A business information portal at https://business.gov.vn and the ASEAN Access portal at https://aseanaccess.com were introduced with the aim of supporting enterprises in accessing market information at a workshop on the ASEAN market in Ho Chi Minh City on December 8.

Sita Zimpel, Project Director at the German Corporation for International Cooperation (GIZ) who is responsible for developing these two portals, said that the ASEAN market still has a lot of untapped potential, especially under the ASEAN Trade in Services Agreement (ATISA). These two portals are the main platforms for businesses to access reliable market information, form networks, and share experiences with the business community, especially small- and medium-sized enterprises in ASEAN.

The workshop was jointly held by the Agency for Enterprise Development under the Ministry of Planning and Investment and the German Corporation for International Cooperation (GIZ).

Delegates discussed new opportunities from the ASEAN Economic Community (AEC) as well as related FTAs such as the ASEAN Comprehensive Investment Agreement (ACIA), the ASEAN Trade in Goods Agreement (ATIGA) and ATISA.

Nguyen Duc Trung, Deputy Director of the Agency for Enterprise Development, said that economic integration in general and ASEAN cooperation in particular have brought about a lot of economic development opportunities.

In the first two months of 2023, Vietnam’s total export turnover to ASEAN reached 2.85 billion USD. Exports to Thailand reached 654.2 million USD, 441.7 million USD to Malaysia, more than 430 million USD to Cambodia and Indonesia each, 408 million USD to the Philippines, 387.1 million USD to Singapore, 45.3 million USD to Laos, and 4.32 million USD to Brunei.

However, the achieved results did not fully reflect the potential for trade among ASEAN countries. Meanwhile, Vietnamese small-and medium-sized enterprises still face many challenges in taking advantage of these opportunities, he said, adding that supporting them to make the most of digital platforms as well as market search skills through networks within the ASEAN region is essential.

Pangasius exports likely to reach US$1.8 billion this year

Vietnamese pangasius exports are anticipated to reach about US$1.8 billion this year, equivalent to 75% from the same period last year, heard a conference held in the Mekong Delta province of An Giang on December 15.

According to the Ministry of Agriculture and Rural Development, the pangasius industry is facing numerous challenges due to declining demand and market shrinking globally.

The major importers of Vietnamese pangasius products such as China, the United States, and the EU have seen decreases of between 17% and 53%.

Experts said that the supply source of raw pangasius in the country in the third quarter of the year decreased and is forecast to continue to fall next year, leading to a shortage of materials for processing.  

They attributed the limited supply to high farming costs, a factor which has made farmers more hesitant to expand aquaculture areas, especially when exports recover slowly. However, they played down processors’ concerns, because pangasius farming is maintained while the quality is ensured.

Insiders underlined the need to strengthen chain linkages, inject additional investment, and actively boost market expansion in an attempt to swiftly remove hurdles faced by the local pangasisus industry.

Binh Duong furniture makers seek to enter Indian market

A delegation from the Binh Duong Furniture Association (BIFA) is attending the India International Furniture Fair (IIFF) in New Delhi from December 14-17.

This year's event is the largest among five editions, featuring over 150 booths from Indian furniture companies and those from Vietnam, Malaysia, Turkey, Italy and China.

The Vietnamese delegation’s presence at the event aims to seek customers in India and internationally, grasp preferences for wood and furniture in India. The team also wants to introduce two major wood fairs scheduled for next year in Vietnam, including the Hawa Expo - Ho Chi Minh Export Furniture Fair from March 6-9, and the outdoor lifestyle fair in Quy Nhon city from March 9-12.

A representative from BIFA said the US, European Union (EU), Japan and the Republic of Korea are major importers of Vietnamese wood and furniture. Due to the global economic downturn, the demand in these markets has declined. The BIFA is actively seeking new markets, with a focus on India and the United Arab Emirates (UAE).

Wood and wooden furniture are among the top six currency earners of Vietnam, the biggest and seventh largest wood exporter in Southeast Asia and the world, respectively.

With a total market size of 41 billion USD, India is the world’s fourth largest consumer of furniture. Its home sales during the 2022-2023 fiscal year surged by over 36% annually. Meanwhile, the hotel industry is also experiencing robust growth, with plans to add additional 12,000 rooms next year and attract around 2.3 billion USD in investment by 2028.

