According to experts, the cost for logistics remains high, leading to higher product costs and lower competitive advantages for Vietnamese goods and its economy.

The goal is to double logistics services’ share of GDP to 8-10 percent and total logistics costs to 16-20 percent of GDP. To achieve the targets, unnecessary procedures need to be immediately eliminated.

It is necessary to promote the use of digital transformation in logistics via integrating blockchain and artificial intelligence technologies to existing digital platforms for transport and port and warehouse management.

The cost of logistics services in Vietnam in early 2019 accounted for 25 percent of the country’s GDP, while the rate was just 9.5 percent in the U.S, 11 percent in Japan, and 16 percent in the RoK , according to the Vietnam Chamber of Commerce and Industry.

There are around 30,000 logistics companies in the country, including 4,000 international ones. The industry has been growing at 12-14 percent annually and is now worth 40-42 billion USD./.VNA

Freight and logistics stocks on the rise despite pandemic

Freight and logistics stocks have seen major gains since the beginning of 2020 even as the COVID-19 pandemic has wreaked havoc on the economy.