HANOI, Oct. 20 (Xinhua) -- More efforts are needed to lower logistics costs in Vietnam, which are still at a high level, to increase the economy's competitiveness, Vietnam News Agency reported Friday, citing insiders.
Lowering logistics costs to reduce product costs and increase competitiveness is an important target set by the Vietnamese government, ministries, sectors and localities, according to the agency.
Deputy Minister of Planning and Investment Tran Duy Dong said both capacity and ranking of Vietnam's logistics industry are improving.
According to the World Bank, Vietnam currently ranks 64 out of 160 countries in terms of logistics development and ranks fourth in the ASEAN. The annual growth rate of the Vietnam's logistic sector reaches 14-16 percent, with a scale of 40-42 billion U.S. dollars per year.
Over 3,000 domestic transportation and logistics enterprises together with 25 world leading delivery groups are providing services in Vietnam.
Vietnam's logistics costs were estimated to account for about 17 percent of gross domestic product (GDP) in 2022, according to the Ministry of Planning and Investment. ■