Vietnam – South America logistics trade forum held
The online Vietnam – South America logistics trade forum has been held to help the two countries' firms expand business cooperation opportunities in the field.
Hanoi (VNA) – The online Vietnam –South America logistics trade forum has been held to help the two countries' firms expandbusiness cooperation opportunities in the field.
Speaking at the event, deputy head of the Ministryof Industry and Trade (MoIT)’s Vietnam Trade Promotion Agency Le Hoang Tai saidSouth America is a promising market for Vietnam’s exports such as apparel,leather and footwear, handicraft, aquatic products and processed food. However,its export turnover remains limited.
🐭 Recently, both sides have met difficulties intrade due to COVID-19 pandemic. Moreover, far distance and limitedtransportation of goods also resulted in high logistics cost, making it hardfor Vietnamese goods to compete with rivals.
Logistics firms also faced barriers related tolanguage, cultural differences and access to market information, he said.
Vice General Secretary of the Vietnam Logistics Business Association NguyenTuong said Vietnam’s logistics sector is undergoing digital transformation tomeet development demand following the pandemic.
He proposed enterprises meet togetheror via agents to learn about information related to the market and demand. Embassiesshould also hold trade promotion trips to support them.
꧒ CEO of the Empresas Taylor Company Matthew TaylorPollmann suggested Vietnamese logistics firms join projects on technologicaltransformation, adoption of artificial intelligence in logistics, or switch togreen energy in Chile.
Tai added that the MoIT is reviewing administrativeprocedures to create favourable conditions for export and logistics firms.
🐈 The ministry should also encourages logistics companies to invest in infrastructure and digitalise operations to improve competitiveness, he said./.
The government wants its agencies and businesses to reduce logistics cost to enhance the competitiveness of the country’s goods. According to experts, the cost for logistics remains high, leading to higher product costs and lower competitive advantages for Vietnamese goods and its economy.
Optimising quality of logistics services is a requisite measures to boost Vietnam-EU trade amidst the COVID-19 pandemic, experts said at the online business matching forum held on December 9.
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Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
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PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Illustrative image (Photo: VNA) 
