Simply said, a warehouse is a building used for commercial purposes or a vast area/godown where items are maintained and kept in great quantities. Its main purposes include controlling the distribution of commodities and preventing losses and damages that may happen if they are not stored securely or appropriately. A warehouse facilitates processes like sorting, packing, labeling, and others.
The Vietnamese warehousing market was valued in billions of dollars in terms of revenue production. A gain was seen in the market, which was shown to increase. With a steady rise in organized retail or modern shopping across the nation over the past few years, Vietnam's retail market has been developing quickly. Vietnamese consumers have an increasing need for warehousing services as a result of the country's growing middle class, sizable young population, and thriving tourism industry. In order to reduce waste and inconsistencies that hinder production overall, "Just-in-Time" and "Just-in-Case" manufacturing procedures are becoming more popular throughout the world's warehousing industry, including Vietnam.
The lack of enough space in the ports, IDC, and CFS is expected to result in an increase in demand for warehousing services over the course of the projection period, driving revenue growth in the billions for the Vietnam warehousing industry. Growing cross-border trade between Vietnam, Laos, and Cambodia will boost the Vietnamese warehousing sector for efficient storage requirements.
Demand for climate-controlled warehouses has increased recently on a global scale. Using cold storage facilities helps to prolong the shelf life of such products because many consumables are perishable but need to be kept for longer periods of time. Also, it enables businesses and merchants to plan their operations around seasonal produce's availability and demand. Also, these warehouses are perfect for goods that need particular treatment, such as flowers, medicines, and other items.
Vietnam has a vibrant population, a developing economy, and a burgeoning middle class. The Southeast Asian warehousing business, which is expanding, is a source of support for the Vietnamese economy. Vietnam is one of the most rapidly developing nations in East Asia, making warehousing facilities including public and private warehouses, cold chains, container yards, and others crucial to ensuring the country's development. Furthermore, the growth of public-private partnerships enables companies to broaden their offerings to incorporate other logistics functions including transportation, inventory management, and customer services. This is helping the Vietnam warehousing business to expand, as is the increasing penetration of major players.
Wearing masks, maintaining a 6-foot separation from others, and remote learning are examples of COVID features that, fingers crossed, are temporary. Some COVID features, however, are permanent. The effects of COVID on the warehouse will persist for a very long time. As COVID fluctuations and surges continue to appear in diverse parts of the world, the global supply chain and labour pool are finding it difficult to keep up. In this unstable environment, flexibility is essential for warehouses to survive. While demand in certain industries is falling sharply, it is rising in others due to a combination of an erratic supply chain and shifting consumer behaviour. Warehouses are adjusting to fulfil consumer demand as best they can while we wait for the supply chain to recover.
Vietnam Warehousing Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Bac Ky Logistics Vietnam, Damco Vietnam, Kerry Logistics Vietnam, Nippon Express Vietnam, Noi Bai Cargo Terminal Services, Sea and Air Freight International, Sotrans Vietnam, Transimex Saigon Corporation, Vinafco, Vinalink Logistics.
Vietnam Warehousing Market Segmentation:
By Type: Based on the Type, Vietnam Warehousing Market is segmented as; Cold Storage Warehousing, General Warehousing, Others.
By Ownership: Based on the Ownership, Vietnam Warehousing Market is segmented as; Bonded Warehouses, Non-Bonded Warehouses, Others.
By End User: Based on the End User, Vietnam Warehousing Market is segmented as; Chemicals, Consumer Goods, Food and Beverage, Healthcare, Retail, Textile and Footwear, Wooden Products, Others.
By Region: This report also provides the data for key regional segments of Central Vietnam, North Vietnam, Southern Vietnam.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.