Further investment in the country is needed as well, the department said, to take advantage of local production that could increase Vietnamese exports to other countries.
With a population of 162 million, Bangladesh is a large market for consumer products.
As an estimated 89.5 per cent of Bangladeshi citizens follow Islam, Vietnamese firms need to understand consumers' tastes and should familiarise themselves with the unique demands of these consumers.
Since establishing diplomatic ties in 1973, the two countries have signed co-operation agreements in various sectors. Although bilateral trade remains modest, it has increased in recent years, from US$65 million in 2008 to $390 million in 2012, with Viet Nam enjoying a trade surplus.
According to statistics from the General Department of Viet Nam Customs, Vietnamese exports to Bangladesh in the 2008-12 period went up by 7.5 times, from $47 million in 2008 to $354 million in 2012.
The figure topped $446 million last year, a year-on-year increase of over 42.3 per cent.
Viet Nam's key export items to Bangladesh include clinker, fibre, garments, machinery, equipment, spare parts, mobilephones, leather and footwear.
Viet Nam imports garment and textile materials, pharmaceutical products, and seafood from Bangladesh.
Currently, Bangladesh is encouraging more foreign investment by keeping labour costs at the region's cheapest level and by maintaining low land rental rates. It is also introducing a range of investment incentives, the department said.
Vietnamese businesses, especially those in the footwear and garment and textile sectors, have faced tough competition from their Bangladeshi counterparts.
With the EU offering preferential policies to exports made in Bangladesh, Vietnamese garment and textile firms can take advantage of investment and production opportunities in Bangladesh and then export goods to the EU.
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
VASEP - HIỆP HỘI CHẾ BIẾN VÀ XUẤT KHẨU THỦY SẢN VIỆT NAM
Chịu trách nhiệm: Ông Nguyễn Hoài Nam - Phó Tổng thư ký Hiệp hội
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