Photo for illustration (Source: VNA) 

Statistics from the Vietnamese Ministry of Industry and Trade (MoIT) showed that two-way trade soared from USD14 million in 2002 to USD388.1 million in 2012 and over USD900 million in 2017. Vietnam has always recorded a trade surplus with the South Asian country.

By the end of December 2017, Bangladesh invested in four projects in Vietnam with a total registered capital of USD615,000, ranking 99th out of 125 countries and territories investing in Vietnam. Meanwhile, Vietnam poured USD27,900 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 USD1 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 6th 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./.