Bottlenecks to be removed for sustainable development of Mekong Delta

Bottlenecks should be removed for sustainable development of the Mekong Delta region, according to the Vietnam Chamber of Commerce and Industry.

The third Annual Economic Report of the Mekong Delta in 2023 recently published by the Vietnam Federation of Commerce and Industry has identified bottlenecks in the institution, governance and linkage that are hindering the region's development in the present and in the long-term.

As per the report, there needs to be breakthrough action to reform institutions and governance and strengthen substantive and effective intra-regional and inter-regional links. It is also a choice of direction to escape the three downward spirals including the spiral of budget, the spiral of labor and the spiral of biased regional economic structure.

In particular, the budget spiral is the lack of adequate investment by the State, leading to weakness in transport, urban and logistics infrastructure. In a labor spiral with a lack of local jobs, most young people get unemployed leading to a serious decline in both quantity and quality of labor.

The spiral of economic structure creates a bias in implementing the food security mission, the gap between this region and other regions in the country is getting farther and farther. In 1990, the Mekong Delta's GRDP contributed 27 percent to the country, by the early 2000s it was about 16 percent, but by 2022, only 12 percent.

The business and investment environment has declined, and the attractiveness of the Mekong Delta has decreased. The Provincial Competitiveness Index (PCI) is always higher than the national average but is now decreasing. The PCI in 2022 is lower than the national average.

​The third Annual Economic Report of the Mekong Delta in 2023 recommends removing the bottlenecks of the Mekong Delta starting from institutions, governance and regional connectivity, focusing on five following reforms.

Firstly, according to the report, the Land Law should be amended freeing up resources from land in a way that should not divide too many types of land. Applications of rigid rules create barriers and reduce transaction costs when converting land use purposes. Moreover, transaction fees should be reduced for reallocating and effectively managing land to create investment capital.

Secondly, the report proposed new thinking on food security and a strong transformation from agricultural production to a mufti-value agricultural economy.

Thirdly, the government should perfect the water resources governance mechanism as well as concretize the approach that considers water resources as the core while establishing a roadmap for applying market mechanisms, in which water specifically needs to be recognized as a commodity with economic value.

Fourth, the report suggested that regional governance and coordination institutions should be perfected.

Accordingly, the regional council or an official regional coordination organization ensures real power, a clear budget and a creative financial mechanism to invest in regional development, and an information system, a regional database to serve policy and investment decision-making, with assignments, accountability, prioritized areas and specific implementation roadmaps, and a permanent apparatus capable of monitoring and evaluate, update, adapt and motivate stakeholders to implement.

Finally, public-private cooperation and micro-linkages should be strengthened. Joint initiatives to improve the business environment are encouraged while competitiveness, improving industry clusters, designing appropriate credit products, using fair enforcement mechanisms, and building regional brand strategies should be enhanced.

Institutions for regional cooperation, governance and connectivity are not only necessary and important for the Mekong Delta but are also a breakthrough to remove regional development bottlenecks. This will pave the way for local governments to perform their tasks well, for businesses to invest and do business smoothly, and for resources to be used most effectively. Strongly improving regional cooperation institutions is an important foundation for the Mekong Delta’s sustainable development in the coming time.

90 percent of Vietnamese startups fail: Deputy Director

According to Ms. Dang Thi Luan, Deputy Director of the Center for Application of Scientific and Technological Advances in Ho Chi Minh City, 90 percent of Vietnamese startups completely fail.

She added that out of 50 million startup projects launched each year in the world, there are about 1,000 projects in Vietnam. However, more than 90 percent of startups in the Southeast Asian country fail while this rate in the world is about 75 - 90 percent.

Up to 92 percent of startups fail in the first three years. Experts pointed out that the culprit of the startup failure is that entrepreneurs have not had a suitable strategy for the market as well as a lack of knowledge before starting a business.

Therefore, the Department of Science and Technology of Ho Chi Minh City coordinates with the Ho Chi Minh City Center for the Application of Scientific and Technological Advances under Saigon Innovation Hub and units to open training courses to help organizations, individuals, and start-up businesses have more knowledge of the business. The course on improving innovative startup capacity in 2023 takes place from December 5 to 23.

The training course includes training classes about e-commerce purchasing and selling processes, intellectual property management and brand development, and business sustainability model, capital profile building and market management.

