Enhances trade and investment opportunities and connects Vietnam to the world
Ho Chi Minh City, March 19, 2013 - UPS (NYSE: UPS) today announced that it has become the first global express delivery company to be wholly-owned in Vietnam, following its acquisition of the 49 percent interest of VN Post Express in the two companies' express delivery joint venture. The change will allow UPS to better connect Vietnam's rapidly expanding economy to world markets through the UPS network.
"We are excited about this new opportunity," said Brendan Canavan, UPS Asia Pacific President. "With UPS now wholly-owned in Vietnam, our customers in this growing market are better connected to the world through the UPS global network. We would also like to thank the government of Vietnam for its support in recognizing express delivery services as an enabler of trade and commerce."
As a part of its global growth strategy, UPS has invested in new facilities and technology in key commercial and industrial centers across Vietnam, including Ba Ria, Binh Duong, Hai Duong and Bac Ninh provinces. The new centers are strategically located in key business districts where there is a high demand for logistics services. They provide Vietnamese businesses and exporters in these areas greater access to UPS logistics services and capabilities.
In addition to the new centers, UPS has made other significant investments in Vietnam during the last two years including the introduction of a Preferred LCL (less-than-container-load) Ocean Freight service that provides service that is up to 40 percent faster than traditional LCL services to the United States from the port of Ho Chi Minh City. In 2012, enhanced shipping and tracing solutions - such as Internet Pickup and UPS Quantum View Manage - were made available in Vietnamese on UPS.com, further demonstrating UPS's continued commitment towards serving the needs of Vietnamese companies.
"UPS has served Vietnam since 1994, offering its wide range of logistics solutions to multinational corporations and small and mid-sized enterprises alike," said Jeff McLean, General Director of UPS Vietnam. "We have seen the transformation of the country to the dynamic export-oriented economy it is today and UPS has grown in parallel with the market. Wholly-owned operations will give us the flexibility to further expand our operations and grow in partnership with Vietnamese businesses."
UPS has enjoyed solid growth in Vietnam since it started its operations in 1994. With the country's increased economic activity last year, UPS Vietnam's export volume growth grew by more than 20% in 2012.