A delegation of almost 20 Vietnamese businesses from various sectors has visited Bangladesh in order to boost trade partnership with the South Asian nation, in the first trip of its kind held by the Ministry of Industry and Trade in the last five years.
The Vietnamese Embassy in Bangladesh coordinated with the ministry and the two countries’ chambers of commerce and industry to organise an investment and trade promotion workshop.
At the event, Bangladeshi Minister of Civil Aviation and Tourism Rashed Khan Menon pledged to coordinate with Vietnam to promptly open a direct air route linking the two nations to enhance trade and tourism. He promised to provide the best possible conditions for Vietnamese firms to invest in the high potential industries of his country, such as technology and tourism.
Minister of Commerce Tofail Ahmed called on the Vietnamese enterprises to invest in Bangladesh and asked the Vietnamese Government to create favourable conditions for his country’s pharmaceutical products to enter the Vietnamese market.
Noting the progress made in economic and trade ties, Vietnamese Ambassador to Bangladesh Tran Van Khoa said that bilateral trade reached approximately US$400 million in the first half of 2017, up 40% annually.
He stressed that to develop sustainable and win-win trade relations, the businesses of both sides should diversify their export items, instead of solely relying on a few strong products as they have done so far.
Bangladesh is assessed as a high potential market with a population of over 160 million, rapid economic growth and a young and abundant workforce. It is considered a gateway for Vietnamese goods to enter other South Asian markets.
Meanwhile, it also has a number of potential commodities for export to Vietnam, such as jute and jute products, ceramics and pharmaceuticals.
At the workshop, several Vietnamese firms also signed export contracts with their Bangladeshi partners at a total value of US$60,000.
Aside from the event, the Vietnamese Embassy worked with the Federation of Bangladesh Chambers of Commerce and Industries to hold a meeting to listen to businesses’ proposals and help address the problems facing their activities.
During their stay, the Vietnamese delegation surveyed the Bangladesh market and visited automobile and motor maker Runner and electric and electronic device producer Rahimafrooz.