Business News

A workshop was held in the southern province of Ba Ria – Vung Tau on June 18 to seek ways to develop seaports and logistics services, which are important components of the local economy.

The enforcement of the EU-Vietnam Free Trade Agreement (EVFTA) will promote export-import activities, thus bringing direct benefits to the country's logistics industry, experts have said.

Industrial zones (IZs) and economic zones (EZs) attracted 390 foreign-invested projects with a total registered capital of US$4.3 billion in the first five months of this year, according to the latest updates of the Ministry of Planning and Investment.

Hồ Liên Nam, head of the port’s sales department told Vietnam News Agency that to expand production and business, the port has opened many new transport service routes, including a route from Quy Nhơn port to Northeast Asia, connecting central Việt Nam with South Korea, Japan and China.

Although coming three months later than the required by the government, the authorities are still determined to kick off the construction of Long Thanh International Airport in the first quarter of 2021. This information was mentioned in the government’s recent report to the National Assembly.

Transport projects, including the extended Highway No 5, the intersection of the Ring Road 3 with the Hanoi- Hai Phong and Co Linh motorway, and phase 2 of Vinh Tuy Bridge, will be built from 2020-24. Phase 2 of Vinh Tuy Bridge will cost a total of 2.5 trillion VND (106.5 million USD).

Nguyễn Xuân Sang, Director of the Việt Nam Maritime Administration, predicted that maritime transport would continue to face difficulties until the end of this year due to drops in demand for goods in foreign countries and stagnation of production globally which caused falls in both imports and exports.

Inflated logistics costs were hampering the competitiveness of Vietnamese goods, according to Chairman of the Việt Nam Textile and Apparel Association (VITAS) Vũ Đức Giang.