Vietnam-Bangladesh: Towards US$1 Billion Bilateral Trade
Vietnam and Bangladesh have great cooperation potential in agriculture, textiles, garments, chemicals, medical equipment, etc, but bilateral trade remains modest. The two countries will strive to bring the trade value to more than US$1 billion in the coming time.
Addressing a meeting with the Bangladeshi delegation led by President Syed Mustafizur Rahman of Bangladesh-Vietnam Chamber of Commerce and Industry (BVCCI), Mr Hoang Quang Phong, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI) highly appreciated the delegation's visit and said that the export turnover of the two countries was still modest at around US$600 million, so the visit would promote economic cooperation and trade between the two sides, thereby raising the export turnover of the two countries.
The trade relations of the two countries are booming, and the two countries share many similarities in long-term cooperation, said President Syed Mustafizur Rahman. Vietnam exports many products to Bangladesh such as rice, electronics and so on. In contrast, Bangladesh is strong in pharmaceuticals, seafood and other potential products that Vietnam needs. Therefore, the potential for cooperation between the two countries is very great.
"Bangladesh always stands ready to support Vietnamese enterprises when needed. The Bangladeshi side is keen to hold a conference where businesspeople of the two countries meet face to face to seek investment opportunities," said BVCCI President.
"Vietnam and Bangladesh are two agriculture-based countries, so it is possible to exchange experiences in agricultural production, especially in high-tech agriculture, thereby increasing the value of agricultural products in the international market. With the potential for wide cooperation, the two countries can strive to achieve a trade turnover of US$1 billion in the near future."
However, VCCI Vice President affirmed that in order to realise this goal, the two sides should institutionalize the Memorandum of Understanding and trade contracts.
Thu Huyen
Posted: Monday, July 31, 2017