to customers but also for the development of Vietnam’s logistics industry.”
In the long term, ITL will continue to expand its scale, manpower, and strength to participate in the global supply chain, reaffirming the Vietnamese brand mark on the international arena, the CEO added.
ITL has prepared plans for 2021 for investment activities worth hundreds of millions of US dollars in order to complete in the logistics ecosystem. Specifically, the corporation will invest in building infrastructure, managing the supply chain, and applying smart technologies in operation while implementing new M&A deals. At the same time, working with logistics businesses continues to be the strategy that ITL will utilise in order to bring value to the country’s logistics industry.
While COVID-19 has caused many new problems, it has also been a test of endurance and strength for businesses, helping to create stronger foundations and internal strength for enterprises to break out. With its plans, ITL is aiming to conquer the regional logistics market after leading Vietnam – which is already one of the most dynamic markets in Southeast Asia.