UPS and its long-time local service partner P&T Express formed a joint stock company to invest in facilities in key commercial and industrial centers across Vietnam.
Through the partnership, UPS Vietnam will offer express pickup and delivery service to 63 provinces in Vietnam and offer later pick-up and cut-off times.
Financial terms of the deal were not disclosed.
The new company will provide UPS express and expedited small package services as well as transportation and supply chain capabilities that include freight forwarding, customs brokerage and contract logistics warehousing and distribution.
“With this joint stock company and the strong relationship we have with our local service partner, UPS gains greater flexibility to grow transportation and logistics capabilities in Vietnam,” said Derek Woodward, president of UPS’s Asia Pacific Region.
The UPS Vietnam head office will be in Ho Chi Minh City and led by Jeff McLean, who was appointed general manager of UPS in Vietnam earlier this year.
Immediately after Vietnam joined the World Trade Organization in 2007, U.S. exports to Vietnam grew by 73 percent to reach $1.9 billion. The United States is Vietnam’s largest trading partner after China.
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