"Bangladesh can use ASEAN as a ladder to integrate itself with global economy," he said addressing a meeting with the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in Dhaka yesterday.

The 10-member economic bloc is now undertaking trade liberalisation under the ASEAN Free Trade Area (AFTA).

"Bangladesh can take advantage of the liberalisation which opens market to the world easing export-import and investment restrictions," said the minister, who arrived here on Wednesday to inaugurate Vietnamese Embassy in Dhaka.

The Vietnamese minister said as the European Union, US and Japan are planning to build close economic ties with ASEAN by forging free trade agreements, the bloc is likely to emerge as a key economic group in the world.

The ASEAN region has a population of about 500 million with a combined gross domestic product of US$737 billion. The total trade of the bloc is US$ 720 billion which shows economic importance of the grouping, the minister said.

Nien said Hanoi can help Bangladesh to enhance economic relations with the ASEAN.

He invited Bangladesh's participation in the planned highway connecting the ASEAN member countries. "Bangladesh can participate in it through developing road linkage with Myanmar, a member of the regional association."

The highway is to connect China which can benefit Bangladesh to export products to China by road, he said.

The minister assured all out cooperation from the part of Vietnam Airlines to initiate direct air link with Bangladesh. He urged Bangladesh government to introduce flight of Biman Bangladesh Airlines which would take three hours to fly Hanoi from Dhaka.

"The direct air flights would help enhance trade and investment between the two countries," he hoped.

On investment, Nien said the business enterprises of the two countries can form joint ventures in automobile sector, specially motorcycle industry, agriculture, printing and dyeing, marine products, pharmaceuticals, leather, shrimp, transport and textile sectors.

As Vietnam produces two million motorcycles a year and it has developed expertise in motorcycle production, the visiting minister said there are immense prospects of setting up joint venture motorcycle plant in Bangladesh.

He said Vietnam being the world's second largest rice producer needs jute sacks to export rice. So there is huge prospect of Bangladeshi jute exports to Vietnam. If price is reasonable Vietnam is willing to import raw leather also from Bangladesh, he added.

Nien proposed that Vietnam and Bangladesh could join hands to increase their export earnings from shrimp sector through mutual cooperation.

The Vietnamese minister invited Bangladeshi businessmen to Vietnam and urged them to hold trade fairs in Hanoi and Ho Chi Minh City to promote their products.

Addressing the meeting Executive Chairman of Board of Investment Mahmudur Rahman said there should be mutual cooperation, not competition, among the Asian countries to improve their economic condition.

He said Bangladesh is expected to achieve an industrial growth rate of 8 per cent this year which should be encouraging for Vietnamese entrepreneurs to invest in Bangladesh.

Inviting Vietnamese investment, FBCCI President Yussuf Abdullah Harun said the investors can take advantages of the duty and quota free access facilities of Bangladesh to the markets of EU, Canada, Australia and to some extent to the US.

"Bangladesh is the gateway between ASEAN and south Asian countries which should be fully exploited," he said.

Harun mentioned that a Bangladeshi company has planned to invest $10 million in Vietnam in a joint venture for manufacturing CI sheets.

The chief of the apex trade body said FBCCI is keeping close contact with Vietnam Chamber of Commerce and Industry and an FBCCI business delegation would visit Vietnam in November this year to explore trade potentials there.

In 2001-02, Bangladesh exported products worth $11.02 million to Vietnam and imported goods amounting to $2.86 million.

Other members of Vietnamese foreign ministry delegation, FBCCI Vice-president Mohammad Ali, its directors and leading businessmen were present at the meeting held at the federation boardroom.