Vietnam, Sri Lanka aim for $1bn in bilateral trade

Vietnam and Sri Lanka have agreed to boost cooperation by establishing a goal of US$1 billion in bilateral trade turnover

Sri Lankan Prime Minister Ranil Wickremesinghe (L) shakes hands with his Vietnamese counterpart Nguyen Xuan Phuc after their talks in Hanoi on April 17, 2017.

Vietnam and Sri Lanka have agreed to boost cooperation by establishing a goal of US$1 billion in bilateral trade turnover.

At the invitation of Vietnamese premier Nguyen Xuan Phuc, Sri Lankan Prime Minister Ranil Wickremesinghe and his wife are conducting an official visit to the Southeast Asian country from April 16 to 19.

During their meeting in Hanoi on Monday afternoon, the two prime ministers agreed on establishing a future goal of $1 billion in bilateral trade turnover.

They each expressed their satisfaction with the positive development in the two nations' traditional friendship and multi-faceted cooperation over the past 47 years, since the establishment of diplomatic ties in July 1970.

PM Wickremesinghe stated his wish to boost Sri Lanka’s collaboration with Vietnam in the fields of trade, telecommunication, aquaculture, machinery, and construction among others.

He promised that favorable conditions would continue to be provided for Vietnamese investors to extend their operations to the South Asian nation in the fields of information and technology and aquaculture.

The two parties stressed the importance of forging aviation connectivity, which will help promote bilateral trade, tourism and human exchanges.  

They also pledged to cement collaboration in security and defense, legal execution, combating cross-border crime, addressing post-war consequences, and United Nations peacekeeping activities.

Regarding the East Vietnam Sea, both sides underlined the significance of maintaining peace, stability, as well as navigation and aviation security in the maritime region.

They consented to removing trade barriers and settling disputes and differences via peaceful means in accordance with international law.

Following the talks, the two leaders witnessed the signing of two cooperation agreements, including the plan on agricultural development for 2017-19 and the cooperation deal on education for 2017-21.

PM Wickremesinghe was scheduled to chair an investment forum in Hanoi on Tuesday morning, with the attendance of businesses from both countries.

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