Strengthening Cooperation between Vietnam and Bangladesh Businesses

 

At the meeting, Mr Suporadip Chakm said that that, in recent years, Vietnam - Bangladesh have friendly relations and good cooperation. However, the economic and trade turnover between the two countries in recent years has not been commensurate with the potential. Therefore, the Ambassador expressed his desire to further promote trade relations between the two countries.

 

VCCI President Vu Tien Loc confirmed that in the next time, a number of measures will be adopted to enhance trade between the two countries, and the exchange of business delegations participating in programmes will increase to promote trade and exchange some regional and international issues that both sides concern.

 

According to statistics, Vietnam and Bangladesh have signed 14 decrees, agreements on cooperation in political, economic, trade, etc particularly the Agreements on economic and technical sciences, commerce and culture cooperation; Agreement on Establishing the joint committee on economic, culture, science and technology cooperation; Two time Taxation Avoidance Agreement, encouragement and protection of investment agreement, the Protocol on Cooperation in the field of agriculture. The two sides also have good cooperation in international fora such as the UN, Non-Aligned Movement, ASEAN.

 

Trade relations between Vietnam and Bangladesh have increased but not much. From 2007-2012, the two-way trade turnover between the two countries increased steadily over the years: in 2007 it reached US$47.4 million; in 2008 US$64.7 million and in 2009 US$82 million. 2010 and 2011 saw the rapid increase in import and export: in 2010 it reached US$288 million and in 2011 the number was US$483 million. In 2012, imports and exports Vietnam - Bangladesh fell compared with the same period in 2011 because Bangladesh suspended imports of rice from Vietnam. However, in 2013, turnover between the two sides increased better, reaching US$518.8 million. In the first 5 months of 2014, the two-way turnover reached about US$310.06 million, up 62.36 percent compared with the same period last year.

 

Vietnam goods exported to Bangladesh mainly are fiber, yarn; textiles and garments; materials, textiles, apparel and footwear; iron and steel; plastic products; plastic materials; rubber products.

 

Overall, the economic cooperation between Vietnam and Bangladesh has not yet developed. Both sides are striving to uphold economic cooperation and trade as well as cooperation in other fields such as agriculture, fisheries, industry, finance, banking, culture, education and training, travel, healthcare to match the political relations in the future.