Legal foundation
The Vietnam Business Society in Bangladesh, known in Vietnamese as “Hoi doanh nghiep Viet Nam tai Bangladesh” and abbreviated VBS, is a social organization established in accordance with the laws of Bangladesh, with the approval of the competent authorities, and in accordance with the laws of Vietnam. Its main mission is to promote the development of economic cooperation and serve as a trade bridge between Vietnam and Bangladesh, with no political element involved.
Formation and development process:
Bilateral trade turnover between Vietnam and Bangladesh was USD 82 million in 2009, USD 390 million in 2012, and reached nearly USD 1.5 billion by 2022. Bangladesh is not only a large consumer market with a population of over 170 million people, but also a gateway for Vietnamese goods to penetrate deeper into South Asian countries.
Under a parliamentary democratic political system (a capitalist form of governance), social organizations in the economic sector are regarded as representing the business community and hold a role of profound influence in the collective social consciousness. Fully recognizing this, from 2020 Vietnamese businesses operating and investing in Bangladesh (96 enterprises) agreed together with the Embassy, sought guidance from relevant ministries at home, and formally completed the procedures with the Government of Bangladesh to establish the “Vietnam Business Society in Bangladesh”, abbreviated VBS, known in Vietnamese as “Hoi doanh nghiep Viet Nam tai Bangladesh”. VBS currently has more than 450 member enterprises, including 265 full members (Vietnamese enterprises) and nearly 200 honorary members (comprising 79% Bangladeshi enterprises and 21% Vietnamese enterprises), contributing 69% of total two-way trade turnover between Vietnam and Bangladesh, with the remaining 31% coming from FDI enterprises in Vietnam exporting to Bangladesh.
Functions and duties
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- In the field of economics, trade, and investment between Vietnam and Bangladesh
– Connecting enterprises, traders, and investors.
- – Sharing and supporting enterprises with market information and legal policy.
- – Consulting with the Government and relevant authorities on policy.
- – Serving as the focal point for organizing economic events.
- – Coordinating and supporting the resolution of issues related to policy, payment, and commercial disputes.
- – Protecting the legitimate rights and interests of member enterprises.
- – Developing and forecasting strategies for bilateral economic development.
- – Implementing coordinated measures to strengthen competitiveness and promote development.
Our commitment
For enterprises doing business abroad, achieving success and building a position requires more than effort alone from each individual company.
Mastering technology, applying scientific management, having control over capital sources, offering quality products, building a solid ecosystem, complying with local laws, and having a deep understanding of local culture — these are the factors that create success. At VBS, we always value the strength of each individual enterprise, and from there we bring together our collective strength to serve our development goals — this is our commitment.
We hope that member enterprises of the Vietnam Business Society in Bangladesh in particular, and the Vietnam-Bangladesh business community in general, will always achieve success and develop effectively, safely, and sustainably.