Bangladesh, Vietnam trade to reach $1.0b by next yr

Bangladesh and Vietnam expect to promote bilateral import and export turnover to reach $1.0 billion by 2020.

In order to realise this target, joint efforts of both the countries is a sine qua non.

Business leaders opined this at a recent event held in Hanoi on the occasion of visit of a business delegation of Bangladesh Metropolitan Chamber of Commerce Hong Kong.

"The economic relationship between Vietnam and Bangladesh has seen many positive changes in recent years, especially after the establishment of the Joint Trade Committee with the first meeting held in April 2015," said Doan Duy Khuong, vice chairman of the Vietnam Chamber of Commerce and Industry at the conference.

"This is a positive signal for finding opportunities for business and investment cooperation between the business communities of the two countries," said a statement.

According to the statistics of the General Department of Vietnam Customs, Vietnam - Bangladesh import-export turnover has increased sharply from US$14 million in 2002 to $813.5 million in 2018.

Particularly in the first eight months of this year, the bilateral trade turnover between Vietnam and Bangladesh reached $527.8 million.

The main export products of Vietnam to Bangladesh are clinker, cement, Lime stone, Construction Stone, steel billet, mobile phones and spices.

Vietnam mainly import textile, leather, shoes materials, medicine and sesame seed from Bangladesh., In terms of investment, by April 2019, Bangladesh's total investment in Vietnam reached $1.18 million, ranking 43 out of 80 countries and territories investing in Vietnam.,

Meanwhile, Vietnam has one investment project in Bangladesh with a total capital of $27, 900. Bangladesh currently ranks 68 out of 72 countries and territories in which Vietnam has invested.

At the conference, Bangladesh's ambassador to Vietnam Samina Naz appreciated the initiative to organise a meeting for the business community of the two countries. This was a necessary opportunity to build good cooperative relations on economy, trade and investment between the two countries, Naz said. The two countries expect to promote bilateral import and export turnover to reach $1.0 billion by 2020.

In order to realise this target, it is indispensable for the catalyst and the efforts of Vietnam.

On behalf of visiting delegation of Bangladesh Metropolitan Chamber of Commerce Hong Kong, Mr. Fazle Azim, President of BMCCHK, said Vietnam and Bangladesh have the opportunity to further promote bilateral relations in order to bring economic and trade relations to a new height and enormous scope to expand business to Hong Kong and mainland China.,

The event drew the participation of nearly 50 Vietnamese firms and Bangladeshi enterprises in Hong Kong, majoring in fields of real estate, textiles, textile accessories, construction materials, chemicals, minerals, e-commerce, banking, shipping, food and drink from Australia.