Sri Lankan export firms urged to tap Vietnam market

Tuesday, 19 November 2013 00:03 - - {{hitsCtrl.values.hits}}

By Shabiya Ali Ahlam Vietnam expressed yesterday that it is keen on importing goods and services from Sri Lanka, but the nation’s “narrow range” of export products makes it difficult to do so. Addressing an 18-member delegation from Vietnam in Colombo, Vietnam Ambassador to Sri Lanka Ton Sinh Thanh pointed out there are “good opportunities” for Sri Lankan exports in that country. The 18-member delegation representing 15 companies is the largest to arrive in Sri Lanka since the 75-member delegation that visited the country in 2011. Facilitated by the National Chamber of Commerce (NCC), 23 local companies were given the opportunity to have B2B meetings with the visiting delegation yesterday. While the trade value between the two countries stands at US$ 120 million as of 2013 in the third quarter, the balance is in favour of Vietnam. “There are good developments in foreign investment and trade. We are seeing rapid developments in cooperation between Vietnam and Sri Lanka, especially in the economic area,” said Thanh at the business forum that was attended by NCC Senior Deputy President Thilak Godamanna, Sri Lanka-Vietnam Business Co-operation Council President Dr. A. S. Sabaratnam, Ministry of Industry and Trade Deputy Director General Le Thai Hon, Deputy President Sujeewa Samaraweera and NCC Deputy Secretary General Bandula Dissanayake. Thanh added that while Vietnam has a variety of products for exports, Sri Lanka is lacking in that regard. “Sri Lanka does not promote its export products well enough. When Sri Lanka participated in trade fairs in Vietnam, we saw very few products. There is a need to be more creative. Vietnam was in the same situation a few years ago, but we have taken the effort to introduce as many products as possible to the international markets. Sri Lanka should do the same. It is known for quality processing and value addition, it should make use of such strengths,” advised Thanh. Sharing the increasing trade volume trend between the two countries, the Ambassador observed that the figure has doubled in the last few years. In 2009 the trade volume was just US$ 50 million and increased to US$ 90 million in 2011. Following the setting up of the Vietnamese Embassy in Sri Lanka, the US$ 120 million is a 20% increase from the previous year figure. Thanh is confident that by the end of the year the value will further increase to US$ 180 million. While the two countries have set a target to reach US$ 1 billion trade value in the near future, he said this can be achieved in the next five to six years if the trade between Sri Lanka and Vietnam continues to grow at 20%.