Dubai: The World Logistics Passport (WLP), a unique loyalty programme established to increase trading opportunities between emerging markets, is expanding in Vietnam – with the Vietnam Logistics Business Association (VLA), a leading trade body, registering as a partner and signing a framework agreement.
Vietnam’s status as a WLP Hub builds on the signing of a Multimodal Trade Cooperation Agreement between Dubai’s Ports, Customs and Free Zone Corporation (PCFC) and the VLA in 2019.
Vietnam is the fifth country in Asia to commit to the WLP, after Thailand, Indonesia, Kazakhstan and India. More than 10 countries are now part of the major policy initiative – with global trading Mega-Hubs including Brazil, India, and South Africa, amongst others.
Major multinational corporations including UPS, Pfizer, Sony, Johnson & Johnson, and LG have also signed up.
The VLA connects domestic and foreign freight forwarders, transport, and logistics service providers – contributing to the cultivation of industry and enterprise in Vietnam, as well as the country’s overall economic performance. As one of the most dynamic emerging economies in East Asia, Vietnam’s GDP per capita increased by 2.7 times between 2002 and 2018, lifting more than 45 million people out of poverty, according to World Bank figures.
Latest estimations show the economy is set to grow 6.6 per cent in 2021, despite the ongoing COVID-19 pandemic.
The WLP creates opportunities for businesses across Africa, Asia, Central and South America to improve existing trading routes, and develop new ones, through the world’s first logistics loyalty programme for freight forwarders and traders. It overcomes non-tariff trade barriers by fast-tracking cargo movement, reducing administrative costs, advancing cargo information and facilitating movement between ports and air.