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Bangladesh targets $1b trade ties with Vietnam

Bangladesh targets $1b trade ties with Vietnam

Bangladesh is looking for a broader trade and investment ties with Vietnam and is preparing to make the best use of the upcoming visit of the Vietnam President to Bangladesh.  Vietnam President Tran Dai Quang will arrive in Dhaka on a three-day state visit to Bangladesh on March 4.  The two countries are likely to sign six to seven agreements and MoUs during the visit, officials said, reports UNB.

"A big focus will be on trade and investment. Our target is to reach a US$1 billion trade," Bangladesh Ambassador to Vietnam Samina Naz told the news agency.

She said a big business delegation will accompany the Vietnamese president during his Dhaka visit. A business forum will be held at Sonargaon Hotel in the city on March 6.

Over 100 business representatives from Vietnam companies will interact with their Bangladesh counterparts and explore trade and investment potentials in Bangladesh.

Responding to a question, Ambassador Samina said they are looking into cooperation in the areas of agriculture, pearl cultivation, fisheries and livestock, industrial cooperation, cultural exchange and pharmaceutical.

The Vietnamese President will meet President Abdul Hamid and will hold official talks with Prime Minister Sheikh Hasina during the visit.

Foreign Minister AH Mahmood Ali will also meet the Vietnam President.

Prime Minister Sheikh Hasina visited Vietnam in November 2012.

During the upcoming visit of the Vietnam President, the two sides are expected to exchange ideas on regional and international issues of mutual concern, and agreed to enhance their cooperation at international forums, including the

United Nations (UN), Non-Aligned Movement (NAM), Asia-Europe Meeting (ASEM) in addition to boosting coordination in dealing with global issues such as climate change and food security, officials said.

An official at the Foreign Ministry said the existing bilateral relations will be strengthened further with new areas of cooperation with the visit of the Vietnam President.

Officials said Bangladesh is keen to share its experience and achievements in the areas of poverty reduction, disaster management and achieving the MDGs and now working for SDGs.

Earlier, Vietnamese Ambassador to Bangladesh Tran Van Khoa said the exchange of trade delegations will usher a new horizon of business interaction between the entrepreneurs of both the countries.

The bilateral trade volume between Bangladesh and Vietnam crossed US$ $900 million in 2017 but the trade volume has not reached the targeted US$ 1 billion yet, according to Dhaka Chamber of Commerce and Industry (DCCI).

But compared to the previous year, the trade volume increased by 50-60 percent in 2017, despite the bilateral trade volume is still in favour of Vietnam.

To mark the 45th year of diplomatic relation between Vietnam and Bangladesh, a trade fair will be organised in Bangladesh this year by the Vietnamese government, according to the DCCI officials.

Earlier, Bangladesh handed over an invitation letter from Bangladesh President during the first Foreign Office Consultations (FOC) held in Dhaka in August 2017.