The Role Of Economic Systems In Vietnam's Logistics Industry Case Study

Introduction: Economic Systems and Logistics Challenges in Vietnam

The logistics sector in Vietnam is experiencing significant growth in the face of significant obstacles. This paper explores the complex dynamics of Vietnam's logistics industry contrasting recent advancements with national economic systems, governmental regulations, environmental assessments and the Porter's Diamond Model as background. A key component of Vietnam's economy, the industry has experienced rapid expansion thanks to government initiatives, technological advancements and economic integration. However, a number of significant barriers such as limited infrastructure and expensive logistics make it difficult for it to grow sustainably. This report examines the industry's trajectory from a broad perspective, highlighting the complex interactions between political, economic, social, technological, environmental and legal factors and assessing how recent developments have affected Vietnam's position in the global economy.

1. Nation-State in the Global Economy and Triad Dominance

A nation-state is a political entity recognised by other nation-states, with a defined territory a single government and a permanent population (Walters, 2020). It symbolises an independent country with a populace that is united by a shared history, identity, language and culture as well as frequently by a centralised government that rules the entire country. Nation-states are essential to the global economy because they are both autonomous players and components of a larger interconnected system. Nation-states function economically within a complicated framework of global finance, trade and geopolitics (Tang, 2020). To guarantee their economic stability and growth they manage resources, negotiate trade agreements and create economic policies. They also fight for access to resources, market shares and foreign investments while defending their workforces and industries.

Figure 1: Aspirations of Vietnam for 2025 as a global economy

Nation-state interactions are vital to the global economy because each one provides distinct capital, labour, and goods (Gauthier, 2019). Due to this interconnectedness, economic interdependence is encouraged, whereby the decisions made in one nation-state can have a significant impact on other nations. Global supply chains and the emergence of multinational corporations have also changed the economic landscape and the dynamics of competition between nation-states.

National governments deal with issues related to the economy, including international trade relations, unemployment, inflation, and fiscal policies (Adegboyo, Keji and Fasina, 2021). They could unite in trade blocs, alliances, or international organisations to take advantage of their combined strength and deal with common economic issues. National interests and international economic cooperation, however, frequently clash, sparking discussions about protectionism vs free trade and how to strike a balance between sovereignty and interconnectedness. Essentially, the idea of a nation-state in the context of the world economy highlights the complex interplay among international relations, economics, and politics. These organisations balance their roles in the greater international community with their domestic priorities, making them important players that shape the dynamics of the global economic landscape.

2. Logistics Industry in Vietnam

Vietnam's logistics sector is an important driver of the nation's economy, exhibiting strong expansion and resilience despite significant obstacles (Nguyen, 2020). In the first year of the pandemic, Vietnam's export-import revenue reached almost $390 billion, indicating the rise of the logistics industry as a major force in the country's economy. The Vietnam goods and logistics market is expected to reach a value of about $45.19 billion in 2023 and is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 6.34% over the course of the forecast period, reaching a peak of $65.34 billion by 2029. The industry's potential and vitality are highlighted by its exponential growth (Sun, Xu and Zheng, 2023). According to VIRAC's Agility Ranking 2023, Vietnam's logistics market is remarkably ranked 10th out of 50 emerging logistics markets worldwide. This acknowledgement highlights the industry's competitive position and room for growth, indicating its emerging status on the international scene.

Figure 2: Vietnam economy 2023

But these developments are occurring against a backdrop of formidable obstacles. Vietnam's logistics industry faces challenges from poor institutional frameworks and policies, a lack of skilled labour, complex administrative procedures, rising logistics costs, and inadequate infrastructure. The smooth operation and steady growth trajectory of the industry are severely hampered by these obstacles. A particularly informative indicator of the industry's importance is its share of the nation's GDP (gross domestic product). The Vietnam Logistics Business Association reports that the country's logistics costs as a percentage of GDP are about 16.8%, which is significantly higher than the global average of 10.7% (Le, 2021). The sector has a significant impact on the country's economic output, as these data demonstrate.