Lecturers are experts in large domestic and foreign corporations who formulate strategic plans for their companies. The course is expected to help entrepreneurs better understand the analytical method of determining customer and product portraits through real stories and live campaign goals of major brands.

Through the training course, startups will help improve their success rate and access business operating skills in response to current social development trends.

In the first phase, the organizing committee will select 25 startup projects in Ho Chi Minh City in fields such as agriculture, processed food, fashion, services, household goods, consumer goods, technology, health, cosmetics, and beauty products for participating in the training course.

In addition, lecturers will analyze the process of building major brands of domestic and foreign corporations which will help startup entrepreneurs understand how to operate in accordance with trends and formulate plans to develop their business models.

There is a growing consumer desire for online shopping in recent years, startups are encouraged to deploy multi-channel sales activities which will be supported by the government. Activities in this training series are expected to provide in-depth knowledge about the skills of selling online or creating an effective marketing strategy helping entrepreneurs and start-ups find new ways to promote products and care for customers more effectively, said Ms. Dang Thi Luan.

Capabilities within reach for Vietnam to develop its hydrogen economy

In addition to appropriate policies, the establishment of objectives and strategic plans is a prerequisite for the development and completion of the hydrogen value chain in Vietnam.

The November submission to the government for approval by the Ministry of Industry and Trade (MoIT) was a strategy for the production of hydrogen energy through 2023, with an overarching vision to 2050. Vietnam’s strategic objective is to generate 100,000-500,000 metric tonnes of hydrogen by 2030, with further growth projected to reach 10-20 million tonnes by 2050.

This corresponds to an estimated 5-10 per cent of the country’s domestic energy demand. The primary sectors for which hydrogen is designed and utilised are power generation, transportation, hydrocarbon refining, fertiliser, metallurgical, and cement manufacturing.

Hydrogen development receives attention from the government. In his address at a conference on hydrogen development on November 22, Tran Thanh Tung, deputy director of the Oil, Gas, and Coal Department under the MoIT discussed renewable power sources, new energy production inputs, and “unlimited development” to meet domestic and international demands while ensuring energy security, economic efficiency, and national security.

“Vietnam is adhering to a pattern of firmly expanding renewable energy sources that generate hydrogen for domestic and export needs,” Tung said.

Vietnam’s energy system is undergoing a fundamental source structure transformation, shifting gradually from fossil fuel sources to renewable energy sources, he added.

The hydrogen issue arose in Vietnam after renewable energy was listed as a breakthrough for the country’s Power Development Plan VIII, approved earlier this year. The objective is to elevate the proportion to 47 per cent by 2030 and further increase it to 67.5-71.5 per cent by 2050, contingent upon partners fully and substantially implementing the commitments of the Just Energy Transition Partnership.

This outcome will assist Vietnam in reducing electricity generation-related greenhouse gas emissions from approximately 204-254 million tonnes in 2030 to 27-31 million tonnes in 2050. However, currently, hydrogen energy is not a top priority in Vietnam’s policies. “The Vietnamese government has not yet issued a specialised plan for hydrogen; policy frameworks and support mechanisms for the hydrogen industry remain dispersed across various plans, devoid of synchronisation and consistency,” said energy director Nguyen Van Phong.

Vietnam handles hydrogen gas as an industrial gas. There is neither a ministry responsible for hydrogen nor a specialised legal framework for hydrogen as an energy subsector. At present, Vietnam’s primary product is grey hydrogen, which it produces at a capacity of approximately 500,000 tonnes annually for the oil, gas, and fertiliser industries, he added.

Vietnam is positioned to develop hydrogen as it becomes one of the foremost nations in Southeast Asia in the development of renewable energy. As a result, there is a growing demand for research and development into hydrogen.

Renewable energy sources accounted for 13.5 per cent of total energy production in the first 10 months of 2023, reaching 31.58 billion kWh; solar power alone accounted for 22.35 billion kWh, and wind power for 8.52 billion kWh, according to Vietnam Electricity.

In March this year, Green Solutions Group initiated the construction of Vietnam’s inaugural green hydrogen production facility in the Mekong Delta province of Tra Vinh. The facility is designed to have an annual capacity of 24,000 tonnes of hydrogen and 195,000 tonnes of oxygen. Operation of the factory is anticipated to commence in the next few months.

