On the afternoon of August 7, in Ho Chi Minh City, a “Conference on connecting trade between Bangladeshi and Vietnamese enterprises” took place. The event was organized by the Ho Chi Minh City Investment and Trade Promotion Center (ITPC) in coordination with the Asia-Africa Market Department (Ministry of Industry and Trade).

Vietnamese enterprises display and introduce products at the “Conference connecting trade between Bangladeshi and Vietnamese enterprises”. Photo: Thanh Minh

The event was organized to support businesses in the fields of healthcare, information technology, agriculture, food, plastics, etc. Vietnam connects and exchanges with Bangladeshi businesses to seek business cooperation opportunities and export products to this country's market.

Accordingly, Bangladesh is currently Vietnam's second largest trading partner in South Asia, accounting for 9.3% of Vietnam's total exports to South Asia and 2% of Vietnam's total imports from South Asia in 2023. Statistics from the General Department of Customs show that trade between the two countries has quadrupled within a decade, from about 350 million USD in 2012 to nearly 1.1 billion USD in 2023.

Vietnamese enterprises exchange with Bangladeshi enterprises at the trade connection conference. Photo: Thanh Minh

In the first 6 months of 2024, the import-export turnover between Vietnam and Bangladesh reached 562 million USD. Of which, exports from Vietnam to Bangladesh reached 505 million USD. The main export items include clinker and cement, textile fibers of all kinds, textiles, raw plastics and textile accessories. In contrast, Vietnam mainly imports pharmaceuticals and scrap iron and steel from Bangladesh.

At the local level, trade relations between Ho Chi Minh City and Bangladesh have also made significant progress. Ho Chi Minh City's export turnover to Bangladesh in the first 6 months of 2024 reached 24.8 million USD, up 54% over the same period last year.

Mr. Tran Phu Lu, Director of the Center for Trade and Investment Promotion of Ho Chi Minh City. Photo: Thanh Minh

Sharing at the conference - Mr. Tran Phu Lu, Director of the Ho Chi Minh City Trade and Investment Promotion Center - said that the center was assigned by the Ho Chi Minh City People's Committee to organize and implement trade and investment promotion activities, support city businesses to expand markets, find partners, and connect trade to boost the export of goods to countries around the world.

Therefore, ITPC plays the role of a solid bridge, always proactively coordinating with relevant agencies to implement trade and investment promotion activities with countries, especially new potential markets, including Bangladesh and South Asian countries, creating favorable conditions for foreign enterprises to invest and do business in Ho Chi Minh City and vice versa.

According to Mr. Tran Phu Lu, Bangladesh has always been an important trade partner of Vietnam and the two sides still have a lot of potential to exploit. Up to now, Vietnam and Bangladesh have had many bilateral cooperations in many fields such as information technology, textiles, Halal food, software services, banking and tourism cooperation... which are opening up great opportunities for both sides. Currently, both sides are in need of finding new partners and markets, this is a very good time to promote cooperation in a more effective direction.

“Through today’s networking conference, businesses will find many potential partners and new business and import-export cooperation opportunities in the two countries’ markets. This will further promote the friendly relationship between the two countries in general and the good cooperative relationship between Bangladesh and Ho Chi Minh City in particular,” Mr. Tran Phu Lu expected.

Mr. Md. Ashraf Ahmed, President of Dhaka Chamber of Commerce & Industry (DCCI). Photo: Thanh Minh

At the conference, Mr. Md. Ashraf Ahmed - President of Dhaka Chamber of Commerce & Industry (DCCI) - assessed: Bangladesh and Vietnam are two countries with a long tradition of friendship. The friendship between the two countries is increasingly nurtured through increasing trade and expanding investment opportunities.

According to Mr. Md. Ashraf Ahmed, DCCI is one of the largest Chambers of Commerce and Industry in Bangladesh, with more than 5,000 members ranging from small and medium enterprises to large enterprises. DCCI also plays an important role in promoting the economic interests of Bangladesh globally. At the same time, it supports DCCI members to improve their access to international markets for export, import and investment cooperation.

Mr. Md. Ashraf Ahmed added that the DCCI business delegation from Bangladesh this time included many exporters, importers, manufacturers and entrepreneurs, covering diverse manufacturing and service sectors. In particular, focusing on agricultural and food processing, healthcare, construction materials, electronics, garments, information technology and support services, polymers and chemicals, pharmaceuticals, fast-moving consumer goods, logistics and tourism.

Connecting trade between Vietnamese and Bangladeshi businesses at the conference. Photo: Thanh Minh

Vietnamese enterprises can consider Bangladesh as a gateway to penetrate and expand into the South Asian market. At the same time, we call on Vietnamese enterprises to invest in Bangladesh because this is the country with the most impressive and competitive investment mechanism in South Asia, with diverse financial and non-financial benefits as well as a favorable legal environment for foreign investment. Among the incentives, the policy of 100% tax exemption, foreign ownership, bonded warehouses, and intellectual property protection is very noteworthy. Moreover, we have established Bilateral Investment Treaties (BITs) and Double Taxation Avoidance Agreements (DTTs) with more than 35 countries, including Vietnam.

“Therefore, there are many opportunities for mutually beneficial trade cooperation between the two countries, including: high-tech agriculture, farm mechanization, value-added agricultural processing, aquaculture, dairy and confectionery products, construction materials, pharmaceuticals, medical equipment, industrial capital machinery, lighting engineering, electronics, information technology, Fin-tech and Halal products. Through this conference, trade and investment opportunities between the two countries will be increased,” the DCCI Chairman expected.

According to the reporter of Industry and Trade Newspaper at this conference, businesses from both sides focused on connecting trade in industries including: textile and garment industry, electricity, electronics and energy industry, mechanical industry, tourism industry, logistics industry, medical industry, raw material industry (plastic, paper, chemicals)...