Dr Sarath Amunugama, Minister of Enterprise Development and Investment Promotion last week held discussions aimed at expanding bilateral economic ties with Vo Hong Phuc, Minister of Planning and Investment of Vietnam and also with Vu Huo Hoang, Minister of Industry and Trade. Sri Lanka’s Board of Investment (BOI) said in a press release that Mr Amunugama was heading a BOI delegation to promote and develop investment and trade with Vietnam.

The discussions held between the two governments centered on developing bilateral relations in the area of investment. Currently there are Sri Lankan investments in Vietnam in the areas of tea, rubber and coconut industries as well as IT and the garments sector. Whilst Vietnam has traditionally invested in countries such as Thailand and in neighbours in Indochina like Cambodia and Laos, there is now a growing interest in new partners such as Sri Lanka, the statement said.

The strongest sector for future Vietnamese investment will be in Sri Lanka’s oil industry where oil exploration will soon begin. Vietnam has for many years exploited her own offshore oil resources. Dr Amunugama invited a Vietnamese oil industry delegation to visit Sri Lanka, which the Vietnamese side accepted. A Vietnamese fact finding team from Petro Vietnam, the State Petroleum Corporation of Vietnam will be visiting Sri Lanka in the new future, the statement added.