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Wednesday, July 24, 2024

Vietnam, UAE strengthen logistics ties through WLP partnership

By T. Dao

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HCMC – Vietnam and the United Arab Emirates (UAE) have reinforced their cooperation in the field of logistics through a significant agreement reached at a conference yesterday.

The conference, co-organized by Vietnam’s Ministry of Industry and Trade and the UAE on August 14, underscored the strategic significance of upcoming partnerships between Vietnam and the World Logistics Passport (WLP) Program.

The event, which took place on the occasion of meaningful activities marking the 30th anniversary of diplomatic relations, brought the two nations closer. This milestone underscores the deepening relationship and shared commitment to furthering bilateral ties.

It also highlighted plans for collaborative endeavors involving Vietnamese businesses and associations. Their focus centers on identifying and resolving supply chain bottlenecks within specific sectors and industries, aiming to identify potential partners within the WLP network and foster efficiency and growth.

With its strategic location as a vital transshipment and manufacturing center in Southeast Asia, Vietnam assumes a crucial role within the WLP network, said Abdulla Alsuwaidi, Hubs and Global Partners of WLP. He added that this position aligns with WLP’s meticulous selection of partners along the supply chain and logistics journey, aimed at dismantling trade barriers and bolstering diversified import-export activities across hubs.

The conference witnessed a momentous occasion as delegates formalized the collaborative agreement between WLP and nine Vietnamese business partners.

Tran Quang Huy, head of the Asian-Africa Trade Office at the Ministry of Industry and Trade, underlined the potential advantages for Vietnamese businesses and organizations. According to him, these benefits encompass streamlined cargo transportation, optimized logistics services, avenues for business expansion, cost-effective operations, and improved import-export mechanisms.

The UAE stands as Vietnam’s primary export market in the Middle East, said Bader Abdulla Al Matrooshi, UAE ambassador to Vietnam. Trade between the two nations has remained steady over the past four years, with an annual value of US$5 billion. This trade represents about a quarter of the total trade between Vietnam and the Middle East from 2018 to 2022.

The World Logistics Passport Program, established in Dubai to facilitate global commerce, has officially included Vietnam in its list of logistics and trade hubs within the region.

With Vietnam’s participation, the WLP currently comprises 29 hubs and partners worldwide, with the goal of reducing costs, saving time, eliminating trade barriers, and enabling multimodal commerce for its partners.

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