- Discussions centered around enhancing 5-year-long friendly relations between Bangladesh and Vietnam
- Invitation, discussions underscore ongoing efforts to strengthen diplomatic ties and cooperation
- Both foreign ministers explored opportunities to expand trade and investment cooperation
Vietnamese Prime Minister Pham Minh Chinh has extended an official invitation to Bangladesh’s Prime Minister Sheikh Hasina to visit Hanoi. The invitation was presented to Bangladesh’s Foreign Minister Dr. Hasna Mahmud by Vietnamese Foreign Minister Bui Thanh Son during a bilateral meeting at the 3rd Indo-Pacific Ministerial Forum in Brussels. The two foreign ministers also discussed enhancing the 5-year-long friendly relations between Bangladesh and Vietnam, as well as expanding trade and investment cooperation. Additionally, there were discussions about the repatriation of displaced people to Rakhine as the solution to the Rohingya crisis, with a request for Vietnam to exert pressure on Myanmar in this regard.
The EU Indo-Pacific Ministerial Forum, chaired by the High Representative of the EU for Foreign Affairs and Security Policy and Vice President of the European Commission Josep Borrell, brought together the EU, its Member States, and countries from the East coast of Africa to the Pacific islands. The forum aimed to strengthen cooperation and discuss various regional matters.
The Vietnamese Prime Minister’s invitation and the discussions at the bilateral meeting reflect the ongoing efforts to strengthen diplomatic ties and cooperation between Vietnam and Bangladesh.
Soaring Towards Friendship
Bangladesh’s recent proposal to establish direct air links between Dhaka and Hanoi resonated deeply with the nation’s longstanding foreign policy principles. Echoing Bangabandhu Sheikh Mujibur Rahman’s timeless statement of “friendship to all and malice towards none,” this initiative exemplifies Bangladesh’s unwavering commitment to fostering strong bilateral relationships, particularly with fellow developing economies.
In our increasingly interconnected world, globalization has become the cornerstone of national success and stability. This holds especially true for developing economies like Bangladesh, where nurturing meaningful ties with other nations is vital. Vietnam, with its impressive economic journey and robust manufacturing base, stands as a natural partner.
Symbiotic Synergy: Textiles, Electronics, and Beyond
Vietnam’s expertise in textiles and electronics seamlessly complements Bangladesh’s established strength in the garment industry. This shared ground presents a lucrative opportunity for mutually beneficial collaboration. By working together, both nations can leverage each other’s strengths, fostering knowledge exchange, technology transfer, and economies of scale for a win-win outcome.
Gateway to Southeast Asia: Expanding Horizons, Boosting Trade
Beyond bilateral cooperation, Vietnam’s strategic location within Southeast Asia unlocks a gateway to dynamic regional markets like Cambodia, Laos, and Myanmar. This expanded access to a wider consumer base holds immense potential to significantly boost Bangladesh’s exports and investments, further propelling its economic engine.
Agriculture, Technology, and Tourism
The potential for collaboration extends beyond traditional sectors. Sharing best practices in agriculture can enhance food security and promote sustainable development in both countries. Partnerships in technology and innovation can foster knowledge transfer, skill development, and the growth of the digital economy. Additionally, promoting cultural exchange programs and educational collaborations can strengthen people-to-people connections, laying the foundation for a deeper and more meaningful relationship.
Paving the Way for Shared Success
To unlock the full potential of this burgeoning partnership, Bangladesh must prioritize further diplomatic efforts. This includes pursuing mutually beneficial trade agreements, actively harmonizing policies, and facilitating initiatives that promote people-to-people exchanges through cultural exchange programs and educational collaborations. By actively engaging with Vietnam on multiple levels, Bangladesh can pave the way for a prosperous, interconnected future that benefits both nations and sets the stage for shared success.
Vietnam & Bangladesh: Soaring Economies, Shared Future
Bangladesh, Vietnam eyed an FTA
On August 15th in Hanoi, both Vietnam and Bangladesh reaffirmed their strong commitment to sustaining economic expansion. This dedication propelled them steadily towards their shared goal of achieving upper-middle-income status by 2030, eventually transitioning to developed, high-income nations by the early 2040s. This collective pursuit served as a testament to the enduring legacies of their founding leaders, Bangabandhu Sheikh Mujibur Rahman and Vietnamese President Ho Chi Minh.
A notable accomplishment marking this commitment was the $1.5 billion trade turnover achieved in 2022. This landmark achievement coincided with both nations commemorating the 50th anniversary of their diplomatic relations.
Furthermore, bilateral trade has quadrupled over the past decade, showcasing significant progress. Both sides further intensified their collaborative efforts, aiming to reach the targeted $2 billion trade objective in 2023.
President Thuong emphasized the importance of mutual support, not only bilaterally but also within multilateral forums. This call to action solidified the commitment to a strengthened and mutually beneficial future between Vietnam and Bangladesh.
Trade
Vietnam and Bangladesh have demonstrated remarkable economic growth with nearly 7% average GDP expansion in recent years, driven by a strong focus on exports. Trade relations between the two countries have deepened since the establishment of the Joint Trade Committee in 2015, emphasizing eleven key sectors, including agriculture, pharmaceuticals, and technology.
Vietnam has invested significantly in Bangladesh, with collaborations in economic zones, ICT, textile, and garment industries, software services, halal products, direct air connections, and cooperation in the banking and tourism sectors. Both nations benefit from sizable and young populations, offering extensive labor forces. Additionally, their strategic geographical locations enhance trade operations, with Bangladesh’s proximity to China and India, and Vietnam’s extensive coastline connecting to the East Asian trade corridor.
Vietnam’s exports to Bangladesh was US$1.36 Billion during 2022, according to the United Nations COMTRADE database on international trade.
Vietnam Exports to Bangladesh
Vietnam Pushes for Rohingya Repatriation
In addressing the issue of displaced Myanmar nationals, Vietnam, as a member of ASEAN, adheres to the ‘five-point consensus.’ ASEAN leaders emphasize the importance of Myanmar taking the lead in initiating repatriation through bilateral agreements with Bangladesh. Vietnam aims to contribute to stability in Myanmar to facilitate cooperation on repatriation between Bangladesh and Myanmar. Capitalizing on its strong relationship with Bangladesh, Vietnam actively promotes collaboration and dialogue. Both countries can potentially develop a comprehensive repatriation plan based on their earlier agreement. Despite Bangladesh hosting over 1.1 million Rohingyas in Cox’s Bazar and Bhasan Char, no repatriations have taken place since the influx in 2017.
Profile of Vietnamese PM
Pham Minh Chinh is the current Prime Minister of Vietnam, assuming office in April 2021. He holds the third highest ranking in the country after the General Secretary of the Communist Party and the President. He is a seasoned politician and public security general, having held various key positions within the Vietnamese government prior to his premiership.
Born in 1958, Chinh began his career in the Public Security Forces, eventually reaching the rank of Lieutenant General. He transitioned to politics, holding influential positions such as Governor of Quang Ninh province and Minister of Internal Affairs. His dedication and leadership skills earned him recognition, leading to his election as a member of the Politburo of the Communist Party in 2016. His strong economic policy background and focus on reform paved the way for his election as Prime Minister in 2021.
As the foreign minister Dr. Hasna Mahmud concludes his visit to Brussels, the invitation extended by Prime Minister Pham Minh Chinh stands as a testament to the ongoing efforts to fortify diplomatic ties and cooperation between Vietnam and Bangladesh. The official visit, if accepted, is anticipated to further enhance the strategic partnership between the two nations.
