Vietnam's Logistics Network On the Rise

Vietnam's logistics industry is gaining traction in the global market, with anticipation that it would emerge as an Asian "rising star" in the near future.

This is due in great part to the country's efforts to improve its supply chain industry, as well as the benefits of major multinational firms' 'China plus' sourcing strategy.

With a total value of US$40 billion to $42 billion per year, the industry has seen yearly growth of 14-16 percent, solidifying its place as one of the fastest-growing and most stable industries in the country.

According to the Agility Emerging Markets Logistics Index 2023, Vietnam advanced one position to the top ten of the Index among 50 worldwide markets.

The ranking of Agility is determined by four criteria: domestic opportunities, foreign possibilities, business foundations, and digital preparedness.

Several factors contribute to this reputation, including the country's strategic location, attractive investment policies, and the government's continual efforts to enhance infrastructure and streamline laws.

With a score of 6.03 out of 10, Vietnam leads South-East Asia and ranks fourth globally in terms of global opportunities. The country has reaped significant benefits from the "China plus" policy, as large global businesses seek to diversify their supply chains in order to lessen their dependency on the Chinese market.