Vietnam, Bangladesh Target US$50Mln of Trade This Year

Vietnam, Bangladesh Target US$50Mln of Trade This Year

Prime Minister of Bangladesh Khaleda Zia will arrive in Hanoi today for a three-day trip to Vietnam aiming to promote economic ties between the two countries to realize the goal of US$50 million of trade value this year.

It is the first official visit to Vietnam by the top leader of the Bangladeshi government since the two countries established diplomatic ties in 1973.

To date, the two countries have signed a host of cooperation accords and agreements. Prominent among these documents were agreements covering aviation transport; economic, scientific and technological cooperation; trade; culture; the establishment of a joint governmental committee for economic, scientific, technological cooperation; visa exemption for diplomats and state employees on working missions; and double taxation avoidance and anti-tax fraud.

They have witnessed progress in their economic relations over the past few years as their two-way trade jumped to US$39.5 million in 2004 from US$18 million in 2003 and US$14 million in 2002.

Vietnam's staples exported to Bangladesh include textiles and garments, electronics products, vegetables and fruits, pepper, rubber, footwear, fine art and handicraft articles. The Southeast Asian country buys chemicals, materials for making garments and textiles, pharmaceutical products, leather, steel and iron and products for the manufacturing industries from Bangladesh.

Experts, however, said the two countries' trade remains modest and inadequate and they have not yet made any foreign direct investment in each other's nations.

In March 2004, the Chambers of Commerce and Industry of Vietnam and Bangladesh established their ties and subsequently set up a business council to promote the exchange of information to help businessmen in the two countries.

In November 1993, Bangladesh set up its Embassy in Hanoi. Ten years later, Vietnam reopened its Embassy in Dhaka after a period of interruption.

The two countries have exchanged high-level visits. Vietnamese leaders who have visited Bangladesh include Foreign Minister Nguyen Manh Cam in September 1992 and May 1994, Prime Minister Vo Van Kiet in March 1997, Foreign Minister Nguyen Dy Nien in July 2003, and President Tran Duc Luong in 2004.

During President Luong's visit, the two countries agreed to resume the operation of their joint-governmental committee for economic, cultural, and scientific and technological co-operation and signed three documents covering economic and cultural co-operation.

Bangladesh sent to Vietnam its Minister of Trade in September 1996, the Foreign Minister in May 1999 and 2004 and the Agriculture Minister in October 2003.

On cultural and social affairs, the two countries signed a cultural exchange program for the 2004-07 period in March 2004.

• VNA