Vietnam-Bangladesh trade expected to soar after President’s visit

President Tran Dai Quang’s State visit to Bangladesh from March 4-6 is expected to blow a breath of air, bringing two-way trade to the higher level in the near future.

Statistics from the Vietnamese Ministry of Industry and Trade (MoIT) showed that two-way trade soared from US$14 million in 2002 to US$388.1 million in 2012 and over US$900 million in 2017. Vietnam has always recorded a trade surplus with the South Asian country.

vietnam-bangladesh trade expected to soar after president’s visit hinh 0
By the end of December 2017, Bangladesh invested in four projects in Vietnam with a total registered capital of US$615,000, ranking 99th out of 125 countries and territories investing in Vietnam. Meanwhile, Vietnam poured US$27,900 into a project in Bangladesh, making it the 68th position in the list of 72 countries and territories where Vietnam has invested in. 

Bangladesh has called on Vietnamese businesses to invest in the fields of electricity production, information technology, footwear, infrastructure development, bonsai cultivation, fruit and vegetable farming. Bangladesh is also exploring cooperation opportunities in pearl farming in both sea and fresh water. 

In order to achieve the goal of US$1 billion in two-way trade, Vietnamese Ambassador to Bangladesh Tran Van Khoa suggested the two countries increase trade exchanges as well as trade and investment promotion activities; encourage enterprises to join exhibitions, fairs and workshops held in each nation; further expand ties in the fields of their strength and demand; facilitate visits and diversify exports. 

Do Huu Huy, Deputy Director of the MoIT’s Department of Africa, West Asia and South Asia Markets, said Vietnamese firms should fully tap potential in Bangladesh such as rapid economic growth, young and abundant labour forces and huge market. 

Bangladeshi Ambassador to Vietnam Samina Naz said a business forum will be held on March 6 with over 100 Vietnamese and Bangladeshi companies taking part to seek opportunities. 

During a working session with Bangladeshi Food Minister Qamrul Islam, Vietnamese Minister of Industry and Trade Tran Tuan Anh said two-way trade remains below expectations of both sides.

He called for expanding partnerships across fields such as chemicals, machinery engineering, food processing and farm produce, and especially high-tech agriculture.

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