Bangladesh will focus on attracting investments from Vietnam in its special economic zones during talks with Vietnam's businesspeople accompanying Vietnamese President Tran Dai Quang who arrived here on a three-day state visit today.
Some Vietnamese companies, especially those in the field of IT and communication, are taking initial steps to establish joint venture projects in Bangladesh, sources said.
Vietnam businesspeople can consider investing in 100 special economic zones and to avail the incentives being offered.
"Some Vietnamese companies are in collaboration with Bangladeshi partners to transfer technology on aquatic plant and fish farming," said Bangladesh Ambassador to Vietnam Samina Naz.
Talking to BSS, she said Bangladesh may encourage Vietnam to invest in such areas in which Vietnam has advantages as agriculture and aquaculture, industry, tourism, telecommunication, construction and food processing
One Vietnamese company, namely FPT Information System, has been implementing the income tax and VAT online systems to help the Bangladesh government improve the management process of taxation, she said.
She said both countries have the potential for trade figure to rise to $1 billion from existing $900 million. To increase bilateral trade to $1 billion, both countries have been taking measures to increase bilateral trade turnover, she added.
To promote bilateral investment, she said the two sides need to stress the requirement to effectively implement the Investment Promotion and Protection Agreement; and agree to create the best conditions for the two business communities to strengthen investment promotion activities and trade links and build upon the role of the Business Council in each country.
According to avail data, the bilateral trade turnover of the year 2017 is estimated at nearly $900 million- an increase of 47 percent against the same of the previous year. However, the trade gap between two countries is still big and the trade balance now is in favour of Vietnam.
Bangladesh's export value to Vietnam is almost $50 million and pharmaceuticals are on top of the export list, with an export value of over $15 million.
Bangladesh may encourage Vietnam to invest in such areas in which Vietnam has advantages as agriculture and aquaculture, industry, tourism, telecommunication, construction and food processing for mutual benefits of the two countries.