Trade with Vietnam

A BANGLADESH-Vietnam Joint Commission set up with the objective of augmenting bilateral trade and investment has just had a meeting. As reported in the press, the Finance Minister of Bangladesh went to Hanoi, the capital of Vietnam, to attend the two-day meeting of the Joint Commission. The Trade Minister of Vietnam led their delegation attending the joint commission meet. The Joint Commission is reported to have exchanged data on products of the two countries. The Bangladesh delegation has expressed its interest to export jute goods, pharmaceutical products, plastic products, melamine and porcelain products plus readymade garment. The Vietnamese delegation underscored the need for expanding cooperation in areas of agriculture, fisheries and livestock.

Both these countries, least developed as they are, have started facing similar problems on trade issues after the withdrawal of the preferential treatment deals by major economic powers of the world. The retention of market share for the products of these two countries has now turned difficult. The promotion of trade between friendly countries and among members of regional alliances is all too much necessary. It may help obviate the effects of the so-called globalisation process and ensure growth of different sectors of the economies of these two friendly countries.

The Joint Commission has already renewed the gamut of bilateral deals covering trade and investment. The business community of the two countries may be encouraged to invest in different sectors including tourism, communication, agriculture, education and technology. The prevailing trade deals which enabled Vietnam to earn around twenty-two million dollars a year from exports to Bangladesh may be broadened. Likewise, Bangladesh may also increase export, that in past year yielded around thirty-one million dollars, and earn more.

It is worth recapitulating that the Prime Minister of Bangladesh paid a visit to Vietnam in May 2005 and urged all concerned to work for increasing trade and investment. Follow-up meetings of the Joint Commission are to ensure exchange of information and have more deals for bilateral trade. The relevant ministries and official agencies plus the business community may take advantage of the increased deals on trade and investment.