Vietnam ranks third in logistics performance index in ASEAN

Illustrative photo (Source: VNA)

Hanoi – Vietnam ranks 39th among 160 countries and territories, and third in the Association of Southeast Asian Nations (ASEAN) in logistics performance index (LPI), heard a workshop held by the Ministry of Industry and Trade (MoIT) on July 30.

The country is also placed among the top emerging markets with a growth rate ranging from 14-16 percent, Deputy Minister of Industry and Trade Tran Quoc Khanh said.

The official highlighted in an increase in the number of logistics firms, and improved logistics services, saying they are the outcomes of efforts made by both businesses and the Government.

Tranh Thanh Hai, Deputy Director of the MoIT’s Agency of Foreign Trade, said Vietnam’s total export-import revenue in the 2010-2020 period tripled the value recorded earlier.

The logistics sector plays a significant role in the national economic development, including export-import activities, goods circulation at home and production, the official said.

He stressed the significance of logistics services in such localities as Ba Ria-Vung Tau, Ho Chi Minh City, Hai Phong, Hanoi and Da Nang, saying they serve as momentum for regional and local socio-economic development.

Hai affirmed that the Government, ministries, agencies and businesses have always paid attention to cutting logistics costs to improve competitiveness of the country and enterprises in particular.

Experts at the workshop shared the view on the need for the logistics sector to develop high-quality personnel, step up IT application and modernise its management and operation methods to reduce costs and improve service quality.

Vietnam’s logistics sector is expected to contribute 5-6 percent to the country's GDP, record a growth rate of 15-20 percent and rank 50th in the global LPI by 2025.