The Embassy of Sri Lanka in Viet Nam initiated a Memorandum of Understanding (MOU) between the Viet Nam Trade Promotion Agency (Vietrade) and the Sri Lanka Export Development Board (EDB) to establish cooperation between trade promotion agencies of the two countries. The initial meeting between the two organizations in this regard was convened virtually.
Ambassador of Sri Lanka in Viet Nam Prof. A. Saj U. Mendis delivering the opening remarks, emphasized that although there are immense opportunities to cooperate between the two countries, a lack of coordination between trade promotion agencies is a compelling hindrance in arranging B2B meetings and exchanging trade delegations between the two countries, which are key to boosting and elevating bilateral trade relations.
In 2023, Sri Lanka’s exports to Viet Nam were around USD 35 million and imports from Viet Nam were USD 185 million, which is negligible when compared to Viet Nam’s exports and imports with the world, which is around USD 360 billion and USD 330 billion respectively.
The proposed MOU addresses many areas of cooperation and collaboration which facilitates those difficulties and impediments. It is envisaged that this would contribute towards achieving the trade turnover targets of USD 500 million first and then USD one billion within the next 3 to 4 years, thus benefiting both countries.
Acting Additional Director General (Development) of EDB Anoma Premathilake, delivering her remarks, expressed the willingness and enthusiasm of EDB to cooperate with Vietrade in future trade promotional activities and proposed to establish an Action Plan based on the MOU. Exchanging latest market information, exchanging trade and investment missions, co-organizing trade promotional events, organizing training and technical assistance programs, exchange of experts, know-how and experiences, supporting respective representative offices are some of the areas of cooperation coming under the MOU.
The idea of the MOU was well received by the Director General of Vietrade Le Hoang Tai. Mr. Tai remarked his anticipation to boost bilateral trade between the two countries based on this new cooperation and collaboration.
Assistant Director of EDB Manuka Perera and Official of International Relations of Vietrade Nguyen Duc Tung made presentations on EDB and Vietrade, respectively, which provided a comprehensive understanding of each organization. The meeting concluded with a positive note from each side for obtaining necessary approvals in order to sign the MOU in due course. It is expected that the MOU could be at the forthcoming Third Sub Committee Meeting on Trade between Sri Lanka and Viet Nam.
Ambassador Mendis articulated that enhancement of bilateral trade would significantly contribute to the economic and commercial advancement of both the countries, mostly Sri Lanka. Further, Ambassador Mendis stated that along with bilateral trade, other economic activities such as FDI, tourism, and research and development, amongst others, would get fueled and augmented, leading to greater economic prosperity.
Minister (Commercial) of the Embassy Kishani Wickramasinghe initiated the MOU and arranged the virtual meeting.
Embassy of Sri Lanka
Hanoi
17 July 2024
