Changing the mindset about logistics to seize opportunities from EVFTA

According to information from the Department of European - American Markets (Ministry of Industry and Trade), at 2:00 p.m. on September 23, 2024, the Ministry of Industry and Trade will coordinate with relevant units to organize the "Europe - America Regional Logistics Forum 2024" with the theme "Seizing opportunities from EVFTA and changes in the logistics industry to support exports to the EU market".

The forum will be held in Ho Chi Minh City with the participation of delegates from many ministries, branches, domestic enterprises and regions in Europe, America...

At 2:00 p.m. on September 23, 2024, the Ministry of Industry and Trade will coordinate with relevant units to organize the "Europe - Americas Regional Logistics Forum 2024" with the theme "Seizing opportunities from EVFTA and changes in the logistics industry to support exports to the EU market. Photo: Department of Europe - Americas Market

Mr. Ta Hoang Linh - Director of the European - American Market Department said that the Forum was organized to provide updated information on market fluctuations affecting the supply chain of goods, as well as new EU regulations (Carbon Border Adjustment Mechanism - CBAM, Green Logistics...); thereby helping businesses promptly grasp changes, build appropriate strategies and adjust effective operating plans, and clearly understand the necessary requirements to minimize arising costs.

Director Ta Hoang Linh emphasized that the Forum is also an opportunity for experienced experts to share solutions to optimize supply chains, improve transport efficiency, and develop sustainable logistics, meeting the strict standards of the EU market with the goal of supporting businesses to face opportunities and challenges in the current logistics sector.

According to the planned program, in addition to providing information on the logistics connection situation between Vietnam and the European and American markets, delegates attending the Forum will also discuss and exchange solutions to enhance logistics connection, improve efficiency and take advantage of incentives to support exports to the European market.

In particular, delegates will focus on main topics such as: Green Logistics: Orientation for sustainable development; Road transport: Current situation and development potential; Logistics cost trends between Vietnam and the EU...

Logistics is one of the fastest growing and most stable industries in Vietnam with an average growth rate of 14 - 16% per year. Illustrative photo

Logistics is one of the fastest growing and most stable industries in Vietnam with an average growth rate of 14 - 16%/year. Along with the openness of the Vietnamese economy when participating in 17 FTAs, including many new generation FTAs, including the EVFTA, it will promote increased exports of goods and create room for the logistics industry to grow further.

Leaders of the Ministry of Industry and Trade said that FTAs ​​will bring about a number of positive impacts, such as increasing business efficiency from administrative procedure reform; increasing demand for logistics services; increasing the size of the logistics market due to increased import and export activities; attracting investment from other countries. Or the logistics and transportation system must ensure strict requirements on international standards and control processes. Therefore, participating in new generation FTAs, including EVFTA, will create more development opportunities for Vietnam's logistics industry.

Experts say that free trade agreements will bring about a number of positive impacts, such as: Increasing business efficiency from administrative procedure reform; increasing demand for logistics services; increasing the size of the logistics market due to increased import and export activities; attracting investment from other countries. However, there are also negative impacts, such as the level of competition with foreign enterprises will be more intense. Or the logistics and transportation system must ensure strict requirements on international standards and control processes.

Participation in new-generation Free Trade Agreements (FTAs), including EVFTA, will create more development opportunities for Vietnam’s logistics industry. To take advantage of the opportunities, one of the important factors is that businesses need to improve their capital scale, management capacity and scope of business operations, especially by taking advantage of joint venture opportunities with international investors.

Experts believe that the opportunities are huge. For example, in the EVFTA commitment to open up maritime transport services, the conditions for operating a fleet flying the Vietnamese flag are that only joint ventures with foreign capital of up to 49% are allowed, foreign crew members must not exceed 1/3 of the ship's crew, and the captain must be a Vietnamese citizen...

Therefore, the opportunity to attract investment from foreign companies, take advantage of experience, management skills, capital, and available networks of partners when forming joint ventures with domestic partners is very large.

Industry and Trade Newspaper will continue to update information about the Forum...

Source: https://congthuong.vn/thay-doi-tu-duy-ve-logistics-de-don-co-hoi-tu-evfta-347151.html