Vietnam's seaport goods hit highest growth in 5 years

Hanoi, Aug 20 (IANS) The volume of goods passing through Vietnamese seaports in the first seven months of this year posted a five-year record high, reported Vietnam News citing the Vietnam Maritime Administration on Tuesday.

The goods volume was estimated at 501.12 million tons during the cited period, up 16 percent over the same period in 2023 while container cargo throughput reached 16.902 million TEUs, a 21 per cent rise year on year, Xinhua news agency reported.

"This is the highest growth rate in the past five years and is three times higher than the average growth rate in the past five years of 5.5 percent," a spokesperson for the administration said.

According to the administration, sea freight rates have decreased recently, dropping by about 4 percent compared to the previous week.

The reason for the decrease in freight rates is that shipping lines have increased their capacity and the pressure from the peak season has lessened, Vietnam's national television reported.

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