Sri Lanka, Vietnam should set up single price mechanism for rubber: Vietnamese Envoy

Tuesday, 9 December 2014 01:12 - - {{hitsCtrl.values.hits}}

Sri Lanka and Vietnam, two of the largest rubber producers in the world, should explore the possibility of setting up a single price mechanism for selling rubber, the Vietnamese Ambassador in Sri Lanka Pan Kieu Thu suggested.

She made this suggestion in the backdrop of both Sri Lanka and Vietnam depending on the global market to sell their rubber produce by exporting. “A total of 85% of our rubber produce is exported and we are largely depending on the world price. So I thought about whether we have ever talked about a common price mechanism between our two countries,” she said. The Vietnamese Ambassador made this suggestion when she addressed a group of Sri Lankan and Vietnamese businessmen who were gathered at the Ceylon Chamber of Commerce last evening for a business networking session. An 18-member Vietnamese business delegation is currently in Sri Lanka to explore trade and investment opportunities. The delegation is headed by Do Huu Huy, a senior official of the Ministry of Industry and Trade of Vietnam. Pan Kieu Thu speaking further at the event also suggested that both countries should explore the possibility of working in the areas of fertiliser and home appliances sectors. “We have been cooperating very well in rice and the tea industry; bilateral trade is not only tea and rice, we should look beyond,” the diplomat added.

The trade between Vietnam and Sri Lanka stood at just $ 200 million in 2013, with the trade balance standing in favour of Vietnam. Meanwhile speaking at the event, Ceylon Chamber of Commerce CEO/Secretary General Mangala P.B. Yapa emphasised on Vietnam exporting more from Sri Lanka to help enhance trade between the two countries. “Investing in Sri Lanka to re-export is a promising option for investors from Vietnam and tourism is another aspect where both of our countries should work together to develop,” he added. Yapa also emphasised on the importance of establishing joint venture partnerships between the Sri Lankan and Vietnam firms. The Ceylon Chamber, which has already entered into a partnership agreement with the Vietnam Chamber of Commerce and Industry to promote business between the two nations, organised this event in association with the Embassy of Vietnam in Colombo and the Sri Lanka-Greater Mekong Sub-region Business Council.