Vietnam needs to address the shortcomings in its port infrastructure to fully benefit from its economic development. Vietnam’s 3,000 km of coastline and 320 ports increasingly play an important role in global trade. Container traffic rose 3 per cent year-on-year in the first half, while Hong Kong’s fell 8 per cent. With a high number of supply chains shifting to Vietnam, it makes sense that shipping demand is increasing and Vietnam’s long-term economic trajectory is likely to see this demand continue for years to come. The government wants the country’s seaports to handle 200 million tons of cargo by 2020 and double that amount by 2030. While this planning becomes reality, investors that need ports for imports or exports need to consider regional variations in the quality of port infrastructure before setting up. Competitiveness of local ports Economic growth in Vietnam has led to a significant increase in freight traffic over the last decade, highlighting the importance of ports for companies that invest in the country. While this trend suggests that Vietnam’s ports are able to manage increased demand, it also highlights the need for further investment in infrastructure to keep pace with growth and reduce logistics costs for business…. Read full this story
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