ITL seeks billion-dollar revenue target in logistics

ITL has been honoured with various titles in recent years

Identifying 2023 as a year for building foundations, ITL took a cautious approach and used its internal resources to transform challenges into opportunities.

CEO Ben Anh said, “We spent 30–40 per cent of our time researching new development opportunities even during the market slowdown. We adopt the long-term strategy to run our business but also adjust our business operations to keep up with the trends in anticipation of any new opportunities.”

Anh explained that last year taught the company major lessons about retaining customers, partners, and employees as businesses were vying to snatch them away during the period. “Customers would cut expenses and find logistics partners who provided the best services at the most competitive prices. If we don’t do well, we can lose current customers,” Anh said. “However, this will create a strong motivation for us to draw out lessons, optimise, and improve productivity of our operation. This is how ITL sailed through last year,” Anh stressed.

In 2024, ITL will continue to invest $100 million to develop infrastructure, such as expanding its northern port, doubling cold storage capacity, expanding its warehouse space by 15 per cent, and increasing barge capacity. The company aims to realise its long-term goal of building a sharing ecosystem for logistics businesses to take advantage of the benefits.

ITL has a culture of transformation every five years. In its second transformation from 2017, ITL aimed to become a company with $500 million in revenue. The group achieved the target in 2022, two years ahead of schedule, and so now sets out to generate $1 billion in revenue in its third transformation phase of 2023-2027.

“In 2024, we will begin our real transformation. We have set up five division companies to make a deeper presence in aviation logistics, freight management, contract logistics, port logistics, and digital logistics. We have a clear business and investment plan for each for the next five years,” Anh said.

Along with transforming business models, the group has also built a foundation to develop the sharing ecosystem, with elements covering infrastructure, technology, and people, all aimed at building a sustainable logistics ecosystem and becoming a billion-dollar enterprise, he added.

Leveraging its strong resources, ITL is at the forefront of applying global trends to its transformation journey. It has reformed its structure to promote supply and sees sustainable development as a vital factor to meet market requirements.

To protect the environment, ITL has gradually switched to using energy-saving devices and installing rooftop solar systems at warehouses. It also received the Label Leaf Level 3 from the Green Freight Asia Non-Profit Association by adopting and implementing sustainable development programmes towards green logistics.

In addition, the group has also made heavy investment in a fleet of prime movers with fuel-efficient engines and meeting the standards of Euro 4 emissions for environmental protection.

ITL has been listed in the Top 500 largest Vietnamese enterprises for 17 consecutive years, the Top 50 Vietnam “The Best” for nine consecutive years, and the Top 10 Most Reputable Logistics Companies in Vietnam for five years. In addition, it was named one of the Best Companies To Work For In Asia 2022 as voted by HR Asia Magazine, and in the Top 100 Vietnam Best Places To Work 2023 by Anphabe.

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