HÀ NỘI — Việt Nam and Bangladesh should make stronger efforts to translate potential into sound co-operation in economics, trade and investment, Prime Minister Nguyễn Xuân Phúc told Bangladeshi Commerce Minister Tofail Ahmed during their meeting in Hà Nội on Thursday.

Phúc welcomed Ahmed to Việt Nam for the 2018 World Economic Forum on ASEAN (WEF ASEAN 2018) and lauded the long-standing friendship between the two countries, which continues to grow.

Việt Nam and Bangladesh share many similarities and have all necessary conditions to enhance trade, he said, adding that the two sides need to discuss measures to step up co-operation.

Ahmed, for his part, appreciated Việt Nam as a good friend of Bangladesh. He said he is impressed with what Việt Nam has achieved in multiple areas and suggested the two nations cooperate more in textile and garments.

Việt Nam is Bangladesh’s large trade partner, so the South Asian country wants to raise annual bilateral trade to US$2 billion, according to the commerce minister.

Furthermore, the business climate in Bangladesh has improved remarkably in recent years, creating a good opportunity for investors from Việt Nam, he noted, saying he also hopes bilateral ties in economics, trade and investment will progress in the coming years.

Noting his guest’s proposal, PM Phúc agreed two-way trade has failed to meet the two countries’ potential so they must make greater efforts to reach $2 billion in trade revenue. He suggested both nations provide broader market access to each other’s key export products and ramp up business-to-business meetings.

The PM added that Việt Nam wants to invest in Bangladesh in agriculture, forestry, fishery, textile and garments, and industry, and expects the government of Bangladesh to facilitate Vietnamese enterprises in the country.

Statistics from the Ministry of Industry and Trade show that two-way trade soared from $14 million in 2002 to $388 million in 2012 and more than $900 million in 2017. Việt Nam has repeatedly recorded a trade surplus with the South Asian country.

Việt Nam ships clinker, cement, rice, fibre, mobile phones, and components to Bangladesh, while importing pharmaceutical products, seafood, and tobacco materials from the country.

By the end of December 2017, Bangladesh had invested in four projects in Việt Nam with total registered capital of $615,000, ranking 99th out of 125 countries and territories investing in Việt Nam. Meanwhile, Việt Nam poured $27,900 into a project in Bangladesh, making it 68th of the 72 countries and territories making investments in Bangladesh. — VNS