Vietnamese president for quadrupling trade to $2.0b

Vietnamese President Tran Dai Quang at a business meet expressed his intent to quadruple the volume of Bangladesh-Vietnam annual trade to US$ 2.0 billion in two years.

He, to that end, stressed enhancing interaction between the two Asian countries so that the trade potential could properly be tapped.

"I think the trade volume between the two countries has the potential to reach US$ 1.0 billion by this year and US$ 2.0 billion by 2020," Mr. Quang said at the Vietnam-Bangladesh Business Forum in Dhaka on Tuesday.

Since the launch of economic reform styled Doi Moi in the late 1980s, Vietnam has seen a boom in its economy and the country has often been cited as a model of economic growth in Asia.

The country has also witnessed a surge in its foreign direct investment (FDI) thanks to its liberal investment policies. In the previous year of 2017 alone, the country netted around US$35 billion in FDI, up by around 45 per cent from last year's.

The flow of trade between Bangladesh and Vietnam is, however, still meagre when compared to the overall international trade turnovers of these two countries.

During the last fiscal year, Bangladesh exported goods worth US$ 66.4 million to Vietnam while Vietnamese exports to Bangladesh amounted to US$ 417 million, leaving a yawning gap even in the paltry volume of two-way trade.

The two countries are also competitors on the international market for readymade garments -- where Bangladesh has the second-largest market share while Vietnam is placed in the third position.

The Vietnamese President, however, observed that Bangladesh, with an over 160-million-strong population, offers a huge market and abundant workforce for the Vietnamese entrepreneurs.

"I think there is immense potential for Vietnam to invest in Bangladesh's telecom, ICT, agriculture, textile, energy and infrastructure sectors," said Mr Quang, who is here to mark the 45th anniversary of Bangladesh-Vietnam diplomatic ties.

"Similarly, Bangladeshi businesspeople can also investment in Vietnam in areas where they have competitive advantage," he told his audience.

Mr. Quang was also appreciative about Bangladesh's economic development, calling the country a role model for poverty reduction.

"Bangladeshi products, especially the agricultural commodities, textiles and footwear, are becoming popular with the consumers in our country," the visiting president said.

Earlier, speaking on the occasion, Commerce Minister Toafail Ahmed asked Vietnamese investors to invest in at least one of Special Economic Zones that are in the pipeline of Bangladesh government.

"Currently, Bangladesh government is planning to set up 100 SEZs across the country. I would like to ask Vietnamese entrepreneurs to invest in at least one of those special zones," the minister said.

President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Md. Shafiul Islam (Mohiuddin) in his speech invited Vietnamese investment in shipbuilding, leather, ICT and telecommunications.

At the business meet, the two countries also exchanged Memorandums of Understanding (MoUs) in the field of footwear and frozen foods.

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