Flexible warehousing models that can help businesses optimise their storage are required amid the development of e-commerce, experts have suggested.
Prime Minister Nguyen Xuan Phuc and his Singaporean counterpart Lee Hsien Loong, via videoconference, witnessed on November 14 the launch of the ASEAN Smart Logistics Network (ASLN) with the Vinh Phuc ICD Logistics Centre (SuperPort) its first project.
The government has proposed a strong 5-year increase in public investment to achieve high economic growth, with more opportunities for private investors to join.
Shipments bound for the European Union (EU) market before August 1, the day the EU-Vietnam free trade deal took effect, will still be granted a certificate of origin (C/O) to enjoy preferential tax policies as part of the agreement.
Currently, dairy products are subject to 5-20 per cent tariffs. For instance, for cheese it is 10 per cent. However, the EVFTA will gradually eliminate all duties. Under these circumstances, dairy trade flows between the EU and Vietnam will most likely increase.
New-generation free trade agreements are increasing the importance of domestic logistics groups, with Vietnam emerging as a safe yet high-return market for overseas parties pouring money into new developments.
Further clarifying the legal framework for infrastructure development via wider participation of private investors is expected to help the country attract more funding into the industry.
With its annual growth of 12-14 per cent, the logistics sector, especially seaports, is becoming attractive to both domestic and foreign investors, experts said.