President Tran Dai Quang’s Bangladesh visit aims for US$1 billion trade

08:25 | 04/03/2018 Cooperation

Vietnamese President Tran Dai Quang’s three-day state visit to Bangladesh aims to intensify trade and investment promotion, and create favourable conditions for business between the two countries to achieve a two-way trade goal of US$1 billion, according to the newspaper "Daily Star".

President Tran Dai Quang and his spouse - Photo: QĐND

The Bangladeshi newspaper quoted a high level official at the foreign ministry as saying that the bilateral trade volume between Bangladesh and Vietnam was increasing.

In an article published on February 28, ahead of President Tran Dai Quang’s visit, set to begin on March 4, the paper said “Bangladesh and Vietnam are enjoying economic cooperation, with trade reaching US$609 million in 2016, from only US$93 million in 2009.

Bangladesh exports pharmaceuticals, raw materials for garments, and machinery to Vietnam, while Vietnam's major exports to Bangladesh include iron, steel, fibre, textiles, plastics, rubber, and electronics.”

The article continued, “Dhaka is eager to connect itself with the Association of Southeast Asian Nations, whose members are Vietnam, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand, and the Philippines. It will seek support from Hanoi for its regional integration.”

“The two countries are likely to sign about half a dozen agreements and memorandums of understanding for the promotion of trade, investment, connectivity, and cooperation during the visit,” it said.

President Tran Dai Quang will visit Dhaka at the invitation of his Bangladeshi counterpart Abdul Hamid. He will fly to Dhaka from New Delhi after a three-day visit to India.

Some 100 business representatives from top Vietnam companies will accompany the President and hold discussions with their Bangladesh counterparts, exploring trade and investment potentials in Bangladesh.

A business forum will be held at the Pan Pacific Sonargaon Hotel on March 6.

Bangladesh and Vietnam established diplomatic relations on February 17, 1973. Since then, the relationship of friendliness and cooperation between the two states has been enhanced in a wide range of areas, especially in economy and trade.