Tran Quang Huy, director of the Asian-African Market Department (Ministry of Industry and Trade) spoke at the event. Photo: Can Dung

The signing ceremony and forum "The world logistics passport initiative and Unlocking the potential of Vietnam-UAE Cooperation on logistics" took place on August 14, in Hanoi.

The event was organized by World Logistics Passport (WLP) in collaboration with the Ministry of Industry and Trade. The forum was held on the occasion of the two countries conducting many practical and meaningful activities on the occasion of the 30th anniversary of the establishment of diplomatic relations.

Speaking at the event, Tran Quang Huy, director of the Asian-African Market Department (Ministry of Industry and Trade) summarized some key features of Vietnam's economy, and the situation of trade cooperation with the UAE.

With the current position and role of the UAE in the Middle East, he said that effective cooperation with the UAE in the field of logistics will make an important contribution to promoting trade exchanges between Vietnam and the region, as well as other regions in the world.

Facilitating trade and increasing national competitiveness are tasks not only of the Ministry of Industry and Trade but also of the national logistics ecosystem.

At the event. Photo: VNA

Bader Abdulla Al Matrooshi, UAE Ambassador to Vietnam, emphasized that the UAE is Vietnam's largest export market in the Middle East, and Vietnam is in the top 10 largest import partners of the UAE in the world.

In the period 2018-2022, the total trade exchange between the two countries is maintained stable at US$5 billion/year (accounting for about 25% of the total import-export turnover between Vietnam and the Middle East).

Through the UAE, Vietnam's export goods have the opportunity to reach many countries in the region.

Vietnam has been named in the list of logistics and trade centers of the region (hub) under the WLP network.

The UAE Ambassador to Vietnam believed that the WLP initiative will contribute to improving economic benefits, attracting the attention and participation of many partners, thereby boosting two-way turnover.

Representing the WLP Program, Abdulla Alsuwaidi, head of Global Hubs and Partners assessed that with a strategic position as a transshipment and manufacturing hub in Southeast Asia, Vietnam will be an important hub of the WLP network.

WLP is strategically selecting partners in its logistics and supply chain journey in order to remove trade barriers and work towards increasing diversified import and export between hubs.

Delegates attending the event in Hanoi. Photo: Can Dung

At the forum, Tran Quang Huy hopes that through cooperation activities with WLP, Vietnamese businesses, and organizations will gain significant benefits in freight transport and logistics services.

They will expand business activities, effectively reduce costs and improve the competitiveness of Vietnam's import and export goods and services.

Update on the passport initiative, Nguyen Ngoc Thuyen, a representative of the World Passport Logistics in Vietnam, said that from May 2021, Vietnam has become one of 29 hubs of WLP.

This paved the way for Vietnamese logistics to participate in the global logistics ecosystem as well as the network of members of WLP.

Accordingly, products and goods of Vietnamese enterprises when granted WLP by the UAE will be facilitated and supported in terms of customs clearance, tax exemption, reduced inspection time and fast, freeloading on vehicles, reducing storage time up to 48 hours.

Cargo can be cleared before reaching the port, thereby saving time and 40% of operating costs.

Delegates attending the event witnessed the signing ceremony of cooperation agreements between WLP and 9 business partners of Vietnam. Photo: Can Dung

WLP and Vietnamese businesses and associations need to continue to exchange, research, and focus on removing bottlenecks in each of Vietnam's strong sectors and industries, especially in the context of supply chains being disrupted by the effects of worldwide uncertainty.

This will contribute to promoting many potential Vietnamese partners to join the WLP network, effectively promoting Vietnam's strategic position as a transshipment and production hub of the region and the world.

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