Project Launch Showcases Potential of Vietnams Trade and Logistics Sectors

Stocks and Financial Services Press Releases Friday May 18, 2018 09:20
Hanoi--18 May--World Bank

Hanoi, 15 May 2018 - The World Bank and the Ministry of Transport today hosted a workshop to launch the implementation of the Vietnam Logistics Statistical System Project and highlight the importance of strengthening the transport and logistics sectors to boost trade competitiveness.

Designed to establish a national system for collecting, processing and publishing transport and trade logistics statistics on an annual basis, the project is part of the World Bank's support to the Government of Vietnam's integrated program for trade facilitation and logistics development.

Despite substantial increases in public investment in infrastructure, trade-related infrastructure has not maintained pace with the growth of exports. Weak infrastructure and transport links – especially weak corridors connecting key value chains to main international gateways – as well as high transport costs, poor quality of transport, and logistics services, are constraining trade potential.

"Developing a robust logistics data system is crucial for designing and implementing effective policies to enhance Vietnam's logistics performance and competitiveness." said Sebastian Eckardt, Lead Economist for the World Bank in Vietnam.

Financed by the multi-donor Trust Fund for Statistical Capacity Building, or TFSCB, managed by the World Bank, the project also provides technical support for project implementation, through a partnership between the World Bank, the International Transport Forum, the Organization for Economic Cooperation and Development (OECD), and the Australia-World Bank Partnership Program.

The workshop showcased international practices and key components of a good logistics statistical system and discussed the importance of reliable transport and logistics data in Vietnam. The data will be used for strategic planning purposes, and to formulate and monitor the implementation of policies related to transport infrastructure as well as trade and logistics development. It will also help logistics firms to access reliable data for their business development.

For more information, please go to www.worldbank.org.vn

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