Dubai: The World Logistics Passport (WLP), a unique loyalty program created to increase trade opportunities between emerging markets, is expanding into 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 is dependent on the signing of a Multimedia Trade Cooperation Agreement between the Dubai Ports, Customs and Free Zone Corporation (PCFC) and VLA in 2019.
Vietnam is the fifth country in Asia to adhere to the WLP, after Thailand, Indonesia, Kazakhstan and India. More than 10 countries are now part of the main policy initiative – with mega global trade centers including Brazil, India, and South Africa, among others.
Major multinational companies including UPS, Pfizer, Sony, Johnson & Johnson and LG have also registered.
VLA connects domestic and foreign freight forwarders, transport and logistics service providers – contributing to Vietnam’s industry and enterprise development, 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 2.7 times between 2002 and 2018, lifting more than 45 million people out of poverty, according to World Bank figures.
The latest estimates show that the economy is set to grow by 6.6 percent in 2021, despite the ongoing COVID-19 pandemic.
WLP provides opportunities for companies across Africa, Asia, Central and South America to improve existing trade routes, and develop new ones, through the world’s first logistics loyalty program for freight forwarders and merchants. Overcomes non-tariff trade barriers by quickly tracking the movement of goods, reducing administrative costs, providing shipping information, and facilitating port and air movement.