Bangladesh Welcomes Vietnamese Rice

Bangladesh Welcomes Vietnamese Rice

(VEN) - The Department for Africa, West Asia and South Asia Markets of the Ministry of Industry and Trade said that Bangladeshi consumers are satisfied with the quality of Vietnamese rice. This factor is encouraging Vietnamese companies to increase rice exports to Bangladesh.

Bangladesh is a large market in the Southeast Asian region, with a population of 165 million. Trade relations between Vietnam and Bangladesh are expanding. In 2010, trade between the two countries totaled US$288 million, 250 percent more than in 2009. That included US$253 million worth of Vietnam's exports to Bangladesh, up 325 percent.

The main Vietnamese exports to Bangladesh include rice, steel and iron, yarn, machinery, equipment and spare parts, plastic materials and mobile phones.

In 2010, Vietnam exported to Bangladesh more than 350,000 tonnes of rice worth nearly US$120 million which accounted for 46 percent of the total value of Vietnam's exports to Bangladesh.

In 2011, Bangladesh continues to be a good export market for Vietnamese rice as the population of Bangladesh is increasing rapidly. Moreover, due to natural disasters such as floods, droughts and whirlwinds, Bangladesh cannot produce enough rice to meet domestic consumer demand despite it being the world's fourth largest rice producer with annual output of more than 30 million tonnes.

Bangladesh is restructuring its economy to make it less dependant on agriculture. Due to insufficient domestic food production to meet consumer demand, Bangladesh had to import about 2-3 million tonnes of food in 2009. Its demand for import of rice is predicted to increase in the years to come (Bangladesh plans to increase rice reserves to three million tonnes by 2020).

The Department for Africa, West Asia and South Asia Markets said that Bangladesh pays great attention to Vietnamese rice and this is a favorable condition for Vietnam to increase rice exports to Bangladesh. Compared with other rice exporters to the country, Vietnam has more competitive advantages in terms of price and geographical distance.

The Vietnamese and Bangladeshi governments support and have created favorable conditions for rice companies of the two countries to expand cooperation. On April 18, in Hanoi, Vietnamese Minister of Industry and Trade Vu Huy Hoang and Bangladeshi Minister of Food and Disaster Management Muhammad Abdur Razzaque signed a memorandum of understanding (MoU) between the two governments on rice trading.

The above MoU serves as the legal foundation for the two countries to develop a strategic partner relationship in the field of food supply.

The Vietnamese Ministry of Industry and Trade said that to meet the high demand of the Bangladeshi market, Vietnam must increase rice production and improve product quality so as to maintain the prestige of Vietnamese rice in this market.

By Hung Cuong

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