The freight logistics sector in Vietnam needs to be improved to introduce a greater degree of competition. 

This is according to a study by the World Bank, which pointed out inland and coastal waterways could be a key driver of growth if harnessed properly. 

Victoria Kwakwa, the World Bank's country director for Vietnam, noted growth in the country was previously built on manufacturing, but now less carbon-intense developments need to be encouraged to deal with climate change.

"We believe that more efficient transport and freight logistics can play a critical role in meeting [this] challenge," she added.

The World Bank's report into the sector discovered the costs associated with logistics are higher in Vietnam when compared with regional peers such as China, Malaysia and Thailand.

Indeed, Vietnam's shippers are forced to spend approximately $100 million (£61 million) annually in extra inventory carrying costs because of the import-export clearance delays they face.