Bangladesh to seek more Vietnamese investment

Bangladeshi organizations will look for greater venture from Vietnam amid the visit of the Southeast Asian nation's President Tran Dai Quang, who landed in Dhaka yesterday. 

The two-sided exchange volume is agreeable to Vietnam, from where Bangladesh has been bringing in woven textures in mass amount since 2011 after the unwinding of the Rules of Origin by the EU for the minimum created nations. 

The European Union began giving the zero-obligation advantage to the exporters of attire, including the ones made of imported textures. 

"We will request Vietnamese speculation here with the goal that the exchange adjust can be limited at any rate to some degree," said Shafiul Islam Mohiuddin, leader of the FBCCI. 

In any case, Bangladesh should meet 65 percent of its interest for woven textures from imports in view of a feeble nearby in reverse linkage industry. 

On account of spiraling Chinese venture, Vietnam has transformed into a noteworthy center point for material textures for Bangladesh, which is likewise reliant on Vietnamese rice. In 2016-17, Bangladesh imported merchandise worth $417 million and traded products worth $66.44 million despite the fact that the figures were nearly the same in 2009-10, as per information from the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI). 

The development of Bangladesh's fare to Vietnam has dependably been moderate—from $37.2 million of every 2009-10 to $66.44 million out of 2016-17—contrasted with the imports. 

In 2010-11, the import installment hopped to $459.26 million when Bangladesh began bringing in woven textures in mass amount from Vietnam to benefit the EU's exchange benefit. 

"Vietnam is as of now a major speculator in 12 nations. Along these lines, we can likewise bring outside direct speculation from Vietnam for parts like ICT, telecom and horticulture," Mohiuddin disclosed to The Daily Star. 

He additionally said a joint business gathering will be shaped and an understanding between the FBCCI and the Vietnam Chamber of Commerce and Industry will be marked to help two-sided exchange. 

He featured the ascent of Vietnam, which was battling with destitution even in late 1980s. 

Mohiuddin said the Southeast Asian nation could turn into a noteworthy economy in Asia as it has made a venture neighborly condition. 

In 1986, Vietnam propelled a trademark called Đổi Mới to elevate the nation's change to a market economy. The nation's accomplishments were noteworthy in the initial 20 years. 

Vietnam's economy developed at a normal yearly rate of 7.5 percent in the 1991-2000 period. 

Vietnam turned into an individual from the Association of Southeast Asian Nations (ASEAN) in 1995 and accomplished the full enrollment of the World Trade Organization in 2007, which helped the nation's FDI achieve an unsurpassed high of $71.7 billion of every 2008. 

Vietnam has key associations with China, Japan, Russia, India, England, France, North Korea, Italy, Germany, Indonesia, Malaysia and Thailand. 

Vietnam is a solid rival in clothing exchange for Bangladesh universally, particularly to the US markets. 

Vietnam's exceptional fare development is acknowledged if the US advertise is examined. 

In 1992, Vietnam's fare to the US was zero and import was recorded at $4.6 million, as per the US Census. In 2017, Vietnam's fare to the US bounced to $46.49 billion and import was $8.17 billion. 

In 1992, Bangladesh sent out products worth $831 million to the US and imported merchandise worth $188.1 million. In 2017, Bangladesh's fare to the US was $5.69 billion and imported products worth $1.47 billion. 

Vietnam is presently in the third position with regards to article of clothing fare to the US after China and India while Bangladesh is the 6th on the rundown. 

In 2017, Vietnam sent material and attire worth $12.20 billion to the US, up 7.70 percent on 2016. 

In 2017, Bangladesh sent out material and attire things to the US advertise worth $5.28 billion, down 3.98 percent on 2016, as per the US office of material and clothing. 

Accommodation, agro preparing, customer products and foundation could be a portion of the potential parts for the Vietnamese speculators, said Abul Kasem Khan, leader of the Dhaka Chamber of Commerce and Industry.