The tense situation in the Red Sea is driving up shipping logistics prices in Vietnam

On February 28th, Vietnam's "Investment Daily" reported that currently, logistics freight accounts for a relatively high proportion of Vietnam's agricultural product export trade costs, and the continuous increase in transportation costs, especially sea freight logistics prices, has caused many difficulties for Vietnamese agricultural product processing and export enterprises.

According to reports, the transportation cost in Vietnam accounts for a relatively high proportion of the total logistics cost, reaching over 60%, which is about twice that of other countries, especially with the high dependence on foreign shipping companies for maritime logistics. The Vietnam Aquatic Products Production and Export Association pointed out that the tense situation in the Red Sea has once again exposed the shortcomings of Vietnam's logistics industry, with foreign shipping companies monopolizing and fixing the situation. In just one month, the average sea freight cost of Canada, the United States, and Europe routes has increased by 80% compared to December last year, with the highest increase reaching 300%, resulting in a significant increase in trade costs.