Vietnamese logistics firms expect lower revenues in 2020 due to the coronavirus outbreak. According to a recent survey by the Vietnam Logistics Business Association (VLA), 15 percent of local logistics firms expect to see their revenues cut in half, while more than 50 percent estimate a loss of 10-30 percent in their revenues compared to 2019.
Freight activities have been disrupted amid lower output and exports from China, resulting in many international shipping lines suspending their activities at Chinese ports, SteelOrbis understands.
According to Vietnam’s customs authorities, the value of imports into the country from China, including fabrics, fiber, yarn, and iron and steel decreased by seven percent year on year in the first two months of 2020. For example, Hải Phòng Port, located on the northern shore of the country, expects to lose 10-15 percent of its throughput in the first two months.