When it comes to getting products to end users, firms that export items encounter countless challenges. In such cases, businesses utilize the freight forwarders to assist them overcome the challenges. Freight forwarders deliver a link between their clients and the several transportation services accountable for getting their goods to foreign customers, such as carriers, handlers, and customs officials. Freight forwarders are skilful at saving money on transportation and streamlining procedures. Freight forwarding, on the other hand, seeks to promise safe and timely delivery.
In addition, if a product is damaged throughout the delivery, freight forwarders propose the insurance to compensate customers for their losses. Freight forwarders utilize the newest revolutions in information technology to handle the perils and rewards of shipping both domestically and internationally, negotiating tariffs, and customs rules, and being fluent in the requirements of land, sea, rail, and air shipping. In other words, freight forwarders may help businesses that export goods in streamlining their shipping processes and confirming that their clients obtain their items on time and in good condition.
According to the report analysis, ‘Vietnam Freight Forwarding Market Outlook to 2022 – By Normal and Express Delivery; By Sea, Road, Air and Rail Freight and By International and Domestic Freight Forwarding’ states that the growth of freight forwarding in Vietnam was assisted by advancement in foremost industries such as manufacturing, retail, wholesale, construction, agriculture and mining. The freight forwarding industry in Vietnam was appraised at USD ~ billion in terms of revenue contribution during 2011. The market observed an augment to USD ~ billion in 2012, thus increasing at ~% in comparison with previous year. Enlarging the FMCG sector, retail sector, food and E-commerce industry in the country has accredited to the extraordinary growth of the freight forwarding industry in the country.
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The market produced revenues worth USD ~ billion during the year 2017, thus increasing at a six-year CAGR of ~% in the review duration 2011-2017. The Government’s direction on advancing the sectors entailing infrastructure development, the restructuring of the air freight market by the year 2020 will see the advancement of the cargo transport market via air and growth in the role of air freight, particularly in foremost economic zones as well as the remote fields.
The freight forwarding industry in Vietnam was witnessed as highly fragmented with the existence of both domestic as well international freight forwarders across the country. In accordance with Vietnam Freight Forwarders Association (VIFFAS), there are nearly ~ freight forwarders across Vietnam as of 2013, most of which constitute small and medium sized enterprises with restricted capital, well-equipped facilities and a reputable number of warehouses. On the basis of revenue, foremost freight forwarding companies amongst the air freight segment are positioned in the following order – DHL, UPS, Expeditors, Panalpina, Kintetsu, APLL, Hellmann, UTI and Kuehne Nagel. Other freight forwarders aiming on ocean freight / contract logistics / warehousing services involve Ceva, Bollore, DB Schenker and others. The US and EU market was observed to majorly underwrite towards Vietnam freight forwarding market.
Over the forecasted duration, Vietnam freight forwarding market is projected to produce revenues worth USD ~ billion by the year ending 2018, propelled by expanding industrial activities, augmenting the E-commerce industry and unceasing investment by the government in development of logistics infrastructure in Vietnam. In terms of revenue recognition, Vietnam freight forwarding market is predicted to see a positive trend due to enlarging the industrial activities across the country, thus evaluated at USD ~ billion by the year ending 2022.
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Vietnam Freight Forwarding Market Analysis
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