FINANCIAL CHRONICLE — Sri Lanka and Vietnam have set an ambitious goal to elevate their bilateral trade to $1 billion by the year 2030. This objective was established during discussions held in Colombo between Sri Lankan President Anura Kumara Dissanayake and Vietnamese President Tô Lâm.
This visit represents President Tô Lâm’s inaugural state trip to South Asia and was centered on enhancing the long-standing political ties between the two countries into a stronger economic alliance.
Following the talks, Tô Lâm expressed satisfaction with the outcomes, noting, “Our discussions were very fruitful, and the friendship between our nations has flourished over the past 55 years.”
He emphasized the importance of bolstering economic, security, and political collaboration, stating, “It is crucial that we establish cooperation in various sectors such as trade, investment, agriculture, and technology to ensure mutual benefits. We are currently implementing necessary measures to achieve this.”
Dissanayake cited Vietnam’s transformation from a war-torn nation to a leading global manufacturing center as a source of inspiration for Sri Lanka’s recovery efforts. “Vietnam is a testament to overcoming adversity. We extend our best wishes for Vietnam’s journey from a post-war nation to a significant manufacturing hub,” he remarked.
The two leaders agreed that the 55-year diplomatic relationship should now expand to include enhanced security and political partnerships alongside trade initiatives. “We have committed to increasing bilateral trade to $1 billion by 2030,” Dissanayake added.
The talks encompassed various sectors, including renewable energy, digital infrastructure, and manufacturing. Both countries expressed a strong commitment to developing a digital economy, particularly in areas like Artificial Intelligence and collaborative digital infrastructure, to unlock new economic prospects.
The Vietnamese delegation consisted of 50 business representatives. An economic and investment promotion event was organized in the afternoon, enabling the visiting delegation to connect directly with local industry leaders.
Sri Lanka has encouraged Vietnamese entrepreneurs to investigate opportunities in solar and wind energy, as well as in the production of electric vehicles. Additionally, Vietnam Airlines and VietJet Air are set to initiate flights linking Colombo with Ho Chi Minh City and Hanoi within this year.
In the agricultural domain, both nations agreed to exchange technical knowledge regarding seed development and post-harvest management practices. In a gesture of goodwill, Vietnam also provided Sri Lanka with 100 metric tonnes of Urea and Super Phosphate fertilizer.
