Ceylon Chamber forms Lanka-Vietnam Business Council

12 Jun '10

2 min read

If Hanoi sets up an embassy in Colombo for official clearances and visas, it will accelerate the growth of Sri Lanka's trade and economic links with Vietnam, said Sri Lankan businessmen to visiting Vietnamese Deputy Trade and Industry Minister, Le Doung Quang.

A Sri Lanka-Vietnam Business Council has been formed recently, by the Ceylon Chamber of Commerce in the presence of Le Doung. As per the former Chairman of the Ceylon Chamber of Commerce, Deva Rodrigo, member firms had said that, the establishment of Vietnamese embassy in Colombo and the direct air links between the two countries could reinforce trade links.

The Vietnamese Minister informed that Vietnam is mulling over setting up an embassy in Sri Lanka, while, Sri Lankan embassy has already been set up in Hanoi. Both theses countries had targeted to increase bilateral trade to $100 million after Sri Lankan President's last year's visit to Vietnam, said Minister Quang.

An investment protection agreement and a double taxation deal were also inked between the two countries. Both the countries should organize maximum number of trade fairs, opined the Minister.

Rodrigo informed that, the Sri Lankan data says that, currently, the trade balance is in favor of Vietnam. In the year 2008, the bilateral trade between the countries stood at US $43.7 million, out of which $28.06 million were imports from Vietnam and $15.6 million was exports, according to Gomi Senadhira, Sri Lanka's Director General of Commerce.

While, in 2009, this trade dropped down to $32.7 million, as Sri Lanka's external trade contracted two-way trade with Vietnam. Out of these $32.7 million, $22.3 million was in the form of imports.

Fibre2Fashion News Desk - India