Business News

The Vietnam Maritime Corporation (VIMC) reported its profit exceeding US$130 million in 2022, for the second year in a row. While the final figure was still not yet made public while under audit, VIMC, the country's largest State-owned maritime logistics corporation, said 2022 had been a good year for business.

The northern city of Hai Phong aims to become a regional and international logistics centre due to its many advantages as a transportation hub for all five types of traffic, including sea, road, air, railway, and inland waterways.

The National Single Window (NSW) has brought about positive changes in the settlement time of administrative procedures. However, changes are varied among procedures and there are no major breakthroughs in simplifying administrative procedures and reducing costs for businesses.

Analyst Phạm Minh Quang, BIDV Securities, estimated that international freight rates would continue to drop by around 12 per cent towards Q1/2023, caused by high inventory levels and high inflation. Domestic freight rates would follow suit with a drop of about 5 per cent amid a slow recovery of vessel supply.

The demand for warehousing space is increasing dramatically as consumers' purchasing power is hiking up as the year comes to a close. Cushman & Wakefield, a global commercial real estate services company, reported that the occupancy rates for warehouses in HCM City and Hà Nội reached 90 per cent in the first two quarters of 2022.

The firm, promoting investment in the Nam Đình Vũ project phase 2 to put into operation from the first quarter of 2023, has had positive results in the last nine months, expecting to exceed its commitment with the AGM 2022 with the better scenario.

The launch of the Vietnam Provincial Logistics Competitiveness Index (LCI) is expected to help reduce logistics costs, support production and export development, and attract foreign investment more effectively in the future, said Lê Duy Hiệp, the Việt Nam Logistics Business Association (VLA) chairman.

The launch of the Vietnam Provincial Logistics Competitiveness Index (LCI) is expected to help reduce logistics costs, support production and export development, and attract foreign investment more effectively in the future, said Lê Duy Hiệp, the Việt Nam Logistics Business Association (VLA) chairman.