Members of the ASEAN Bahrain Council (ABC) have expressed interest in importing more textile and wood products from Viet Nam to Bahrain, Vo Tan Thanh, director of HCM City-based Viet Nam Chamber of Commerce and Industry, said.
Speaking at a meeting between the ABC and Vietnamese enterprises held on Monday in HCM City, Thanh said: “Bahrain has a large demand for imported textiles, footwear, seafood and agriculture, all of which are Viet Nam’s strengths.”
Bahrain is currently importing these products from other countries, but would prefer to import more of them from Viet Nam, he said.
Viet Nam’s current export value to Bahrain is modest at US$20 million.
Bahrain’s main exports to Viet Nam of chemicals and petrochemical products, among others, are expected to increase.
Sheikh Duaij bin Isa Al-Khalifa, chairman of the ASEAN-Bahrain Business Council who led the delegation to Viet Nam, said the trip would promote the Vietnamese and Bahraini business communities and help achieve economic growth and prosperity across ASEAN and the Gulf Cooperation Council (GCC).
Established in 2017, ABC wants to be the premier advocacy organisation for Bahraini corporations within ASEAN, serving as the leading voice for the Bahraini private sector in promoting mutually beneficial trade and investment relationships between the Kingdom of Bahrain and ASEAN.
“We plan on playing our part in increasing trade, investment, tourism and cultural relations, while developing our local economy and enhancing mutual consultative relations,” Khalifa said, adding that Bahrain wants to be a regional hub for the ASEAN countries.
ABC has been at the forefront of creating a business friendly climate for investors from the ASEAN region to invest in Bahrain and vice versa, according to the chairman.
On May 4, it will launch the ASEAN Bahrain Portal which will serve as a platform to exchange, market and display products.
ABC plans to set up two permanent offices in Ha Noi and HCM City which will help cater to the needs of businesses interested in expanding to the Middle East and North African region, using Bahrain as a hub.
Bahrain provides 100 per cent of repatriation of capital, zero income tax, and no import duties on raw materials and machineries imported to set up manufacturing bases in Bahrain.
It is the financial capital of the GCC countries and has direct access to the US and UK for all businesses setups in the Bahraini Emirati.
Khalifa stressed the need for more participation from the Vietnamese business community in the budding business environment of Bahrain. —VNS