Sri Lanka-Vietnam two-way trade grows 100%

Friday, 8 August 2014 00:40 - - {{hitsCtrl.values.hits}}

Relations between Vietnam and Sri Lanka are fast developing and two-way trade between the countries has grown by nearly 100% during the last three years, Vietnamese Ambassador to Colombo Ton Sinh Thanh said. He added that the two-way trade over the past three years has been increasing by around 30% per year, the highest rate among Vietnam trade with other South Asian countries. He made these revelations on 5 August at the opening of the first-ever Sri Lanka-Vietnam business centre in Kelaniya, a venture promoted by the APL Group of Companies. Ambassador Thanh identified the new centre as an important landmark in the economic relations between the two countries. Highlighting the rapid growth of economic relations between the two countries the Ambassador said: “In the first half of this year our bilateral trade volume reached $ 109 million, almost equal to the volume of the whole year of 2011.” The Ambassador predicted that total trade volume between the two countries this year would surpass $ 200 million. Sri Lankan exports to Vietnam too had grown considerably to reach $ 43 million in the first half of this year, more than total exports from Sri Lanka to Vietnam last year. “In line the product lines traded between the two countries have also been expanding. In 2012 there were only 39 product lines and in 2013 the number increased to 76,” he added. While suggesting there was ample scope for more improvement Ambassador Thanh noted that a Preferential Trading Agreement or Free Trade Agreement and exchange of trade delegations and participation in trade fairs between the two countries would further elevate the economic cooperation. He also commended Aruna Lekamge, Chairman of the APL Group, for promoting the venture tirelessly until it became a reality.