Vietnam and Bangladesah have ample room for achieving stronger growth in their bilateral trade cooperation, as the two countries share many things in common, including being emerging economies with stable development, having large populations, markets, and sufficient human resources.
In addition, a huge number of young people in the two countries are able to quickly embrace advanced technology and innovation trends, said Pham Viet Chien, Vietnamese Ambassador to Bangladesh, the Vietnam News Agency reported.
The two countries need to effectively implement bilateral agreements and cooperation mechanisms in multiple fields, especially the Joint Committee on economic, culture, science and technology cooperation.
Both sides should continue to study and develop new cooperation mechanisms on par with each nation’s need for further growth, he said.
The two Asian nations also share many others in common, in terms of their foreign policies about global and regional issues.
They attach great importance to the role of multilateralism in creating and maintaining peace and stability in the region and around the world.
Notably, being among the countries hit hardest by climate change, the two countries have adopted similar approaches to global issues, such as climate change response, food security and energy.
The above-mentioned factors will pave the way for the two nations to closely cooperate at many multilateral forums and continue to support each other in the international arena as well as bolster their two-way trade, the Vietnamese diplomat elaborated.
Vietnam and Bangladesh established their diplomatic relations on February 11, 1973.
Over the past 50 years, their traditional friendship and multifaceted cooperation have been continuously developed, including trade ties.
Therefore, the on-going Bangladesh visit by Vuong Dinh Hue, Chairman of Vietnam’s lawmaking National Assembly, is expected to facilitate their multifaceted cooperation and elevate their bilateral relations to a new height.
The visit takes place from September 21 to 26 at the invitation of Bangladesh’s Speaker of the Parliament Shirin Sharmin Chaudhury.
According to trade experts, Bangladesh remains among the major trade partners of Vietnam in South Asia.
Bilateral trade between Vietnam and Bangladesh rose from US$288 million to nearly $800 million in the 2010-14 period and has maintained an upward trend in recent years.
Two-way trade hit $1.465 trillion last year and was $555 million during the first half of 2023.
Bangladesh has invested in 18 projects in Vietnam, with a total pledged capital of $930,000, making it secure the 101st place among the 142 countries and regions having poured capital into Vietnam.