The pandemic's increase in export-import revenue highlights the logistics sector's significance as a bridge for global trade (Sarkar, Shankar and Kar, 2022). Its crucial function in guaranteeing the seamless transportation of goods across borders greatly enhances Vietnam's economic resilience and its integration into the global market. Coordinated efforts are necessary to address current issues and maintain the industry's growth trajectory. Developing ports, warehouses, and transportation networks are examples of infrastructure that must be invested in if one is to increase efficiency and lower logistics costs. Concurrently, efforts to improve institutional frameworks, streamline administrative processes, and invest in workforce development are essential to creating a favourable atmosphere for logistical operations (Maheshwari et al. 2023).

The history of Vietnam's logistics sector is one of remarkable expansion and immense promise, albeit one that is hampered by numerous difficulties (Long, 2022). It is impossible to overestimate how crucial it is to the nation's economic engine because it makes trade and commerce easier. To ensure the industry's sustained growth trajectory and improve its global competitiveness in the changing landscape of international trade and commerce, it is imperative to overcome current obstacles through strategic reforms and investments.

2.1 Economic Systems Challenges and Drawbacks

The best way to characterise the economic environment in Vietnam is as a developing mixed socialist-oriented market economy. Its combination of socialist ideas, governmental regulation, and a developing market-oriented strategy is reflected in this designation. By nominal GDP, Vietnam's economy was ranked 35th in the world in 2022, and by purchasing power parity (PPP), it was ranked 26th (Gu et al. 2023). Vietnam is a lower-middle-income nation with a relatively low cost of living, and its economic structure reflects a trade-off between substantial government intervention and limited private freedom. Vietnam's economic framework is based on three main sectors that drive the country's economy (Nong, Wang and Al-Amin, 2020): agriculture, industry, and services. Key industries including textiles, plastics, food production, furniture, paper manufacturing, tourism, and telecommunications are dominated within these sectors by sizable state-owned enterprises.

Figure 3: Vietnam's logistics market 2023

Four key economic regions (KERs) that are judiciously located in the country's north, south, central, and Mekong Delta regions define Vietnam's economic geography. Each of these regions makes a distinct contribution to the economic growth of the country, and they function as vital hubs for economic activities and development initiatives. Vietnam's economy expanded at an astounding 8.0% annual rate in 2022, driven primarily by export-oriented manufacturing and a rapidly expanding logistics sector (Nguyen, 2022). This growth illustrates the dynamic interaction between governmental policies, technological developments, and market forces influencing Vietnam's economic trajectory. It is supported by government initiatives and the adoption of e-commerce.

All things considered, the national economic system of Vietnam is a complicated synthesis of socialist ideas, state supervision, and emerging market forces (Tram, 2021). Growth is primarily driven by its strategic economic regions and varied industries, and the country's changing economic landscape is defined by continuous attempts to strike a balance between government intervention and market-oriented policies.

2.2 Emerging Economies

Vietnam's manufacturing prowess, e-commerce adoption, and expanding economy are driving the country's logistics industry's dynamic growth (Gereffi, Lim and Lee, 2021). A number of new trends in state policies targeted at supporting the logistics industry are being driven by the government's strategic policies and proactive measures, which are guiding the sector towards greater expansion.

