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On November 26, 2022, at the Headquarter of Southern Food Corporation (Vinafood II), the representative of Vinafood II had a working session with the delegation of Bangladesh Ministry of Food led by Mr. Sadhan Chandra Majumder – Minister. Tthe two sides discussed on the socio-economic situation of the two countries, as well as solutions to promote bilateral trade development, especially in food products, including rice products.
Mr. Nguyen Huy Hung, Chairman of Vinafood II, said that Vietnam and Bangladesh are in a close partner relation which was established in February 1973. Since then, the two sides have maintained the traditional friendship and good cooperation. Vietnam always attaches importance to and wishes to further develop this good relationship with Bangladesh. The two countries also stand together and support each other in the course of construction, protection of independence, sovereignty and economic development in each country. In 2023, the two countries will celebrate the 50th anniversary of the establishment of diplomatic relations.
The two-way trade turnover between Vietnam and Bangladesh reached nearly $1.4 billion in 2021, of which Vietnam’s exports to Bangladesh reached nearly $1.3 billion. In 2022, it is expected that the turnover will continue to increase compared to 2021. Both countries have identified 11 priority areas including agricultural trade and pharmaceutical exports from Bangladesh to Vietnam.
On the side of the Ministry of Food of Bangladesh, Mr. Sadhan Chandra Majumder made a preliminary announcement about the results of his visit to Vietnam. He added that recently, Bangladesh has imported rice from Vietnam through two key companies, DGF from Bangladesh and Vinafood II from Vietnam. These rice shipments have been always delivered on time with guaranteed quality. The Ministry of Food of Bangladesh and the Directorate of Food of Bangladesh have always best facilitated the focal point of Vietnam, Vinafood II, in custom clearance and convenient payment. The Ministry of Bangladesh has made a memorandum of understanding (MOU) with Vietnam on trade since 2017 and this MOU will end in December 2022. The Ministry of Food of Bangladesh and the Directorate of Food of Bangladesh have worked with the Government of Bangladesh on the signing of the annex to this MOU on trade with Vietnam for an additional term of 5 years.
Also on this occasion, Mr. Nguyen Huy Hung introduced to the delegation about the process of formation and development of Vinafood II and the production and business situation of the Corporation as well as its development orientation in recent times. Regarding the contract on the supply of 230,000 tons of rice this time, Vinafood II is committed to creating the best conditions and fastest delivery in the near future. He also looked forward to receiving cooperation and support from the Ministry of Food and other departments of Bangladesh to consider the extension of the MOU signed by and between the two countries in 2017 and to be expired on December 31, 2022.
Vinafood II was established in 1976 and is the largest rice business in the country. With production capacity and storage system of more than 1.2 million tons, mainly concentrated in the Mekong Delta. Vinafood II has a very great advantage in supplying rice in large quantities, especially in centralized contracts and governmental contracts.
In 2022, the economic situation has many rapid fluctuations, difficult to predict, especially difficulties due to the COVID-19 pandemic and the conflict in Ukraine that has no sign of ending, which has greatly affected global businesses, including the Vietnamese business community. The difficulties of the market have greatly affected the implementation of the Corporation’s 2022 production and business plan. However, with the spirit of “solidarity and flexible adaptation”, Vinafood II tried to find solutions to overcome, tried to exploit old customers, expanded to find new customers to complete the plan set out. The Corporation’s revenue in 2022 is expected to reach about VND 15,324 billion, exceeding 105% of the yearly plan.