Vietnam's Government to improve logistics trading

14:45 | 20/01/2016 Society

Logistics trading is not provided adequate conditions for development in Vietnam though it is considered a cash cow sector, Nguyen Cam Tu, Deputy Minister of Industry and Trade, said. International logistics cooperation is essential for Vietnam, especially in the context of global integration and ASEAN Economic Community.

Vietnam's Government to improve logistics trading

Photo: Vnanet

The Deputy Minister said that Vietnam should create favourable conditions for trade activities as well as building an effective logistics sector for better exports. In addition, the country should have high value products in the world market while increasing integration in the seaport sector.

The World Bank reported that Vietnam's Government should work with private importers, exporters and transport companies to improve freight logistics because the evolving economy needs new strategies for strong growth. 

Titled "Engaging the Private Sector in Transport and Logistics Planning and Policy Making: Options for Vietnam", the World Bank report released on January 8 said systematic engagement with freight stakeholders by government agencies responsible for planning and policymaking could boost trade competitiveness.

The World Bank report contends increased public-private engagement can greatly enhance logistics competitiveness in these areas, going forward. It suggests establishing legally backed platforms for public-private and public-public collaboration and furnishing such partnerships with sufficient resources to carry out their mandate.

Other important steps include managing private sector expectations, ensuring comprehensive representation of stakeholders across the supply chain and observing common sense "business meeting" norms regarding timeliness and the prompt issuance of minutes with clearly assigned responsibilities and well-defined next steps.

In addition, the report calls for pursuing private-sector engagement opportunities throughout the planning and policymaking cycle, as opposed to only within selected portions of it, as a contributing factor to ensuring sustained engagement. According to the latest report on global economic prospect, the Vietnamese economy may accelerated to 10%, the highest pace among 12 TPP members, buoyed by strong garment and textiles exports to the US and other key markets thanks to tariff elimination./.

Source: Hanoitimes