Bangladesh, Vietnam deal to increase bilateral trade

Bangladesh and Vietnam have decided to take steps to increase the volume of annual bilateral trade to US$1000 million by 2016 as the both countries agreed to remove all trade related barriers and establish physical connectivity for their mutual benefits.

This decision was taken during a bilateral meeting between Bangladesh President Abdul Hamid and Vietnamese President Truong Tan Sang at Presidential palace here today.

During 80-minute meeting, the two Presidents agreed to work more closely for the mutual benefits for the people of the two countries, President's Press Secretary Joynal Abedin told BSS after the talks.

According to foreign ministry of Bangladesh, the existing trade volume between the two countries is less than US$700 million. From July-June in 2014-15, Bangladesh exported goods worth US$32.77 million to Vietnam while Vietnam exported US$ 318.4 million to Bangladesh.

Both the leaders have agreed on the importance of establishing regular Foreign Office Consultation between the two countries at the earliest to ensure close cooperation, the Press Secretary added.

The two leaders also agreed in principle to hold the meeting of Joint Economic Commission regularly, exchange of market information and practice, cultural tourism exchange, combating transitional crimes and irregular migration and to work together in the regional and international forum.

The Bangladesh President said Dhaka is eagerly looking forward to connect itself to the ASEAN Economic Corridors and Vietnam's support in this regard will deeply be appreciated.

In reply, the Vietnamese President said his country will support Bangladesh in this regard and advised to take support of the other members countries of ASEAN as it is given through the consensus of all member countries.

During the bilateral talks with his Vietnamese counterpart, Abdul Hamid assured that any investment from Vietnam would be given the highest priority and related requirement will be attended with due care.

He said Bangladesh offers very liberal investment and incentives to attract foreign investment. Apart from the Export Processing Zones, Bangladesh is also offering Special Economic Zones where investors would get conducive environment for setting up industrial units, he added.

Terming the trade as one of the major areas where both the countries can really forge meaningful cooperation for mutual benefits, Abdul Hamid said, "I believe that we have far more potential to increase the trade and for this it would be prudent to find out suitable policy choices, particularly aiming at removing the noon-tariff barriers such as the requirement of bio-equivalence test results and traceability".

Abdul Hamid said Bangladesh and Vietnam have a long track record of friendly relations which is reflected by the fact that Vietnam was one of the countries that recognized Bangladesh at the dawn of Bangladesh independence in 1971.

Recalling the visit of Bangladesh Prime Minister Sheikh Hasina to Vietnam in 2012, he said that visit generated considerable impetus to the overall bilateral relations of the two countries.

Mentioning that the Vietnam gives importance to the relations with Bangladesh, the President of Vietnam said, "I am sure the visit of Bangladesh President will be a milestone for the bilateral relations between Bangladesh and Vietnam."

The Vietnamese President thanked Bangladesh government for political stability and continuous prosperity.

Truong Tan Sang said Vietnam took reform programme 30 years back which turned to an effective one adding that they maintained more than six percent annual growth regularly and the per head income is now stands around US$ 2200.

Abdul Hamid said "Like the great leader of Vietnam Ho Chi Minh, our Father of the Nation Bangabandhu Sheikh Mujibur Rahman was deeply committed to build a prosperous nation. It gives me immense joy that the both countries are advancing fast to fulfill the dreams of their great leaders."

Abdul Hamid invited his counterpart to visit Bangladesh at a convenient time.

Earlier on their arrival of the Presidential palace, Abdul Hamid and his spouse Rasheda Khanom were given a grand reception by Vietnamese President Truong Tan Sang and madam Mai Thai Hanh at the Presidential palace.

A group of tiny tots clad in white and red waved flags of Bangladesh and Vietnam standing in line on both sides of the road inside the Presidential Palace when Abdul Hamid and his spouse entered the palace in a motorcade.

Vietnamese President Truong Tan Sang and madam Mai Thai Hanh received Abdul Hamid and his wife with bunch of flowers there.

Then President Abdul Hamid was led to the podium by his Vietnamese counterpart from where the two Presidents received an armed salute given by a smartly-turned out contingent of Vietnamese armed forces while the national anthems of Bangladesh and Vietnam were played on the occasion.

State minister for Foreign Affairs M Shahriar Alam, Bangladesh Ambassador to Vietnam Shahab Ullah, Ambassador of Vietnam to Bangladesh Nguyen Quang Thuc, were present.