• Economic Zone Development: The government's emphasis on creating industrial parks and economic zones is indicative of a calculated effort to draw in manufacturing capital. These zones serve as hubs for logistics and as magnets for investors, creating an environment that is favourable to industrial growth and export-oriented production.
• Export-Driven Economy Strategy: Vietnam wants to present itself as an economy that is fueled by exports, which will raise the need for effective logistics services (Vu, 2019). The government is giving infrastructure development top priority and streamlining logistical procedures to make it easier for goods to enter and exit the nation in order to support this goal.
• Infrastructure Investment: The government is making investments in the road, maritime, and aviation networks because it recognises the importance of strong infrastructure in improving the efficiency of logistics (Adewole, 2019). By addressing infrastructure-related bottlenecks and lowering logistical costs, this commitment seeks to increase industry competitiveness.
• Free Trade Agreement (FTA) Participation: By promoting trade and market access, Vietnam's active participation in a number of FTAs has boosted the country's manufacturing growth (Tien, 2019). The government's focus on utilising these agreements to their fullest potential opens up export markets, which in turn increases demand for logistics services.
• Supply Chain Resilience and Diversification: Following the US-China trade war and the pandemic, supply chains are becoming more diverse and resilient (Blessley, 2022). Vietnam is positioning itself as a desirable substitute manufacturing hub for China in an effort to profit from this trend. Government initiatives in favour of this tactic draw in foreign capital and propel the growth of the logistics industry.
• Encouragement of SMEs and Technological Innovation: The government is putting policies in place to assist the expansion of small and medium-sized logistics firms, which it recognises as the majority. Furthermore, promoting technological advancements to improve logistical efficiency is prioritised, such as the implementation of Transport Management Systems (TMS) and Warehouse Management Systems (WMS) (Abdul Rahman et al. 2023).
• Development of the Maritime Industry: Making use of Vietnam's long coastline and geographic advantage, the government is giving the growth of the maritime industry top priority (Agarwala, 2021). This strategic focus on maritime logistics development is emphasised by plans to enhance ports, empower coastal cities and provinces, and increase maritime throughput.
• Attempts to Lower Logistics Expenses and Boost Productivity: Acknowledging the comparatively elevated logistics expenses in relation to adjacent nations, the government is proactively tackling this matter (Antonini et al. 2022). To cut expenses and boost operational effectiveness, projects are being undertaken to improve transportation infrastructure, digitise and streamline customs procedures, and improve cargo inspection procedures.

3. Analysis of Environment and Competitiveness

3.1 PESTEL Analysis

Political factors - Vietnam's government policies and political stability have a big impact on the logistics industry (Van Hong, 2020). In order to draw investments and promote export-oriented manufacturing, the government has taken the lead in creating economic zones, industrial parks, and free trade agreements (FTAs). Political stability guarantees policy implementation continuity, creating an atmosphere that supports the expansion of the logistics sector. Regulating changes and administrative roadblocks, however, also affect the industry and have an effect on costs and operational efficiency.

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• Economic factors: Vietnam's economy is growing, and it is aiming to become an export-driven nation, which is driving growth in the logistics sector (Anh, Tung and Hien, 2020). For logistics service providers, the nation's expanding import-export trade, growing GDP, and involvement in international trade agreements present many opportunities. However, the demand for services and the cost of logistics can be impacted by changes in inflation, the economy, and currency exchange rates. The logistics industry's competitiveness is challenged by the fact that, despite a decline, its cost as a percentage of GDP is still higher than that of neighbouring countries (Abuselidze, 2021). Vietnam's logistics sector is thriving in the country's expanding economy, which is driven by import-export activity and GDP growth-which is currently the 35th largest in the world. The demand and operations of logistics are significantly influenced by the economic composition, which is dominated by industry, services, and agriculture.
• Social factors: Vietnam's youthful population affects the logistics landscape through rising consumer spending and a growing middle class (Huijsmans, 2021). The need for effective last-mile delivery services and contemporary warehousing facilities is fueled by factors such as increasing urbanisation, shifting consumer preferences, and the rise in e-commerce adoption. The evolving nature of customer expectations has compelled logistics companies to innovate and adapt in response to the shift in consumer behaviour towards online shopping.
• Technological factors: Innovations in technology are essential to the transformation of Vietnam's logistics sector. Supply chain visibility and operational efficiency are improved by the use of digital solutions like Transport Management Systems (TMS), Warehouse Management Systems (WMS), and Internet of Things (IoT) enabled tracking (Pundir, Jagannath and Ganapathy, 2019). Disparities in the industry's adoption of technology, however, present difficulties, especially for smaller logistics companies with tighter budgets to spend on cutting-edge equipment.
• Environmental factors: Environmental issues are becoming more and more important in Vietnam's logistics sector. It is now essential to implement sustainable practices, environmentally friendly logistics, and carbon emission reduction programmes. The industry is under pressure to reduce its impact on the environment through energy-efficient warehouse practises, eco-friendly vehicle purchases, and route optimisation for transportation (Oloruntobi et al. 2023). Long-term viability increasingly depends on adhering to environmental regulations and incorporating sustainability into logistics plans.
• Legal factors: Vietnam's legal system, which includes rules for trade, transportation, and customs, has a big influence on the logistics industry (Vu, 2019). The objective of the government's digitalization-driven efforts to expedite customs procedures is to lower red tape and improve operational effectiveness. Vietnam's logistics industry is subject to a legal framework that includes provisions from the Commercial Law, the Law on Investment, and the Customs Law (Linh, 2020). The operational environment of the logistics sector is shaped by adherence to these laws, which address commercial activity, investment policies, and customs procedures. However, logistics companies face difficulties adhering to trade agreements, complying with changing regulations, and managing complex legal issues. These issues particularly affect licensing, permits, and the facilitation of cross-border trade.

