Dhaka, Hanoi to double bilateral trade volume

Bangladesh and Vietnam want to work closely to double the bilateral trade volume from nearly $1.0 billion to $2.0 billion by 2021, reports BSS.

The two countries held the second meeting of the Joint Trade Committee (JTC) in Hanoi on Thursday to Friday and discussed ways to double the bilateral trade volume, said a press release received on Friday. The two sides discussed trade and investment issues and identified 11 priority areas including agricultural trade, pharmaceutical exports from Bangladesh, Vietnamese investment in Bangladesh’s Special Economic Zones, ICT sector cooperation, bilateral cooperation in textile and garments sector, trade in Halal products, trade in software services, direct air link, promotion of trade in jute and jute goods, banking sector cooperation and tourism sector cooperation (including Buddhist tourism).

Secretary, Ministry of Commerce, Dr Md Jafar Uddin and Cao Quoc Hung, Deputy Minister for Industry and Trade, Government of Vietnam led the respective sides in the JTC meeting, the release also said. Bangladesh requested the Vietnam side to send delegations to visit Bangladesh and gain first-hand experience about the pharmaceutical industry, Hi-tech parks and Special Economic Zones in Bangladesh. Bangladesh side also requested Vietnam to assist Bangladeshi potato exporters to enter Vietnamese markets by completing the SPS registration process.

The Vietnamese side responded affirmatively to Bangladesh’s request. Vietnam suggested that in case of future requirement, Bangladesh may import quality rice from Vietnam in fulfillment of the existing memorandum of understanding (MoU) on rice import from Vietnam.
To ease business transaction, both sides agreed to encourage commercial banks to open branches in each capital.

Two sides agreed to constitute Joint Business Council comprising apex business bodies of both countries. The Commerce Secretary Jafar Uddin also called on Vice President of the Vietnam Chamber of Commerce and Industry (VCCI) Doan Duy Khuong at the VCCI office and requested for more cooperation at B2B levels and sought interventions of VCCI.

Bangladesh Ambassador to Vietnam Samina Naz and MJH Jabed, Director General (South Asia), Ministry of Foreign Affairs, attended the JTC meeting as members of Bangladesh.