The logistics market in Vietnam is booming with million-dollar merger deals being signed and many foreign companies striving to increase market share. But many local logistic companies are still thinking too small and are finding themselves suffering at the hands of bigger competitors.
Pieter Pennings, consulting director of CEL Consulting, said local businesses are feeling the pressure from larger, foreign companies. He also believes Vietnamese companies need to expand their tech network in order to keep up with the competition.
Earlier this month, Singapore-based Symphony International Holdings spent US$42.6m to buy 28.57 per cent of Indo Trans Logistics Joint Stock Company (ITL Corp) from Singapore Post.