Vietnam has undoubtedly been a big surprise for the logistics global market in recent years. The country, which for decades was totally unknown in the matter, today enjoys growing recognition as it continues to advance towards positions of greater privilege compared to other powers that already have a visible presence.
The so-called “rising star of the Asian continent” has achieved such achievements thanks to a combination of measures implemented by the Vietnamese government, such as investing in methods and new technologies to develop its previously precarious supply chain, which now has the eyes of the international sector.
Vietnam’s Global Market Growing
Vietnam’s global market is experiencing unprecedented growth in that nation’s history. According to the Emerging Markets Agility Index, it has achieved results ranging from 14% to 16% in productivity growth. These numbers hint at a stark reality for international logistics: Vietnam currently holds an enviable position as one of the most stable and fastest-growing countries compared to past times and with revenues of between 40 billion and 42 billion dollars a year.
Vietnam’s development is a great example for other countries that wish to venture into logistics as a notable source of income in their territory, also to stand out from other markets and become a possible leader in the sector through the right state investment, policies that really help the country move forward and, of course, an avant-garde mentality regarding the improvements that can be made in infrastructure and technology.
Vietnam already ranks tenth in the international market
Vietnam has been able to position itself to become a visible player in the global market, even occupying the tenth place among the 50 most robust markets around the world. In relation to this issue, Tran Thanh Hai, deputy director of the Department of Import and Export of the Ministry of Industry and Trade, offered very interesting data about the country’s performance in recent years, commenting that they had reached 732.5 billion dollars in 2022.
This is a record for the local industry, representing a growth of 9.5% compared to 2021. In the same vein, Nguyen Duy Minh, secretary general of the Association of Logistics Companies in the country, reported his plans to make the most of the Vietnam International Logistics Expo 2023 (VILOG 2023) to give more visibility to the territory as a reliable avenue of investment, given the impressive growth they continue to experience to date in terms of logistics and trade.
All in all, the development of the global market continues to offer Vietnam a golden opportunity to keep pace by strengthening its supply chain while, at the same time, seeking to attract more investment to raise productivity levels in its logistics operations.