3.2 Porter's Diamond Model

When the logistics sector in Vietnam is analysed using Porter's Diamond Model, a complex network of factors affecting its growth trajectory and competitiveness become apparent (Zhao, 2023). This industry, supported by Vietnam's advantageous location and growing economy, is navigating a number of opportunities and challenges at this crucial moment.

Figure 4: Porter's Diamond Model

• Factor Conditions: With a 3,000-kilometre coastline and an extensive network of highways, ports, and airports, Vietnam's logistics sector enjoys favourable geographic positioning. For example, between 2017 and 2018, Vietnam's seaports handled over 520 million metric tonnes of cargo, a five-fold increase in throughput. Even with this benefit, infrastructure development is still essential to maintaining growth. The road transportation of cargo tonnage from 2010 to 2018 showed a consistent compound annual growth rate (CAGR) of 8.4%, indicating that investments in this sector improve logistical efficiency (Gondauri, 2019).
• Demand: There is a sizable demand for logistics services due to Vietnam's strong economic growth, which is demonstrated by the industry's import-export revenues, which approached $390 billion in the first three quarters of 2020 (Wang et al. 2022). The e-commerce industry is driven by the growing middle class and rapid urbanisation, which is revolutionising the need for modern warehouse facilities and last-mile delivery services. The demand for advanced logistics services has increased due to changing consumer behaviour, and organisations such as DHL, FedEx, and Maersk have become well-established in this market.
• Related and Supporting Industries: Vietnam's economy is highly interwoven with a number of different sectors, including the logistics sector (Dorband, Jakob and Steckel, 2020). Robust manufacturing sectors like electronics and textiles support the logistics industry by generating a need for integrated services. State-owned businesses like Viettel Post and Vinalines are essential to port operations, maritime transportation, and all-encompassing logistics solutions. However, local logistics companies face a competitive challenge due to the dominance of foreign players, who account for over three-fourths of the market revenue.
• Firm Strategy, Structure, and Rivalry: The industry is characterised by a mix of domestic and foreign players as well as fierce competition. In a market with over 3,000 logistics companies, most of which have smaller capital bases, companies such as Vinalines, PV Trans, and Viettel Post compete. The "China plus one" strategy has altered the competitive landscape to such an extent that companies are shifting their operations from China to Vietnam (Venier, 2021). The manufacturing and assembly sectors have grown rapidly as a result of this capital inflow, which has increased competition in the logistics industry.
• Government and Chance: The competitive landscape of the logistics industry is shaped by government policies and initiatives. The industry's expansion is supported by the creation of economic zones, infrastructure investments, and involvement in free trade agreements. However, there are still issues, such as Vietnam's high logistics costs in comparison to its neighbours, which could hurt its manufacturing competitiveness. The government's proactive measures to lower logistics costs from 25% to 16% of GDP over the past ten years show that it is working to improve the efficiency of the sector (Aharon et al. 2021).

