Prime Minister Nguyen Xuan Phuc (right) meets with Bangladeshi Commerce Minister Tofail Ahmed in Hanoi on September 13. (Photo: VNA)Hanoi (VNA) – Vietnam and Bangladesh shouldmake stronger efforts to translate potential into sound cooperation ineconomics, trade and investment, Prime Minister Nguyen Xuan Phuc toldBangladeshi Commerce Minister Tofail Ahmed during their meeting in Hanoi onSeptember 13.
Phuc welcomed Ahmed to Vietnam for the World EconomicForum on ASEAN (WEF ASEAN) and lauded the long-standing friendship between thetwo countries, which has been growing.
Vietnam and Bangladesh share many similarities and haveall necessary conditions to enhance trade, he said, adding that the two sidesneed to discuss measures to step up cooperation.
Ahmed, for his part, appreciated Vietnam as a good friendof Bangladesh. He said he is impressed with what Vietnam has achieved inmultiple areas and suggested the two nations cooperate more in textile andgarments.
Vietnam is Bangladesh’s large trade partner, so the SouthAsian country wants to raise annual bilateral trade to 2 billion USD, accordingto the commerce minister.
Furthermore, the business climate in Bangladesh has improvedremarkably in recent years, creating a good opportunity for investors fromVietnam, he noted, saying he also hopes bilateral ties in economics, trade andinvestment will progress in the coming years.
Noting his guest’s proposal, PM Phuc agreed two-way tradehas failed to meet the two countries’ potential so they must make greaterefforts to reach 2 billion USD in trade revenue. He suggested both nationsprovide broader market access to each other’s key export products and ramp upbusiness-to-business meetings.
The PM added that Vietnam wants to invest in Bangladeshin agriculture, forestry, fishery, textile and garments, and industry andexpects the government of Bangladesh to facilitate Vietnamese enterprises inthe country.
Statistics from the Ministry of Industry and Trade (MoIT)show that two-way trade soared from 14 million USD in 2002 to 388.1 million USDin 2012 and more than 900 million USD in 2017. Vietnam has repeatedly recordeda trade surplus with the South Asian country.
Vietnam ships clinker, cement, rice, fibre, mobilephones, and components to Bangladesh, while importing pharmaceutical products,seafood, and tobacco materials from the country.
By the end of December 2017, Bangladesh had invested in four projects inVietnam with total registered capital of 615,000 USD, ranking 99th out of 125countries and territories investing in Vietnam. Meanwhile, Vietnam poured27,900 USD into a project in Bangladesh, making it 68th position of the 72countries and territories where Vietnam has invested in. –VNA
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