Vietnam is capable of developing into an economy based on hydrogen. Dr. David Jacobs, managing director of International Energy Transition GmbH, advised Vietnam to prioritise easily implementable objectives in order to reduce the likelihood that hydrogen will have to contend with less expensive alternatives for reducing carbon emissions.

European and domestic researchers agree that to advance the hydrogen industry, Vietnam must expeditiously finalise three fundamental components. Prior to anything else, it is critical to conduct research and development in order to ascertain potential use cases, decarbonisation potential, efficiency improvements, and cost reductions for green hydrogen production technologies. This is especially true in Vietnam, where green ammonia and green hydrogen are required in sectors such as transportation, steel, and chemicals, Jacobs explained.

Furthermore, the formulation of green hydrogen necessitates a well-defined policy and regulatory structure, as well as collaborative endeavours among academia, business, government, and civil society to facilitate the shift away from petroleum fuel-derived raw materials. Thirdly, it is necessary to develop infrastructure required to produce, store, and distribute renewable hydrogen securely.

New law clears path for foreign buyers

The new Law on Housing passed by the National Assembly will bring positive changes related to housing ownership of foreigners in Vietnam when it comes into effect in 2025.

Talking with VIR, Le Tuan Anh, managing partner of DN Legal, said that foreigners’ right to buy and sell housing from fellow non-nationals is recognised in the new legislation, which was passed on November 27.

“Under the new law, eligible foreigners can acquire houses directly from other foreigners possessing properties in Vietnam, a right which was not previously expressly recognised under the current law,” Anh said.

Under the current law, ownership rights for non-Vietnamese individuals can be reflected in the respective certificates of land use rights, housing ownership, and other assets attached to land, such as land use or housing rights certificate for houses acquired via investing in real estate projects, direct purchases with real estate project developers, or gifts or inheritance.

Each developer can only allocate a specific number of its housing products in each project to foreign buyers. This limitation encompasses a maximum of 30 per cent for apartments and a maximum of 250 landed houses within a commune/ward boundary.

“Thus, if a foreigner wishes to acquire a home in a real estate project from a fellow foreigner or a local individual, the notary office which notarises the transfer agreement will often require pre-approval or confirmation from the developers acknowledging that such a transfer is within the quota limit,” Anh said.

Meanwhile, the new law also stipulates clearly that the government will provide detail guidelines of areas that fall within the criteria of national defence.

“With the new law and guiding decree, we hope to see clear demarcation from the state on sensitive defence areas, which will assist foreigners in determining licensing requirements for issuance of land use right certificates,” Anh said.

Other new points in the new law include expanding conditions for development and access to social housing. In particular, it offers notable points for additional supported subjects such as businesses and cooperatives in industrial parks.

Le Hoang Chau, chairman of the Ho Chi Minh City Real Estate Association, said that the new law could be one of the best over the past 30 years, ensuring the synchronisation and unity of the legal system.

“The new law has flexible, attractive incentives, for example, using 20 per cent of a project’s land for commercial housing development or service business,” Chau said.

The new law stipulates that the Vietnam General Confederation of Labour is the agency in charge of investing in social housing construction. Vice president of the confederation, Ngo Duy Hieu, said one of the top concerns of workers was housing.

“Currently, the need for housing for workers is huge, while the state’s ability to meet it is still limited, and businesses are not often interested in social housing in general. Therefore, the confederation is suitable to be responsible for building housing for this group of people,” Hieu said.

The new Law on Housing is scheduled to take effect in January 2025, along with corresponding decrees and circulars being drafted, and will replace the law from 2014.

Real estate legislation gets facelift for 2025

The new Law on Real Estate Business includes regulations that could positively impact both home-buyers and investors.
According to lawyer Le Van Hoi, director of My Way Law Firm, the new law to take effect from 2025 will resolve a number of previously outstanding problems in the real estate market.

"For example, current law does not specifically regulate deposits when buying, selling, or leasing real estate to be formed in the future. However, from 2025 real estate project investors will only be allowed to collect a deposit of no more than 5 per cent of the selling price, lease-purchase price of houses and construction works built in the future,” Hoi said.

The deposit agreement must clearly state the selling price, lease-purchase price of the house, the construction project, and the construction floor area of the project, added Hoi.

This regulation is intended to partly prevent investors from using other forms of security to mobilise capital before having enough conditions, such as deposits and priority loans, to purchase products formed in the future.