4. Recent Development in the Logistics Industry in Vietnam and Its Impact

4.1 Recent Development

Vietnam's logistics sector has experienced a dramatic upheaval in the last few years, fueled by a number of significant trends and advancements that have altered the country's terrain and elevated it to the status of a rising power in Southeast Asia (Sasges, 2023). Numerous factors, such as rapid economic growth, the emergence of e-commerce, technological advancements, increased investment in healthcare, and infrastructure development, have influenced the industry's evolution.

Economic Development and Trade Growth - Vietnam's economy has grown rapidly, making it a centre for trade and investment. Significant growth has been fueled by membership in the ASEAN Economic Community and ASEAN Free Trade Area, which has drawn foreign investments in a range of industries (Ishikawa, 2021). Vietnam's GDP showed positive growth in 2021 despite the COVID-19 pandemic's challenges, with the industry's added value rising by 4.82%. Notably, the manufacturing and processing industries grew by 6.37% (Tuan, 2022). Furthermore, by 2026, the nation's booming e-commerce industry is expected to grow at the fastest rate in all of Southeast Asia. The e-commerce market increased by about 18% in spite of pandemic-related restrictions, indicating the shift in consumer behaviour towards online shopping.

The Needs for Logistics in the Healthcare Sector - The country's ageing population and expanding pharmaceutical industry fuel demand for logistics centres and healthcare services. The need for pharmaceuticals and medical equipment is predicted to increase due to an ageing population. The updated Investment Law and the EU-Vietnam Free Trade Agreement (EVFTA) are set to make it easier for foreign manufacturers and suppliers to enter the Vietse healthcare industry (Kuznar, 2020).

• Technological Developments in Logistics and Freight: Technological innovations within the logistics sector have been accelerated by the fourth industrial revolution (Martinelli, Mina and Moggi, 2021). While technology has always been used sparingly by Vietnam's logistics service providers, the sector is gradually embracing more sophisticated technologies like blockchain, cloud computing, artificial intelligence, and robotics. Experts forecast that the transport and logistics sector will steadily embrace and promote technology research and application.
• Growth of Online Shopping and Investment in Warehousing: Seventy percent of Vietse people have access to the Internet, which has fueled the expansion of e-commerce and increased consumer behaviour related to online shopping (Le, 2023). Due to this change, e-commerce businesses have made significant investments in distribution infrastructure, warehouse expansion, logistical systems, and technology platforms. Vietnam provides a favourable environment for the growth of e-commerce, with an average access time of 28 hours per week per person.

Furthermore, the logistics sector has seen large investments in cold chains, logistics hubs, and warehouses. Companies have realised they must change to keep up with the rapidly evolving e-commerce scene, which has resulted in the development of logistics hubs and warehouse systems that are ready to meet the needs of contemporary, premium distribution. According to Cushman & Wakefield (C&W), import and export orders for pharmaceuticals and vaccines are the main drivers of the significant upswing in the cold storage industry. Forecasts suggest that the food delivery and e-commerce industries may generate over $15 billion in revenue by 2025, underscoring the significance of contemporary logistics infrastructure (Goh, 2022).

Conclusively, Vietnam's logistics sector has undergone a revolutionary stage, propelled by economic expansion, technological breakthroughs, the widespread adoption of e-commerce, and amplified allocations towards healthcare and infrastructure. These changes highlight the industry's adaptability to shifting consumer preferences, resilience, and crucial role in bolstering different economic sectors. Leveraging technology advancements and filling in infrastructure gaps will be essential to maintaining the industry's growth momentum and boosting its competitiveness internationally as it continues to change (Allioui, 2023).

4.2 Impacts

Vietnam's standing as a key actor in the global economy has been profoundly affected by the latest changes in the logistics sector (Linh, 2020). These developments have had a ripple effect across the country, influencing its trade relations, transforming its economic environment, and strengthening its standing as a hub for regional logistics. The development of Vietnam's logistics industry has become deeply entwined with the country's participation in the international economy, resulting in a complex effect spanning multiple important areas.

