How Vietnam is coming up as one of the foremost player in the Asian freight and logistics market
The freight and logistics market in Vietnam is steadily expanding and in the next five years, it could reach a CAGR of over 5.5%.
As one of the upcoming nerve centers of international manufacturing, this country is the biggest beneficiary of the USChina trade conflict.
In 2019 Vietnam had the largest yearly flow of foreign direct investment and slowly came up as an alternative production hub when the pandemic disrupted the Chinese manufacturing process.
oday, we are going to talk about the booming logistics sector in Vietnam and how this country is placing itself at the forefront of the freight and logistics market in Asia.
The freight and logistics market trends in Vietnam
● The logistics industry is the fastest-growing sector of the country’s economy and in the first year of the pandemic, Vietnam’s revenue from export-import reached almost $390 billion.
● Moreover, the government is aiming for a yearly logistics growth rate of 20% within the next two years.
● The freight and logistics sector involves air, sea, road, and rail freight along with complementary services like storage, freight forwarding, warehousing, and customs brokerage.
