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Bangladesh and Vietnam to Increase Bilateral Trade

Bangladesh and Vietnam are working toward greater economic collaboration and the two nations have agreed to boost their annual bilateral trade to $1 billion by 2016.

At a meeting between Bangladesh President Abdul Hamid and Vietnamese President Truong Tan Sang in Vietnam’s capital Hanoi Monday, the leaders agreed to remove trade and investment barriers for both countries’ benefit, the Dhaka Tribune reported.

Vietnam’s major exports to Bangladesh include iron, steel, fiber, textiles, plastics, rubber and electronics, and Bangladesh sent Vietnam its pharmaceuticals, raw materials for garments and machinery.

The Bangladesh Foreign Ministry reports that the existing trade volume between the two countries is less than $700 million, according to the Tribune.

Bangladesh and Vietnam also agreed to establish regular Foreign Office Consultation to keep cooperation close and to exchange market information and best practices and combat transitional crimes and irregular migration.

According to the Tribune, Hamid said Dhaka is eager to connect itself to the Association of Southeast Asian Nations (ASEAN), which includes Vietnam, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore and Thailand.

Sang said Vietnam will support Bangladesh with its regional integration and Hamid added, addressing Sang, that with Bangladesh’s Special Economic Zones (which allow for eased trade laws and financial breaks), investors will find a conducive environment for setting up industrial units.