VN, Bangladesh firms discuss wide-ranging co-operation

Delegates pose for a photo at a networking event between Bangladesh and Vietnamese enterprises in HCM City on August 7.  —  Photo courtesy of ITPC

HCM CITY — While trade between Bangladesh and Việt Nam has seen remarkable growth, it is restricted to a few products and there is huge potential to boost it by diversifying the trade basket, a bilateral networking event heard in HCM City on Wednesday. 

The event was attended by a visiting delegation from the Dhaka Chamber of Commerce and Industry (DCCI) representing diverse manufacturing and services sectors, but especially agro and food processing, healthcare, construction materials, electronics, garments, IT and Information Technology enabled Services (ITES), polymers and chemicals, pharmaceuticals, FMCG, logistics, and tourism. Dhaka is the Bangladeshi capital.

DCCI president Md. Ashraf Ahmed said: “There are huge opportunities for a win-win trade collaboration between the two countries including in hi-tech agriculture, farm mechanisation, value-added agro food processing, aquaculture, dairy and confectionary products, construction materials, pharmaceuticals, medical equipment, industrial machinery, light engineering, high-end RMG, electronics, IT/ITES, and fin-tech and halal products.”  

The two countries’ products complement each other, he said. Bangladesh could learn from how Việt Nam has been able to sign so many free trade agreements with major economies.

“Tourism is a huge strength of Việt Nam. There are immense possibilities in this sector for business cooperation between Bangladesh and Việt Nam.” 

He also highlighted some other areas where the two countries could work together to advance trade and economic development such as identifying non-tariff barriers and charting remedial measures for trade promotion, starting flights between Dhaka and Hà Nội to facilitate trade and investment, and accelerating tourism and people-to-people contacts.

He urged Vietnamese firms to invest in his country, claiming it provides “the most competitive and impressive investment regime in South Asia with wide-ranging fiscal and non-fiscal benefits, and a conducive regulatory ambience for foreign investment.

“Vietnamese businesses can consider Bangladesh a gateway to enter and expand to the South Asian market.”

Executives from Bangladeshi and Vietnamese firms exchange information at a business meeting in HCM CIty on Wednesday. —  Photo courtesy of ITPC

In his opening speech, Phạm Phú Lữ, director of the Investment and Trade Promotion Centre of HCM City (ITPC), said Bangladesh is Việt Nam’s second biggest trade partner in South Asia.

According to customs statistics, bilateral trade more than quadrupled since 2012 to US$1.05 billion last year.

Việt Nam’s main exports to Bangladesh are clinker and cement, fibre, textile and apparel, plastic raw materials, raw materials for the textile and garment sector, and leather and footwear.

It imports pharmaceuticals, scrap iron and steel.

Bangladeshi firms have invested a total of $980 million in 20 projects in Việt Nam.

Lữ said: “Bangladesh is one of Việt Nam’s important trade partners. The two countries still have immense potential to explore. Việt Nam and Bangladesh have co-operated in many sectors such as IT, textile, halal foods, software services, banking, and tourism.”

Lữ and Ahmed both hoped that the event would enable businesses from the two sides to find partners and trade and investment opportunities.

The event was organised by the ITPC, the Ministry of Industry and Trade’s Asia – Africa Market Department and the DCCI. — VNS