6 C
Munich
Saturday, March 2, 2024

Vietnam’s trade with 11 Asian markets to grow to $465 bn by 2030: UPS

Must read

[ad_1]

Vietnam’s trade with 11 other major Asian markets could significantly rise in value by 2030 from $326 billion now to $465 billion by 2030, according to an industry study released by UPS, which urged businesses with trade interests in the country to diversify supply chains, go completely digital and integrate micro, small and medium enterprises (MSMEs) into regional supply chains.

Lack of progress on logistics infrastructure in the country could constrain its ability to serve centres of demand in rapidly developing economies, the study, titled ‘Clearing the Runway for Intra-Asia Trade’ noted.

Vietnam’s trade with 11 other major Asian markets could significantly rise in value by 2030 from $326 billion now to $465 billion by 2030, according to an industry study released by UPS. Lack of progress on logistics infrastructure in the country could constrain its ability to serve centres of demand in rapidly developing economies, it noted.

Trade in just 12 key markets—Australia, China, Hong Kong, Indonesia, Japan, Malaysia, the Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam—known as the Asia 12, accounts for 88 per cent of intra-Asia trade and could more than double in value from $6.4 trillion in 2020 to $13.5 trillion in 2030.

Four segments have driven the surge in trade among the Asia 12: retail; industrial manufacturing and automotive; high-tech; and healthcare. In Vietnam, these segments accounted for 82 per cent of trade with the rest of Asia in 2020.

Vietnam’s exports contributed to 82 per cent of its gross domestic product. Particularly noteworthy is that 35 per cent of the exports is dependent on SMEs that have working capital as a key roadblock to their growth aspirations, the study found.

Fibre2Fashion News Desk (DS)


[ad_2]

Source link

- Advertisement -spot_img

More articles

- Advertisement -spot_img

Latest article