Trade Scenario Between Bangladesh and Vietnam
Trade Agreement between the Government of the People’s Republic of Bangladesh and the Government of the Socialist Republic of Vietnam was signed on 24 September 1996. The bilateral relationship between Vietnam and Bangladesh is excellent and both countries are looking at the same future of mutual cooperation and development, a huge potential of cooperation between the two countries in the economic field to improve and strengthen the economic relationship and people to people tie. Bangladesh and Vietnam want to work closely to double the bilateral trade volume from around $1.0 billion to $2.0 billion by 2021. The two countries held the second meeting of the Joint Trade Committee (JTC) in Hanoi in 2019 and discussed ways to double the bilateral trade volume. The two countries identified 11 priority areas including agricultural trade and pharmaceutical exports from Bangladesh to Vietnam. Vietnamese investment in Bangladesh’s Special Economic Zones, ICT sector cooperation, bilateral cooperation in textile and garments sector, trade in Halal products, trade in software services, direct air link, promotion of trade in jute and jute goods, banking sector cooperation and tourism sector cooperation (including Buddhist tourism) are the potential area. Bangladesh may import quality rice from Vietnam in accordance to the existing MoU on rice import. Both sides recognized the high potential of tourism sector to flourish and in that respect viewed that direct air link between the two countries can hugely contribute. Bangladesh-Vietnam bilateral trade relations are still small but are growing in a positive direction. Vietnamese exports to Bangladesh mainly consist of items such as fabric, plastic products, rattan products, bamboo products, sea grass rugs, rubber, computers, electronic products, wooden products, ceramic, and porcelain, according to the website of Vietnamese Embassy. Bangladesh's exports to Vietnam, on the other hand, include pharmaceuticals, fabrics, textile raw materials, leather, fiber types, machinery, appliances and parts, electronic components, and fertilizer.
Major Export Items (In million US$): Woven Garments(.44); Knitwear (.47); Home Textile (.021); Agri-Products (16.77); Frozen & Live Fish (10.92); Leather & Leather Pro. (13.77); Footwear (.001); Raw Jute (1.29); Jute goods (8.73); Others (14.06). 9.
Major Import Items (In million US$): Live animals; animal products (0. 858), Vegetable products (7.574), Animal or vegetable fats and oils etc. (4.618), Prepared foodstuffs (4.503), Mineral products (208.680), Products of the chemical or allied industries (16.215), Plastics and rubber articles thereof (16.700), Raw hides and skins, leather and articles (0.119), Wood and articles of wood (1.858), Pulp of wood (3.688), Textiles and textile articles (54.564), Footwear, headgear (0.235), Articles of stone, plaster, cement, asbestos etc. (0. 452), Base metals and articles of base metal (17.007), Machinery and mechanical appliances; electrical (44.957), Vehicles, aircraft, vessels and associated transport equipment (0. 872), Miscellaneous manufactured articles (4.606).
The balance of trade position between Bangladesh and Vietnam from 2009-2010 to 2022-2023 is shown below:
Export and Import Statistics (Value in milliom US$)
Fiscal Year |
Export |
Import |
Balance |
2009-2010 |
37.20 |
42.53 |
(-) 5.33 |
2010-2011 |
58.69 |
461.52 |
(-) 402.83 |
2011-2012 |
44.50 |
300.30 |
(-)255.80 |
2012-2013 |
38.24 |
349.10 |
(-)310.86 |
2013-2014 |
55.96 |
582.23 |
(-) 526.27 |
2014-2015 |
52.60 |
599.64 |
(-) 547.04 |
2015-16 |
65.05 |
387.65 |
(-) 322.64 |
2016-17 |
66.45 |
417.00 |
(-) 350.55 |
2017-18 |
55.67 |
688.00 |
(-) 632.33 |
2018-19 |
53,47 |
545.90 |
(-) 492.43 |
2019-20 |
48.16 |
555.10 |
(-) 506.94 |
2020-21 |
61.29 |
678.60 |
(-) 617.31 |
2021-22 |
92.77 |
1010.00 |
(-) 917.23 |
2022-23 |
96.22 |
|
|
2023-24 |
110.76 |
833.1 |
(-) 722.34 |
Source: EPB/ Bangladesh Bank
Top 20 Exported Item in Vietnam for the year 2023-2024:
Sl | HS Code | Item Name | Amount in USD |
1 | 05040000 | 05040000: Fresh,Frozen,Salted,Or Dried..,Guts/Bladders/Stomachs Of Animals(Excl.Fish | 8,332,961.84 |
2 | 26190000 | 26190000: Slag,Dross,Etc,From The Manufacture Of Iron/Steel (Excl.Granulated Slag) | 8,003,435.77 |
3 | 52030000 | 52030000: Cotton, Carded Or Combed | 7,418,924.51 |
4 | 39159000 | 39159000: Waste, Parings And Scrap, Of Other Plastics, Nes | 6,401,603.97 |
5 | 28470000 | 28470000: Hydrogen Peroxide, Whether Or Not Sokidified With Urea | 5,747,550.93 |
6 | 62092000 | 62092000: Babies' Garments And Clothing Accessories Of Cotton | 5,578,494.20 |
7 | 62034200 | 62034200: Men'S Or Boys' Bib & Brace Trousers, Breeches, Shorts, Of Cotton | 5,496,932.04 |
8 | 28151100 | 28151100: Sodium Hydroxide (Caustic Soda), Solid | 4,937,544.11 |
9 | 24012000 | 24012000: Tobacco, Partly Or Wholly Stemmed/Stripped | 4,568,804.26 |
10 | 41041910 | 41041910: Tanned..wet-blue other than full grains unsplit, grain splits , split leather | 3,994,757.49 |
11 | 74040000 | 74040000: Copper Waste And Scrap | 3,543,692.38 |
12 | 62046200 | 62046200: Women'S Or Girls' Trousers, Breeches, Etc, Of Cotton | 2,970,118.64 |
13 | 61112000 | 61112000: Babies' Garments, Etc, Of Cotton, Knitted Or Crocheted | 2,570,320.17 |
14 | 30049099 | 30049099: Other(excl.anti-malaria, anti-TB, anti-leprosy....and kidney dialysis solution | 2,532,301.49 |
15 | 62052000 | 62052000: Men'S Or Boys' Shirts Of Cotton | 2,326,233.08 |
16 | 63051000 | 63051000: Sacks And Bags, Used For Packing Goods, Of Jute, Etc | 2,299,233.86 |
17 | 53071000 | 53071000: Single yarn of jute or of other textile bast fibres of 53.03 | 2,036,389.63 |
18 | 65050000 | 65050000: Hats and other headgear, knitted or crocheted, . trimmed; hair-nets of any material, wh | 1,805,956.19 |
19 | 61091000 | 61091000: T-Shirts, Singlets And Other Vests, Of Cotton, Knitted Or Crocheted | 1,657,044.69 |
20 | 30032000 | 30032000: Medicaments Containing Other Antibiotics, ....Not For Retail Sale | 1,376,172.71 |
Total Export Amount: 110,767,363 USD