Deeper ties to take trade with Vietnam to $2b

The bilateral trade between Bangladesh and Vietnam hit $739.89 million in fiscal year 2020-21 and it could be enhanced to $2 billion through mutual cooperation, exchange of business delegation and joint research.

Rizwan Rahman, president of Dhaka Chamber of Commerce and Industry (DCCI), made the remark at a business networking meeting and B2B match-making between the chamber and a visiting 31-member Vietnamese business delegation held at the DCCI office in Dhaka yesterday.

Bangladesh and Vietnam have been growing remarkably in the recent decades thanks to the initiatives taken to strengthen economic cooperation between the two, Rahman said.

Bangladesh exports $61.29 million worth of goods to Vietnam while imports $678.6 million, he said.

Rahman also urged the Vietnamese investors to take the dividend of Bangladesh's existing competitive trade and investment ambiance.

The Vietnamese businesses can invest in joint ventures and technology transfer in agro-processing, shipbuilding, electronics, textile, pharmaceuticals, leather, jute, ceramics, light-engineering industries, economic zones and hi-tech parks, he said.

To ensure a win-win trade relation, Bangladesh can be included in the regional comprehensive economic partnership (RCEP) and Association of Southeast Asian Nations (Asean) as a member, Rahman said.

Bangladesh is a potential business partner of Vietnam, said Pham Viet Chien, ambassador of Vietnam.

Even in the post-pandemic era, the bilateral relation between Bangladesh and Vietnam got much deeper, he said.

In the first nine months of this year, the both-way trade crossed $1.1 billion and it is growing day by day, he said.

He hoped the B2B arranged by the Dhaka chamber will pave the way to enhance linkages between the businessmen.

He invited Bangladeshi entrepreneurs to invest in Vietnam and they are ready to share experience and views with the Bangladeshi counterparts. 

Lack of linkages between both parties are responsible for lower trade, said Do Quoc Hung, deputy director general industry and trade ministry of Vietnam and head of the delegation.

He also suggested for more exchange of delegation.

He said Bangladesh and Vietnam maintain a good inter-complementary trade relation where both the countries do not have to compete with each other.

Vietnam has already implemented 15 free trade agreements, he added.

"The more we can arrange B2B, the more opportunity will be created for businesses."

DCCI Senior Vice President Arman Haque, President of Bangladesh-Vietnam Chamber of Commerce S M Rahman also spoke on the occasion.

Later, about 100 member companies of DCCI took part in an interactive B2B session with the 31 visiting Vietnamese companies.