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Vietnam, Bangladesh to take trade to $1bn next year

Vietnam, Bangladesh to take trade to $1bn next year

Tuesday, August 11, 2015, 16:44 GMT+7

Vietnamese State President Truong Tan Sang and his Bangladeshi counterpart Md. Abdul Hamid have agreed to lift trade between their two countries to US$1 billion in 2016. The agreement was included in a joint statement issued after the talks between the two leaders on Monday, the second day of a five-day visit to Vietnam by President Hamid at the invitation of President Sang. Both sides wish to bring the bilateral ties to a new height through stepping up and deepening cooperation in politics, defense, security, economic affairs, trade, agriculture, fisheries, science, technology, culture and tourism, according to the joint statement. The two presidents also consented to strengthen trade and investment activities between the two nations, with a view to boosting two-way trade to $1 billion next year. In 2014, bilateral trade increased 40 percent from 2013 to $800 million, of which $650 million was the value of Vietnam’s exports. In the first six months of this year, Vietnam and Bangladesh posted $310 million trade value.   Vietnam mainly exported clinker, cement, iron and steel, fiber, textiles, plastics, rattan, rubber, computers, electronics and wooden furniture to Bangladesh while importing pharmaceuticals, garment raw materials, machinery, electronic spare parts and urea fertilizer from the country, according to the Vietnam News Agency. The two leaders urged the agriculture ministry of each country to actively implement the Memorandum of Understanding (MoU) on fishery and breeding cooperation and another MoU on agricultural cooperation both sides signed during the Vietnam visit by Bangladeshi Prime Minister Sheikh Hasina in 2012. The two countries also look to expand cooperation in potential fields such as textiles and garment, mining, energy, chemical production, consumer goods production, food processing, iron and steel production, construction and telecommunications. Vietnam and Bangladesh will give mutual support and coordinate in creating common initiatives in sustainable development, disaster response, water resource security, food and energy, according to the agreement by the two presidents. They also said both nations will continue supporting each other at regional and international forums including the United Nations, the Non-Aligned Movement, South-South Cooperation, the ASEAN Regional Forum, the Asia-Europe Meeting, and regional and sub-regional cooperation. Regarding the East Vietnam Sea issue, President Sang and his Bangladeshi counterpart concurred that all disputes must be settled on the basis of respecting all basic principles of international law to maintain peace and stability in the region and ensure maritime safety and freedom. Yesterday President Hamid also met with General Secretary of the Communist Party of Vietnam Nguyen Phu Trong, Prime Minister Nguyen Tan Dung, and National Assembly Chairman Nguyen Sinh Hung. Today, the Bangladeshi leader is scheduled to meet with representatives of the Bangladeshi community in Ho Chi Minh City and have talks with leaders of the city.

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