Southeast Asia Express Delivery: Southeast Asia express delivery expert call takeaways

研报英文原文证据摘录

Southeast Asia Express Delivery: Southeast Asia express delivery expert call takeaways

tra-city and short-distance deliveries. In contrast,

given limited network scale effects due to low order density and long delivery distance, the

visibility of rapid volume growth in tier-3 and lower cities remains low.

Easing regulation over e-commerce platforms; localised operation of Chinese

merchants and freight subsidies are key drivers of parcel volume. The express

delivery industry in Southeast Asia has reaccelerated since 2025, driven by (1) easing

regulation of the local governments on e-commerce platforms, boosting the volume

growth rebound of e-commerce platforms; (2) an increasing number of Chinese

merchants are operating through local stores and warehouses, becoming a key source of

incremental demand for express delivery, with a share of nearly 40% in some regions;

and (3) some e-commerce platforms offer freight subsidies to lower consumers’ sensitivity

to freight rates, and therefore increase cross-regional express delivery orders, according

to the expert.

Express delivery prices to bottom out in Vietnam, with better cost control,

efficiency enhancements, and competitive landscape ahead. The expert sees

limited downside for express delivery prices in Vietnam. In terms of cost, the impact of

higher oil prices is manageable with costs declining for higher line-haul load factors,

lower return rate in cash on delivery mode, and optimised management of employees

and franchisees. In a competitive landscape, the concentration of Vietnam’s express

delivery market would further increase, and the market may gradually consolidate

leaving five major players going forward. Competition in Thailand is more intense,

with difficult earnings recovery for market players.