Ties with Vietnam

A quiet economic revolution has taken place in war-ravaged Vietnam which is as reconstructive in material terms as it has been radical in fervour. But in none of it has Hanoi compromised its basic policy ownership and indigenous orientation.

The macro-economic institutions like the central bank, for one, have attuned themselves to the demands of an open-door policy without losing out on time-honoured homegrown philosophies, societal commitments and fair practices. Bureaucratic efficiency coupled with work ethic in the industries has earned the country a good deal of positive reputation overseas in the recent years.

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The result is for all to see: Vietnam has turned out to be one of the favoured destinations for FDIs in the region.

We need to exchange notes with Hanoi. And, we have had a responsive Vietnamese leadership as is evidenced by President Tran Duc Luong's just-concluded visit to Bangladesh leading a massive 98-member delegation including 42-business representatives. That is also a true measure of importance that Vietnam attaches to Bangladesh four countries away from Dhaka -- to our east. This must be seen as an extended reciprocation of our 'Look East' policy after we have already evinced interest in it from Myanmar and Thailand. Now it obliges of us to take the policy forward with substance.

Agriculture is our main interest in Vietnam. Their methods of farming, organisation and marketing are worth studying. They are a successful rice exporter, something we can take a cue from, after having reached domestic sufficiency in food production. Our emphasis on agro-processing industries makes their expertise in the field relevant for us. There can be cooperation in the garments sector also in view of the post-MFA scenario. They have shown keen interest in our pharmaceuticals, ceramics and a wide range of EPZ products.

We welcome the protocols signed; but for a true maturing of our relationship we need to enter into joint venture projects graduating from what is now simply two-way trading.