The regulation of putting 20 per cent of social housing into commercial housing of every project is not only mandatory, but the responsibility of each locality’s authorities, said Phan Le Thanh Long, CEO and founder of AFA Research & Education Group, an institute providing research and professional training in accounting, auditing and finance.

“Although we will need to wait for the laws to take effect, as well as the decrees and circulars guiding the implementation, the passage of these two laws is a push for the market towards sustainable and healthy development, instead of heating up the market with speculative activities,” Long said. “The main goal of this law, as well as the upcoming Housing Law, is that all individuals have homes and land resources that are exploited properly.”

Signs of recovery in the real estate market have begun to appear with more frequency since the third quarter of 2023. Supply improved and liquidity started to increase, and investors are aggressively launching their products to the market.

The government has made several moves this year to solve difficulties in the real estate market, and support from the sharp decline in bank interest rates combined with optimistic expectations of investors have caused the market to improve.

However, Vo Hong Thang, director of Consulting and Project Development at DKRA Group, said that the market has had a certain recovery in supply and consumption in recent times, but there has not been significant recovery overall yet.

Lack of criteria holding back green strategy

The unclear understanding of how to attract green investment is causing trouble for both green manufacturers and those in more traditional sectors.
 
At last week’s conference on green investment in Hanoi, Le Anh, director of sustainable development at DuyTan Plastic Recycling Company, said that while its factory ensures zero waste and zero emissions, it has found it tough to win over some areas with its services.

“While recycling is an issue that is being widely promoted in government policy, some localities have not welcomed us, and even outright refused to work with us,” Le Anh said, explaining that the company’s business lines are related to plastic and waste.

Despite this, the company has just been recognised as a high-tech recycling company by the Ministry of Science and Technology, and has gained some ground.

“In Vietnam, we have partnered with and supplied big brands to demonstrate our product quality and reputation. We hope to have better companionship and support from relevant agencies and local governments,” Anh added.

In addition to DuyTan, the conference heard that other businesses have also claimed that they are struggling with investment procedures in Vietnam because some local leaders do not approve ventures if the industries the businesses want to get involved in are already known to cause too much pollution.

“If this happens in many localities, we should clearly draw up a list of industries that are not encouraged for investment in law. This is also a useful reference for industrial zone (IZ) developers to set targets and attract investors alongside green growth and sustainable development,” said Nguyen Thi Thao Nhi, chairwoman of IZ developer Thanh Binh Phu My JSC.

In the context of fierce competition in attracting investment among countries today, without consensus, a specific set of criteria, and transparency in information, some large projects in important industries for national development will be missed because of the caution rising and the pressure of green growth, she added.

Nhi proposed that state agencies must redefine green development because not all the basic material and chemical producers are polluting industries. Many of the world’s large battery manufacturers for electric cars exploit and use ore as input materials. However, they have spent a huge amount of money on high technologies with strict processes, without any emissions.

“When registering investment, they have to submit for in-principle approval along with numerous documents, these barriers are mitigating the national competitiveness in wooing foreign investment,” Nhi claimed.

In some cases, some traditional industries will have no locations for production and manufacturing. Hua Quoc Hung, head of the Management Board Management of Ho Chi Minh City Export Processing and IZ Authority, said, “We should not filter industry but choose technology that can reduce emissions, and raise investment efficiency. All industries making products that meet the needs of society, like clothing, and even polluting ones such as construction materials production and chemicals – where are locations for them?”

Some industries cannot be located in residential communities, and if IZs and export processing zones do not accept them, these factories have nowhere to go, Hung added.

“We should not care about which industry to choose, labour-intensive or environmentally polluting ones, because technology and the market will regulate and adjust the development and requirements of these industries,” Hung stated.

Decree No.35/2022/ND-CP on prescribing the management of IZs and economic zones stipulates that 60 per cent of areas are for specialised industries, and the rest for other industries. “Ho Chi Minh City has a project to convert IZs in which there will be some small areas for non-prioritised industries. So manufacturers must update technologies and production lines to have access to more locations,” Hung recommended.

At last week’s conference, Kasahara Masayuki, chief representative of the Japan International Cooperation Agency (JICA) in Ho Chi Minh City, shared lessons in Japan’s Kitakyushu city, which faced pollution problems from industrial production and manufacture but successfully transformed into an eco-city.

