Vietnam benefits from UAE-led World Logistics Passport initiative

(VOVWORLD) -The UAE-led World Logistics Passport (WLP) initiative for Vietnam was signed in Hanoi on Tuesday. 

Vietnam benefits from UAE-led World Logistics Passport initiative  - ảnh 1The signing ceremony of the World Logistics Passport in Vietnam (Photo: moit.gov.vn)

The WLP was initiated in October 2019 by the UAE, the Dubai administration, and a port management enterprise involving many countries. It aims to reduce non-tariff barriers in international trade by reducing the time and cost of logistics services.

Nguyen Tuong, Deputy Secretary General of the Vietnam Logistics Business Association, said, “Participating in the program will facilitate trade and shorten the time needed for logistics operations and therefore logistics costs, and other costs will be eliminated. There must be "hubs" or countries with logistics companies must join the network.”

Vietnam became one of 29 members of the WLP program in May, 2021. 22 Vietnamese logistic service providers have so far registered to participate in the WLP network.

Enterprises granted a WLP by the UAE will get easier customs clearance, air tax exemption, a reduction of inspection time, and fast, free loading on any means of transport. This will reduce storage time by up to 48 hours, with goods often cleared before arrival at a port, resulting in significant time savings and operating costs that are 40% lower.

The WLP network currently handles 47% of global trade and spans 48 countries on every continent.

 

Feedback

Others