Hanoi (VNA) – A seminar was held in Hanoi on February 28 to launch the Dubai-led WorldLogistics Passport (WLP) initiative in Vietnam and discuss the possibility of strengthening cooperation in logistics between Vietnam and the United Arab Emirates (UAE).

The WLP is a global,private sector-led initiative designed to smooth the flow of global trade,unlock market access and provide economic efficiencies to members.

Enabled by keylogistics partners such as airports, ports, and customs, the WLP offersfinancial and non-financial benefits to traders and freight forwarders as a reward for increasing their trade.

The WLP, the world’sfirst global freight loyalty scheme, benefits businesses by reducing theirsupply chain costs and ensuring that goods will be moved faster and moreefficiently.

Vietnam is listed among 29 regional logistics and trade hubs of the programme with fivebusinesses becoming its partners.

Addressing theseminar, Abdulla Alsuwaidi, WLP Manager and Lead of Partnerships and Hubs, highlighted the strategic position of Vietnam, which enables the country tobecome an important hub in the WLP network.

Meanwhile, UAEAmbassador to Vietnam Bader Abdulla Al Matrooshi said that the UAE is one ofthe largest trade partners of Vietnam in the Middle East region with two-waytrade reaching 8 billion USD in 2022.

With the introductionof more ideas like the WLP, trade between the two countries is expected to increasethrough the improvement of trade and economic interest of signature partners, thus drawing more partners.

He thanked theMinistry of Industry and Trade (MoIT) and relevant agencies of Vietnam for creating optimal conditions for bilateral economic cooperation, expressing hishope that partnership between UAE and Vietnamese businesses will continue torise.

Tran Thanh Hai, Deputy Director of the Foreign Trade Agency under the MoIT, held that facilitatingtrade and strengthening national competitiveness have been a focus of not onlythe industry and trade sector but the whole logistics ecosystem of the country.

Hai said he hoped thatwith the launch of the WLP initiative in Vietnam, the domestic logistics sectorwill reap more successes, optimising and sharing the interest of the programmeamid extensive international integration. The launch should also help promote tradebetween Vietnam and the UAE as well as trade among members of the whole WLPnetwork.

Nguyen Phuc Nam, Deputy Director of the MoIT’s Asia-Africa Market Department, underlined that the WLPand Vietnamese stakeholders should work together toremove bottlenecks in the supply chains in particular areas and sectors,especially amid the interruption of supply chains, thus adding more Vietnamesefirms to the WLP network and optimising the efficiency of Vietnam’s strategiclocation.

At the seminar, theWLP signed agreements to implement the initiative with Vietnamese partners, including Vietnam Airlines Corporation, Railway Transport andTrade JSC (RATRACO), T&Y Superport Vinh Phuc JSC, Viet Nam Shippers'Council (VNSC), and Vietnam Coffee Cocoa Association (Vicofa)./.