JICA also helped to transform successfully a similar zone in Thailand, and is supporting the southern province of Ba Ria-Vung Tau to enable Phu My 3 Specialised Industrial Park project to become a model for replication in other locations.

Livestock companies latch onto gains involving circular economic model

The circular economy is hitting its stride among livestock companies across the country, and are expected to gain increased revenues in the next few years thanks to applying fresh and greener methods.
 
Greenfeed, a Vietnamese enterprise with 20 years of experience in the livestock sector, has promoted a circular economy in the supply chain and invested significant resources in a waste treatment system for many years.

According to sustainability director Pham Tuan Anh, solid waste on Greenfeed’s farms will be composted and processed as organic fertiliser to provide abundant nutrients to plants and increase soil organic matter. With wastewater, this business will process and recover biogas to activate generators and produce electricity for the farm’s operating needs.

“The amount of biogas generated can meet 50-80 per cent of the farm’s electricity needs. Last year, the proportion of renewable energy from biogas and biomass accounted for 12.3 per cent of the group’s energy structure,” Tuan Anh said. “Green transformation and emission reduction in the production process are one of the important driving forces pushing the company to triple annual revenues to $3 billion in the future.”

Greenfeed Vietnam is just one of many livestock companies practising circular economy in treating waste, especially wastewater.

C.P. Vietnam, a Thai-backed enterprise, also applies circular economy principles in waste management to minimise waste in the production process while optimising resource use. Typically, water reuse from livestock activities uses biogas generators to replace electricity at peak hours.

In addition, manure from production, chicken coop floor lining materials, sewage sludge from water treatment, eggshells, and organic waste are composted into fertiliser and used to grow vegetables for the company’s employees. Moreover, the waste is also put into the biogas system to be converted into methane gas to help generate electricity.

In general, livestock companies in Vietnam have developed and applied models such as garden-pond-livestock pens, shrimp-rice and rice-fish rotary farming, production of organic fertilisers from agricultural discharges, bio-safe breeding, and aquaculture with water circulation technology.

Tong Xuan Chinh, deputy director of the Department of Livestock Production under the Ministry of Agriculture and Rural Development, said that the industry discharges an average of 61 million tonnes of manure and over 304 million cubic metres of wastewater into the environment each year, of which nearly 80 per cent is untreated.

Vietnamese logistics companies upbeat on 2024 outlook

As Vietnam's economy is expected to recover and achieve a growth target of 6 per cent in 2024, logistics businesses are optimistic about the logistics industry in 2024.
 
On December 6, Vietnam Report officially announced the Top 10 Most Reputable Logistics Companies in 2023. It found that 34.5 per cent of logistics businesses predict the logistics industry will improve in 2024. This is a bright spot amid the challenging logistics landscape. Another is that 60 per cent of logistics companies record lower total costs in 2023.

The logistics industry is associated with manufacturing, distribution, and goods consumption in both local and foreign markets. However, headwinds like political instability and inflation have put an end to the rapid growth of the global economy. This has negatively affected the business situations of logistics companies.

According to Vietnam Report's survey, most Vietnamese logistics companies experienced a slump in business results in 2023. Notably, 66.7 per cent of companies posted shrinking profits, of which 40 per cent recorded a significant decline.

The pricing war has become more intense as more foreign companies have penetrated the market. They are willing to suffer losses for three to five years to vie for market share.

Along with the e-commerce boom, e-commerce operators have developed in-house logistics firms to serve rising demand. In a turbulent year, e-commerce development and the demand for faster delivery have changed the operation structure of many companies.

The survey found that logistics companies, and last-mile delivery firms in particular, are being forced to deliver smaller value packages more frequently. Businesses do not have time to wait until they have enough orders to fully fill the vehicle.

To join the race, logistics businesses need to ensure vehicles reach maximum load capacity, optimise costs, and take advantage of scale. The challenge also prompts businesses to optimise operations and accelerate the application of automation technology and digital transformation. This is even more difficult for small logistics businesses that do not have enough financial and workforce capacity.

Over the past few years, the growth rate of the Vietnamese logistics sector has consistently hovered between 14-16% annually, with a scale of $40–42 billion per year. According to data by Mordor Intelligence, Vietnam's logistics market size is estimated at $45.19 billion in 2023 and is expected to reach $65.34 billion by 2029, growing at 6.34 per cent during the forecast period.

Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes