Lanka-Vietnam trade links established in Hanoi
View(s):The first-ever Sri Lanka Vietnam official trade mechanism went live in Hanoi on August 21 with the establishment of a Joint Trade Sub Committee (JTSC), a media release issued by the Industry and Commerce Ministry said last week.
“I am convinced that setting up of a Joint Working Group (JWG) or Joint Trade Sub Committee, would lay a concrete foundation to enhance the existing bilateral trade and economic relations to new heights. My Ministry would closely monitor the progress,” said Industry and Commerce Minister Rishad Bathiudeen addressing the opening session at the headquarters of Ministry of Industry and Trade of Vietnam, Hanoi.
A 6-member team led by Minister Bathiudeen took part in the talks. The delegation included R.D.S. Kumararatne (DG-Department of Commerce) and Bandula Egodage (Chairman and CEO-EDB) and Sri Lanka’s Ambassador to Vietnam Ivan Amarasinghe.
The seven member Vietnamese official delegation was led by Trade and Industry Minister of Vietnam Vu Huy Hoang and included Nuuyen Phuc Nam (Head of Western Asia Markets), and Qui Hui Son (DG-Vietnam Trade Promotion) as well as Deputy Directors.
Mr. Kumararatne (DG-Department of Commerce) said “Both Sri Lanka and Vietnam have lots of unrealised potential in joint economic cooperation and investments-in that the current trade volumes are modest and not on par with the strong bilateral cooperation that exists between both countries-and there is vast potential for new heights and let’s work together. The most practical way after establishing the JTSC is to study the possibility of establishing the Preferential Trade Agreement between both countries.”
At present Vietnam ranks as the 40th export destination and the 23rd supplier, accounting for 0.43 per cent of our total exports and 1.06 per cent of our total imports respectively. The total trade between both countries which stood at US$ 119.5 million in 2012 increased to US$ 224.4 million in 2013 registering a remarkable growth of 88 per cent.