Vietnam & UAE unlock logistics cooperation

A workshop was held in Hanoi on August 14 to unlock the potential for logistics cooperation between Vietnam and the UAE.

Vietnam ranks among the top 10 largest import partners of the UAE while the UAE is Vietnam’s largest export market in the Middle East.

Trade turnover between the two countries reached $5 billion annually between 2018 and 2022, accounting for 25 per cent of total trade between Vietnam and the Middle East.

In logistics, Vietnam ranks 11^th out of 50 emerging logistics markets globally with estimated annual growth of 5.5 per cent in the 2022-2027 period.

It currently has 30,000 logistics enterprises, of which over 5,000 provide international services.

At the workshop, Vietnamese businesses signed cooperative agreements with the World Logistics Passport (WLP) - a global initiative led by the UAE designed to smooth the flow of global trade, unlock market access, and provide economic efficiencies to members. The WLP benefits businesses by reducing their supply chain costs and ensuring that goods will be moved faster and more efficiently.

The initiative has been implemented since 2019 and Vietnam has been among 29 regional logistics and trade hubs of the WLP since May 2021, with five businesses becoming partners.

Director of the Ministry of Industry and Trade’s Asian-African Market Department Tran Quang Huy said the cooperation with the WLP will help businesses and organizations in Vietnam conduct logistics and cargo transport activities as well as expand business operations, contributing to raising the competitiveness of import and export products and services from Vietnam.