• Economic Growth and the Integration of World Trade: Vietnam's economic growth and integration into the international market have been greatly aided by the country's logistics sector. Vietnam's rapid economic growth, fueled by a rise in trade, has made it more well-known, drawing large investments and promoting trade alliances. The goods and logistics market is expected to grow at a compound annual growth rate (CAGR) of more than 5.5% between 2022 and 2027, which highlights Vietnam's fast industrialization and rise to prominence in the manufacturing sector (Nguyen, 2024). Vietnam is now seen as a competitive alternative to China for businesses looking to diversify their manufacturing bases as a result of this economic boom. Vietnam's position as a key participant in global supply chains was cemented by the significant FDI inflow that followed China's trade war with the United States.
• Trade agreements on a global scale and market liberalisation: Vietnam's integration into the global economy has been accelerated by its active participation in a number of free trade agreements, such as the Regional Comprehensive Economic Partnership (RCEP) and the European Union-Vietnam Free Trade Agreement (EVFTA) (Boguszewski, 2022). Thanks to these agreements, Vietnam now has access to important international markets and has established itself as a key hub for trade. Vietnam's logistics economy has become more liberalised, opening up new markets for competitors to take advantage of rising demand. Specifically, the EVFTA has made it easier for foreign manufacturers and suppliers to reach Vietnam's healthcare industry, meeting the country's logistical needs for prescription drugs and medical supplies.
• Technological Progress and Enhanced Advantage: Vietnam's competitiveness in the global logistics arena has increased due to the industry's adoption of technological advancements (Akbari et al. 2023). The logistics industry has undergone a significant transformation with the gradual integration of advanced technologies such as blockchain, cloud computing, and artificial intelligence, despite their limited use in the past. Vietnam's tech-driven transformation improves productivity, simplifies processes, and establishes the country as a major player in contemporary logistics. In addition to boosting local businesses, the growth of e-commerce and the ensuing investments in technological platforms and logistical systems have drawn attention from across the globe. As more than 80 percent of experts predict a steady increase in the use of technology in logistics, Vietnam is well-positioned to bolster its competitive advantage in the international arena.
• Building Infrastructure and Economic Diversification: Vietnam's strategic response to the changing demands of the global economy is reflected in its investments in cold chains, warehouses, and logistics hubs (ISIK, 2021). These infrastructural improvements meet the need for contemporary warehousing facilities and effective last-mile delivery services in line with the expanding prominence of e-commerce. The nation's advancement in the cold storage sector, fueled by pharmaceutical imports and exports, is indicative of its adaptability to demands on the international market.

Thus, recent advancements in Vietnam's logistics sector have closely linked the country to the world economy. The industry's critical role in trade integration, infrastructure development, economic growth, and technological innovation highlights Vietnam's rise to prominence in regional and international logistics networks (Njoya et al. 2023). These changes enhance Vietnam's standing as a dynamic and competitive player in the global economic system and contribute to the shaping of the logistics sector's future on a worldwide basis.

Conclusion

The logistics sector in Vietnam offers a mixed bag of opportunities for expansion and formidable obstacles. The industry plays an indisputable role in promoting trade and commerce as a key driver of economic expansion. However, significant obstacles like poor infrastructure and expensive logistics demand investments and strategic changes. The industry's trajectory is shaped by the interaction of political stability, economic growth, technological advancements, and legal frameworks. These factors have a significant impact on Vietnam's integration into the global economy. In order to maintain its current growth trajectory and increase its competitiveness, coordinated actions are required, encompassing both technological and infrastructure improvements. This emphasises the necessity of striking a balance between market-oriented strategies and governmental policies. Vietnam's logistics industry embodies the complex interdependencies that characterise the modern global economy because it is positioned at the nexus of domestic priorities and global interconnectedness.

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