The total trade between Sri Lanka and Viet Nam amounted to US$ 65 million in 2010. Our total exports to Viet Nam stood at US $ 21 million in 2010 while imports from Viet Nam were at the value of US $ 44 million. Natural rubber was the main item of import from Vietnam representing 23 percent of the total imports. Other main imports are yarn and tractors. Sri Lanka's main export to Vietnam was fabrics consisting of 23 percent of all exports, followed by bran, natural rubber and oil seeds. The fact that our bilateral trade standing at US $ 65 million shows that there is great unrealised potential for future trade expansion between both countries.
Speaking of Lanka-Nam ties, Minister Bathiudeen stressed: “Sri Lanka was one of the first countries to establish diplomatic relations with the Socialist Republic of Vietnam in 1970. We believe that Vietnam is an emerging Asian Tiger and is one of the upcoming high potential countries to expand Sri Lanka's trade. I am sure that many MoUs and Agreements that have already been signed between Sri Lanka and Vietnam so far in the fields of Trade, Civil Aviation, Tourism, Economic, Scientific, Culture, Technical Cooperation, avoidance of double taxation, etc greatly help in strengthening bilateral ties between the two countries. The MoUs and agreements signed in Colombo between both countries will further enhance our bilateral relations.”
Elaborating on Sri Lanka's economic upswing, Minister Bathiudeen said: “I am pleased to state that Sri Lanka's GDP growth accelerated in the second quarter of 2011 to 8.2 percent, showing that we have begun to reap benefits of peace. The International Monetary Fund has also stressed that Sri Lanka's macroeconomic conditions are “quite strong” and the nation's monetary policy stance is “appropriate” to support growth.”
Minister of Industry and Commerce of Sri Lanka
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