Ashraf Ahmed, Chairman of the Dhaka Chamber of Commerce and Industry (DCCI). — Photo Akram
Ashraf Ahmed, Chairman of the Dhaka Chamber of Commerce and Industry (DCCI), is leading a 42-member business delegation from Bangladesh to Việt Nam. The visit, until August 9, aims to bolster economic ties and explore new business opportunities between the two countries.
Bangladesh has seen substantial socioeconomic growth over the past decades. Ahmed expressed the country's ambition to become a prosperous and developed nation by 2041, with the DCCI playing a crucial role in this journey by promoting trade and business with global partners, including Việt Nam.
Exploring opportunities
The delegation, comprising exporters, importers, manufacturers and entrepreneurs, represents 23 diverse sectors such as agro and food processing, financial services, healthcare, construction materials, electronics, ready-made garments (RMG), IT and ITES, ceramics, polymers and chemicals, pharmaceuticals, FMCG, logistics and tourism. The visiting companies are keen to establish business collaborations in Việt Nam, recognising its advanced manufacturing technologies and efficient supply chain management.
"Bangladesh and Việt Nam have enjoyed a deep and evolving trade relationship since establishing diplomatic relations in 1973. The current trade volume of over US$1.2 billion has the potential to reach US$2 billion soon," said Ahmed.
Strengthening bilateral relations
The delegation's itinerary includes meetings with key personnel from the Ministry of Industry and Trade in Hà Nội, as well as business forums and B2B meetings in both Hà Nội and HCM City. More than 300 Vietnamese business leaders are expected to meet the delegation to explore avenues for collaboration.
"We are interested in learning from Việt Nam's expertise in integrating Industry 4.0 technologies and enhancing manufacturing efficiency," Ahmed noted. He highlighted potential collaborations in the textile industry, agriculture, ICT, renewable energy and tourism.
Mutual benefits
Vietnamese businesses stand to gain from partnerships with Bangladeshi firms in several areas. The thriving textile and garment industry in Bangladesh offers opportunities for joint ventures and outsourcing. Bangladesh's pharmaceutical sector, known for affordable generic medicines, presents collaboration prospects in research and development.
In IT and software development, Bangladeshi tech firms can offer competitive outsourcing options. The renewable energy sector, particularly solar energy, provides investment opportunities for Vietnamese companies aiming for sustainable development. Additionally, Bangladesh's expertise in aquaculture and crop production can benefit Vietnamese agriculture.
DCCI's role in fostering trade
The DCCI, with its 5000-member businesses, plays a pivotal role in fostering international trade relations. It organises trade delegations, hosts international trade fairs and provides market intelligence and policy advocacy to help businesses navigate international trade regulations.
"Sustainability and green technologies are priorities for us. We promote eco-friendly practices and renewable energy solutions among our members and are keen to explore joint initiatives with Vietnamese counterparts," Ahmed said.
Overcoming challenges
Bangladeshi businesses face challenges such as regulatory compliance, cultural differences and competition when entering new markets like Việt Nam. Engaging local legal experts, conducting thorough market research and forming local partnerships are strategies to address these challenges.
Expectations and future plans
Ahmed expects this visit to pave the way for robust business collaborations. The DCCI plans to maintain ongoing communication with Vietnamese counterparts and invite them to Bangladesh to further strengthen partnerships.
Notable success stories include Beximco Pharmaceuticals and PRAN Group, which have successfully entered the Vietnamese market, exporting generic medicines and food products, respectively.
This visit is anticipated to significantly enhance bilateral trade and business relations, leveraging the strengths of both nations for mutual economic growth. — VNS