GURUGRAM, India, April 21, 2021 /PRNewswire/ -- Vietnam's Elevating Economy: Vietnam's growing economy is supporting the Road Freight industry in Vietnam. The Government of Vietnam has allowed 100% FDI (Foreign Direct Investment) in its Logistics sector. Along with it, Vietnam has been increasing the no. of free trade agreements with ASEAN countries like Cambodia, Laos, China, and Singapore among others. The development of infrastructure has been a major driver for the Vietnam's road freight transport market. Vietnam's boosting economy has been attracting major players from around the world to strengthen its potential to become one of the leading e-commerce markets in Southeast Asia.
Increased focus on Innovation: As market awareness increases, the road freight service providers are focusing more on product innovation and addition of latest technologies. Digitization is helping address challenges in Vietnam's road freight system. Technological solutions, such as GPS, Intelligent Transportation System, increase access to real time tracking information and optimizing the travel routes and freight arrival times.
Logistics Demand to Rise:Vietnam has expanded to become a leading manufacturing hotspot in SE Asia owing to high availability of labor and low labor costs. In the past 20 years the land allotted to Industrial parks have increased from 330 to more than 80,000 hectares. Vietnam imports majority of the raw material and exports the manufactured products increasing the demand for Logistics over the years.
The report titled "Vietnam Road Freight Market Outlook to 2025" by Ken Research suggested that the logistics market is expected to grow at a double digit positive CAGR. Increased Trade and Technological advancements in the fleet are driving the ambient container truck market in Vietnam. The Road Freight revenue in Vietnam is expected to grow over the next few years owing to the increasing industries and trade parks in the country.
The report covers various aspects including the current logistics scenario in India, its components viz, freight transportation, warehousing, CEP and VAS. The report specially focuses on Road freight market highlighting its issues and challenges, major growth drivers, investment in infrastructure, tech disruptions and innovations, and competition benchmarking.
Turkey logistics and warehousing market displayed a consistent growth during the period 2013 to 2018. The growth in the automotive exports coupled with rising e-commerce sector was witnessed to drive the Turkey logistics market. The country also has a robust manufacturing sector that contributes to almost 25% of the country's GDP and provides the boost to the logistics industry in Turkey.
Philippines Logistics Sector has witnessed a robust CAGR with the highest share to freight forwarding Market followed by Warehousing, Courier parcel, and Express market, and VAS Market. Sea and Road are dominant modes of transportation with road transportation only possible domestically due to its Archipelago location.
Ken Research Ankur Gupta, Head Marketing & Communications [email protected] +91-9015378249