The Vietnam Logistics Business Association (VLA) has registered with the World Logistics Passport (WLP) in an effort to improve trade and supply chain connectivity in the country and the region.
The WLP said the agreement will build on the signing of a multimodal trade cooperation Agreement between Dubai’s Ports, Customs and Free Zone Corporation (PCFC) and the VLA in 2019.
Signed by Le Duy Hiep, Chair of the VLA, the framework agreement follows the leading trade body’s registration as a partner and endorses the WLP’s mission to strengthen and grow trade between regions and countries.
Le Duy Hiep said, “Trade is critical to our country’s continued economic prosperity, with total trade amounting to 210% of GDP in 2019, according to the World Bank. It’s also vital in helping the government achieve macroeconomic targets put forward in its latest five-year plan.
“As part of the WLP, we look forward to expanding our commitment to current trading partners as well as new partners in the region and beyond as we gain access to new markets and diversify trade.
“In addition, we welcome the opportunity to strengthen and build relationships with other parties in the WLP, as we collaborate, sharing knowledge and skills.”
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.
Mike Bhaskaran, CEO, WLP, said: “In 2021, we’ve seen the WLP go from strength to strength – validating a concept conceived at the World Economic Forum in Davos in 2020.
“As we approach our inaugural WLP Global Summit later this year, which will chart the way forward for the future of freight and logistics, I’m proud we’re expanding in Vietnam and welcoming the VLA on board.
“Core to the WLP’s strategy is the integration of land, sea and air freight. Vietnam fits well with our multimodal approach, as it’s an exporter of high-value, low-weight goods – with broadcasting and telephone equipment among its top exports currently, and textile and leather goods expected to increase.
“As an influential trade body, we hope the extensive membership of the VLA will support the WLP in its ambitions to welcome more local members into the programme.”