Vietnam, Bangladesh Fostering Trade Relations

Vietnam, Bangladesh Fostering Trade Relations

Dr. Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI) on July 14 held a talk with Morshed Khan, Foreign Minister of Bangladesh, to exchange views on reforms and economic development of the two countries, and to discuss measures to boost bilateral trade.

During the meeting, the foreign minister appreciated Vietnam's dynamic development in recent years and shared Bangladesh's experience in economic reform, poverty reduction and improvement in its investment environment. He particularly focused on the role of private enterprises.   

   
Vietnam and Bangladesh set up diplomatic relations on February 11, 1973 and the two countries have recorded many important advances in economic cooperation so far. VCCI, in late 2003, held a meeting between enterprises from the two countries during the President of Bangladesh's Coalition of Chambers of Commerce and Industry visit to Vietnam. During the State President Tran Duc Luong's visit to Bangladesh in March 2004, Vietnamese enterprises accompanying the president signed several export contracts with foreign partners.

According to Morshed Khan, the bilateral trade value is still modest with US$19 million in 2001, US$14 million in 2002 and around US$17 million in 2003. Of the sums, Vietnam exported US$12 million, US$7.24 million and US$9.76 million, respectively, worth of goods to Bangladesh. Vietnamese key exports to the market at present are tea, spices, vegetable oil, consumer goods and footwear, and it imports jute products, leather and subsidiary materials for the garment industry from Bangladesh.   

VCCI President Vu Tien Loc explained Vietnam's efforts to create an open investment environment, to increase the ratio of contributions from private enterprises to the country's GDP, and to attract more foreign investment. The two countries should further enhance cooperation in the fields of processing agricultural products and foodstuff, and information technology, Dr. Loc remarked.  
He hoped that Bangladesh would import more Vietnamese products of high competitiveness in terms of quality and price.

• P.Hien