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Logistics a key contributor to economic growth

Released at: 13:14, 16/12/2017

Logistics a key contributor to economic growth

Photo from VnEconomy

Vietnam Logistic Forum 2017 held in Hanoi on December 15 hears how important a fully-functioning logistics sector is to Vietnam's economy.

by Ngoc Lan

The Vietnam Logistics Forum 2017, entitled “Improvements in Competitiveness & the Development of Vietnam Logistics Services”, was held by the Ministry of Industry and Trade, the Ministry of Transport, the World Bank in Vietnam, and Vietnam Economic Times on December 15 at the JW Marriot Hotel Hanoi to discuss strategic issues regarding the development of Vietnam logistics sector into the future.
In attendance were Minister of Industry and Trade Tran Anh Tuan, leaders from the Ministry of Transport, the Country Director of the World Bank in Vietnam, economists, and more than 300 logistics enterprises and associations in the country.

This year’s Forum was the fifth holding and takes place in a special context, as Prime Minister released Decision No. 200/QD-TTg, dated February 14, 2017, endorsing the action plan for enhancing the competitiveness and development of logistics in Vietnam by 2020.

Ambassador Nguyen Phu Binh, Deputy Editor-in-Chief of Vietnam Economic Times, noted that now in its fifth year, the Vietnam Logistics Forum is not only for the domestic and international logistics community to gather together, a platform for sharing and updating information on logistics services development in Vietnam and elsewhere around the world, and an event where policy makers and regulators can meet, discuss, and hear feedback from specialists and practitioners on existing policies for logistics development and to come up with appropriate corrective actions, but also an opportunity for businesses to have their voices heard and engage in face-to-face dialogue as well as recommend viable and effective strategies to spur the development of the global logistics sector, so that it can catch up to and connect with global value chains. “This year’s Forum will touch upon essential and meaningful topics, in preparation for a vital next phase of development for the logistics services industry in Vietnam,” he said.

Minister Tuan told the Forum that the growth in Vietnam’s logistics sector over the year has significantly contributed to overall economic growth, expanding to international markets and providing more benefits to consumers and helping transform the national economy. “However, various persistent gaps and challenges have existed in Vietnam’s logistics sector for many years and are waiting to be resolved, including planning work among relevant sectors still lacking inter-connections, transport, trade and information technology infrastructure remaining in poor condition and unable to connect to those of other countries in the region, existing human resources in logistics still lagging behind requirements, and, especially, the competitiveness of logistics services providers in Vietnam still being lower than in other countries in the region and around the world,” he said.

Mr. Ousmane Dione, Country Director of the World Bank in Vietnam, said that logistics performance is particularly important for an economy like Vietnam, which is highly dependent on participation in global value chains and exports, and this will translate into productivity gains that Vietnam needs to achieve its ambitious development objectives. “However, Vietnam often carries out the lowest value-added segment of production in global value chains,” he explained. “Therefore, a strategy to enhance trade competitiveness that is complementary to trade liberalization is needed to support Vietnam’s vision of becoming an upper middle-income country by 2035 with a more sophisticated economy and exports that sustain accelerated growth.”

Important memoranda of understanding were signed at the Forum, between Vietjet Air Cargo and Viettel, Hoa Phat Dung Quat and Vinalines, Novaon and Bao Viet, and the Vietnam Logistics Businesses Association and the Hanoi National University.

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