Launch of the Sri Lanka–Vietnam Business Council Sets Target of $100mn for Trade Volumes by 2012

13th May 2010, www.news.lk

The Ceylon Chamber of Commerce will be establishing the Sri Lanka – Vietnam Business Council in June 2010 as the 21st Business Council under its aegis.

This initiative was proposed by the Ministry of Foreign Affairs as a recommendation of the Second Session of the Sri Lanka – Vietnam Joint Commission held in August 2009 to further expand trade relationships between Sri Lanka and Vietnam. In addition, His Excellency the President, Hon. Mahinda Rajapaksa during a state visit to Vietnam in
October, 2009 also emphasized the importance of strengthening the relationship between Sri Lanka and Vietnam and set the target of US$ 100 million for two way trade volumes by 2012.

The launch of the Council is coinciding with the visit of the Hon. Deputy Minister of Trade & Industry, His Excellency Le Duong Quang who will be present on this occasion as the Chief Guest together with a 16 member trade delegation from Vietnam. The tentative date of the launch would be on June 07 at the “Sri Lanka – Vietnam Business Forum” organsied by the Ceylon Chamber of Commerce in association with the
Ministry of Foreign Affairs.

Bilateral trade between Sri Lanka and Vietnam has seen exponential growth during the last four years. At the end of 2005, the trade between the two countries stood at US $ 30.5 million. However, this had increased to US $ 60.9 million by the end of 2008. This trend has continued in the year 2009. Although the trade balance has been in
favour of Vietnam, the value of Sri Lankan goods being exported to Vietnam has also increased. The total value of Sri Lankan exports to Vietnam which stood at US $ 10.4 million at the end of 2005 had increased to US $ 21.6 million by end of 2008.

Vietnam has now firmly established itself as one of the most rapidly developing countries in the region with many nations eager to get a foothold in to its emerging markets. Since the end of the conflict in Sri Lanka and the successful completion of the Second Joint Commission Session, the Vietnamese side has also expressed interest to further investment and trade opportunities in Sri Lanka.