Vietnam, Bangladesh aim for US$1 billion in two-way trade

Trade and investment opportunities for Vietnamese and Bangladeshi businesses in Hong Kong (China) were highlighted at a seminar hosted by the Vietnam Chamber of Commerce and Industry (VCCI) in Hanoi on September 17.

With the participation of nearly 50 Vietnamese and Bangladeshi firms, the seminar is hoped to open up plenty of opportunities for the two sides to exchange information and boost cooperation as a contribution to enhancing Vietnam-Bangladesh trade and economic links.

In his address, VCCI Vice President Doang Duy Khuong praised positive changes in the Vietnam- Bangladesh economic ties, especially after the establishment of the Joint Trade sub-Committee which convened its first meeting in April 2015.

Two-way trade between the two countries grew to US$813.5 million last year from US$14 million in 2002. The figure hit US$527.8 million in the first eight months of this year, Khuong said.

Vietnam’s exports to Bangladesh are primarily clinker, cement, steel billets, and mobile phones while imports include garment materials, leather, footwear, pharmaceuticals and sesame.

As of April 2019, Bangladesh’s total investment in Vietnam reached US$ 1.18 million.

It is worthy of note that Vietnam invested in a project worth US$ 27,900 in Bangladesh which now ranks 68th out of 72 countries and territories invested by Vietnamese enterprises.

Bangladeshi Ambassador to Vietnam Samina Naz highly appreciated the initiative to hold such a meeting for the two nations’ business communities while describing the event as a good chance for both sides to foster bilateral economic, trade and investment ties.

The Vietnamese and Bangladeshi Governments pin high hopes on both nations’ bilateral trade target of US$1 billion this year or by 2020. In order to achieve the target, greater efforts should be made by the two chambers of commerce and industry, the diplomat said.

Chairman of the Bangladesh Metropolitan Chamber of Commerce Hong Kong Limited Fazle Azim lauded the two sides’ combined efforts to successfully organize numerous seminars which have helped enhance connectivity among businesses, adding that Vietnam and Bangladesh have a wealth of opportunities to bring bilateral ties to a higher level.

The working visit to Vietnam this time by the Bangladeshi business delegation gathered mostly Bangladeshi firms in Hong Kong involving real estate, garments and textiles and apparel materials, cement, construction materials, chemicals, minerals, e-commerce, banking, maritime transportation, food and beverages, power generators, and trade.