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  • Writer's pictureVirtus Prosperity

Vietnam Logistics’ significant role in country's industrialization & modernization efforts by 2023

According to Resolution No. 29/NQ-TW of the Central Committee in 2022, specific national targets by 2030 include:

- Average GDP growth rate of about 7% per year; Per capita GDP reaching around 7,500 USD;

- Belonging to the group of three leading ASEAN countries in industrial competitiveness; the industrial sector's contribution to GDP exceeding 40%; the processing and manufacturing industry accounting for approximately 30% of GDP; the proportion of high-tech industrial products in the processing and manufacturing sectors exceeding 45%; the average value-added of the manufacturing and processing industry per capita reaching over 2,000 USD; ...

To achieve these goals, the Vietnamese Government, the State have been implementing numerous missions and solutions. Notable among them is the development of infrastructure and transportation, along with continuous improvements in policies, legal frameworks, etc., positioning Vietnam as an attractive investment destination in emerging markets within the region.

Transportation Infrastructure

Vietnam is one of the top-ranking countries in Asia in terms of infrastructure investment as a percentage of GDP, with a ratio of 5.7% in 2022, just only lower rate than China at 6.8%. As of June 2023, numerous key projects are under construction and in progress.

Virtus Prosperity Research

Potential with Other Countries in the Region

Below is a summarized comparison of the logistics industry between Vietnam and Singapore:

Virtus Prosperity Research

Each country has its advantages and challenges to leverage and overcome. With the aforementioned potentials, Vietnam has the capability to compete with Dubai, Hong Kong, even Singapore or Shanghai, not only striving to become a global cargo transit hub but also a crucial link in the world's manufacturing chain.

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