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Vietnam targets logistics to contribute up to 10% to GDP

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Staff Writer | February 17, 2017
Vietnamese Prime Minister Nguyen Xuan Phuc has approved an action plan to increase competitiveness and development of Vietnam's logistics.
Nguyen Xuan Phuc
Business in Asia   Vietnamese Prime Minister Nguyen Xuan Phuc:
He is targeting the sector to contribute 8-10 percent to the country's gross domestic product (GDP) by 2025.

The sector is set to enjoy annual growth of 15-20 percent while logistics costs are set to be lowered to 16-20 percent of the country's GDP by 2025, reported local VNEconomy online newspaper on Thursday.

Currently, the costs of logistics currently are about 20 to 25 percent of the GDP, compared with the average rates of 7-10 percent in developed countries, said Vietnam's Ministry of Industry and Trade (MoIT).

At the same time, the sector has now contributed some 2-3 percent to the country's GDP, said the MoIT.