Vietnam keen to invest in Bangladesh
Vietnam is keen to promote its investment in Bangladesh, particularly in the fields of Textile and Garment, Telecommunication, Information Technology (IT), Agriculture, Oil & Gas and Infrastructures, Bangladesh media reports claim, citing Vietnamese President Tran Dai Quang’s visit to the country. The Vietnamese President was on a visit to Bangladesh from March
4-6 on the invitation of Bangladesh President Mohammad Abdul Hamid to mark the 45th anniversary of Bangladesh-Vietnam diplomatic relations. According to the reports, President Quang pledged his interests while addressing a group of businessmen of both Bangladesh and Vietnam at a meeting titled ‘Vietnam-Bangladesh Business Forum’, which was organised by Bangladesh Chamber of Commerce and Industry (FBCCI) in Dhaka. “Here are a lot of opportunities for investments with the current size of the economy of Bangladesh. It is a big market and has low-cost production facility due to its cheap labour cost,” President Quang maintained. Terming the relationship between Bangladesh and Vietnam as ‘historical’, the President also expressed his utter eagerness to take the bilateral trade relations to a new height.
“We would like to take the bilateral trade between the two countries to US $ 1 billion by the end of this year. We have a target to take the balance of bilateral trade to US $ 2 billion by the end of 2020,” President Quang declared. The bilateral trade volume between Bangladesh and Vietnam was worth US $ 900 million in 2017-18 fiscal, which is heavily entitled in favour of Vietnam, thanks to Bangladesh’s increasing textile imports from the country. Meanwhile, Bangladesh Commerce Minister Tofail Ahmed represented Bangladesh Government at the meeting and offered a SEZ for Vietnamese investors to boost further Foreign Direct Investment (FDI) in the South Asian Country. Markedly, EZs will predominantly have garment manufacturing units.