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Bangladesh can be the trade hub and bridge of business for the ASEAN, South Asian and South East Asian countries, said Vice President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Dr. Joshoda Jibon Deb Nath on Friday in the capital.
He made the opinion during a courtesy call on Vuong Dinh Hue, President of the National Assembly of the Socialist Republic of Vietnam at the Hotel InterContinental in the capital.
He said that Bangladesh would soon graduate from LDC countries in 2026, and it would try to enter into FTA and PTA with South East Asian emerging economic tigers.
"Bolstering bilateral trade with Vietnam will provide Bangladesh access to new markets, especially with members of ASEAN," he said.
On the other side, ASEAN sought external economic and trading relations with many developed and developing countries, he stated.
"With its economic potential and geographic rapport, Bangladesh can offer ASEAN a bridge between South Asia and South East Asia.' Therefore, Bangladesh might go for regional comprehensive economic partnership (RCEP) with the ASEAN to secure a win-win trading relationship," he added.
"Both Vietnam and Bangladesh are not only historically connected by our common struggles for right to Sovereignty; as nations we are resilient, perseverant and dynamic. This year marks the Golden Jubilee of Diplomatic ties between our two countries," said Dr. Joshoda Jibon Deb Nath.
"Besides trade in goods, we are also interested in increasing investment and business collaboration between the two countries. To diversify our export basket, we may explore our demographic dividend and technology of Vietnam through joint ventures investments in our SEZs," he maintained.
President of the National Assembly of Vietnam Vuong Dinh Hue said both Bangladesh and Vietnam share excellent bilateral friendship. Recently, both the countries celebrated the 50 years of diplomatic relationship.
"Bangladesh is the second largest trade partner of Vietnam in South Asia. Vietnam is interested in enhancing bilateral trade with Bangladesh," he mentioned.
He invited the business leaders and dignitaries of FBCCI to visit Vietnam and explore the market.
He said that Vietnam Chamber of Commerce and Industry (VCCI) and other related ministries would be working closely with the Govt. of Bangladesh and FBCCI to facilitate the trade and business of the two countries.
Later a discussion meeting titled, 'Forum on Policies and Laws to promote the economic, trade and investment cooperation between Vietnam and Bangladesh' was held at the hotel.
FBCCI Vice President Shomi Kaiser said that Economic and trade partnership had been a highlight of bilateral relations for the two countries.
Two-way trade was maintaining a rising trend in recent years, reaching US$ 1102.77 million during the fiscal year 2021-22, of which Bangladesh's exports to Vietnam were US$ 92.77 million and import from Vietnam amounted to US$ 1010 million.
Bilateral trade between Vietnam and Bangladesh has yet to reach its full potential. Additional investment is needed in Bangladesh's special economic zones and high-tech parks.
Although Vietnam and Bangladesh do not have a Free Trade Agreement (FTA), both nations have strongly emphasized trade and the need to foster the best possible environment for their respective business communities and entrepreneurs to pursue trade and investment opportunities, she mentioned.
Shomi Kaiser said, 'Our Agro and food processing industry are now gearing for exports, having met the domestic demand. Our RMG sector is the 2nd largest exporter to the globe after China. Among the world's top 10 green RMG factories, the top 8 are located in Bangladesh. Renewable energy and environment-friendly clean energy technology are increasing in use and popularity.'
She invited the entrepreneurs of Vietnam to invest in 100 Special Economic Zones, hi-tech parks and tourism.