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Sri Lanka and Vietnam to boost bilateral cooperation given the high potential

Sri Lanka and Vietnam to boost bilateral cooperation given the high potential

Sri Lanka and Vietnam have reportedly discussed new ways to boost bilateral cooperation given the high potential.
Sri Lanka’s Prime Minister Mahinda Rajapaksa and Vietnam Ambassador to Sri Lanka Ho Thi Thanh Truc have discussed the growing ties between the two countries and future scope when the Ambassador had called on Prime Minister Rajapaksa.
According to the Ambassador, there are many opportunities for Sri Lanka and Vietnam to enhance bilateral relations in the coming years.
She has further noted that there is much potential to attract investments from Vietnam to Sri Lanka.
According to reports, in 2019, the trade volume between the two countries stood at approximately US$ 300 million.
In addition to investments, the Ambassador also stressed her country’s interest in furthering Buddhist relations between Sri Lanka and Vietnam.
Prime Minister Rajapaksa had agreed that, given the historical Buddhist heritage of both countries, enhancing these ties could greatly benefit the people-to-people links between Sri Lanka and Vietnam.
The Prime Minister and the Ambassador had also discussed improving parliamentary relations between the two countries, through activities such as exchange visits of parliamentarians and continuing the ongoing cooperation at multilateral fora.

OSL take:

Sri Lanka is in the process of further boosting the country’s bilateral and trade ties with other foreign countries. Sri Lanka enjoys trade agreements as well as concessions with many foreign countries enabling the growth in Sri Lanka’s exports sector. With Sri Lanka’s economy on a growth path with many contributory factors and the country working towards becoming a business hub in the South Asian region, foreign businesses/investors could explore the growing opportunities in Sri Lanka. Also, foreign businesses/investors could look at setting up base in Sri Lanka to engage with other countries in the South Asian region or look at forming partnerships or joint ventures with local businesses.

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Article Code : VBS/AT/20211026/Z_3

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