Vietnam's National Assembly Chairman, Vương Đình Huệ, highlighted Bangladesh's significance as the country's second-largest trading partner in South Asia. He emphasized the potential for mutual economic growth through strengthened cooperation and trade facilitation. Huệ identified Bangladesh as a strategic gateway for Vietnamese businesses to access South Asian and Middle Eastern markets.
At the same time, Bangladeshi enterprises could expand into the Association of Southeast Asian Nations (ASEAN) markets. The two nations aim to boost cooperation in high-value industrial supply chains, agriculture, textiles, construction, e-commerce, and the Halal industry, with a target trade turnover of around $2 billion. At a forum in Dhaka, Bangladesh, Shomi Kaiser, Vice President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), acknowledged that the current trade and investment partnership between the two nations does not fully reflect their potential.
While there is no existing Free Trade Agreement (FTA), Bangladesh, with a GDP of $455 billion in 2022 and ambitions to reach $1 trillion, is eager to promote mutually beneficial business ventures. The FBCCI expressed readiness to collaborate with Vietnamese enterprises. Additionally, the nations seek to enhance cooperation in agriculture, particularly in clean and climate-resilient farming practices, as well as aquaculture, including pearl farming and processing. In pursuing stronger economic ties, Vietnam and Bangladesh are looking to tap into each other's vast market potential.
They aim to diversify their collaboration beyond existing trade patterns, focusing on sectors like agriculture, textiles, construction, e-commerce, and the Halal industry. With favorable geographic positions, the nations envision Bangladesh as a gateway for Vietnamese businesses to enter South Asian and Middle Eastern markets and vice versa. The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) expressed enthusiasm for bolstering trade and investment ties, highlighting Bangladesh's substantial market size and its potential to serve as a bridge for Vietnamese enterprises. This mutually beneficial cooperation aims to drive economic growth and development in both countries.
Source: https://vietnamnews.vn/economy/1594197/viet-nam-bangladesh-to-boost-economic-cooperation.html
