Information from the Vietnam Maritime Administration, global shipping rates are trending down, creating favorable conditions for export businesses.
In particular, in August 2024, transport routes from Asia to the West Coast of the US and Europe recorded the sharpest decrease, ranging from 20 - 30% compared to the previous month.
Compared to the peak period in September 2021, when the global supply chain was seriously disrupted due to the COVID-19 pandemic, ocean freight rates have decreased by up to 44%.
Notably, each week freight prices decrease by an average of 3 - 4%, reflecting a stable downward trend in prices and is expected to continue in the near future.
Mr. Nguyen Thanh Tuan - Member of the Ho Chi Minh City Logistics Association said that from the beginning of August until now, train congestion has disappeared and transport prices are decreasing, although still at a high level.
Mr. Tuan gave an example: shipping rates to the EU region have now dropped to 6,000 - 8,000 USD depending on each industry. Similarly, freight rates to the West Coast are around 5,000 - 6,000 USD/40-foot container. Compared to the hot time in the first and second quarter of 2024, prices have decreased much.
“Compared to previous times, shipping rates have cooled down. This is a good sign for export businesses looking for growth in the last months of the year" - Mr. Tuan said.
Talking to Lao Dong, Mr. Tran Van Linh - Chairman of the Board of Directors of Thuan Phuoc Seafood Company - said that the EU market accounts for about 25% of the export market share of Vietnamese enterprises and this is also the area where shipping rates increase. highest.
"Increased sea freight rates along with difficulties in markets and orders have eroded the profits of businesses, especially seafood exporters like us.
However, up to now, after many efforts, sea freight rates have decreased, making businesses breathe a sigh of relief. Reduced sea freight rates will create favorable conditions for import and export businesses," Mr. Linh said.
Also according to the Vietnam Maritime Administration, shipping rates will continue to decrease in the near future, after congestion at major ports around the world has been completely resolved.
This is a golden opportunity for export businesses to take advantage of lower transportation costs to boost business activities, expand markets and seek strong growth in the last months of the year.
Regarding high shipping freight rates, talking to Lao Dong, Mr. Tran Quoc Toan - Deputy Director of the Import-Export Department (Ministry of Industry and Trade) - said that the increase in freight rates has been going on for a long time, and the Ministry of Industry and Trade has Deploy activities and solutions to overcome this phenomenon.
In particular, the Ministry of Industry and Trade has coordinated with the agency in charge of researching the increase in freight rates, coordinating to promptly propose appropriate solutions, implementing discussions, and providing information to spread to customers. Enterprises aim to be proactive in import and export activities. At the same time, the ministry also coordinated with the Ministry of Finance and the Logistics Association to exchange timely solutions.
