Second Sub-Committee Meeting on Trade between Sri Lanka and Viet Nam

Delegates from Viet Nam and Sri Lanka who participated in the 2nd Sub Committee Meeting on Trade, in Ha Noi Viet Nam on 3 and 4 October

The Second Meeting of the Sub-Committee on Trade between Sri Lanka and Viet Nam, hosted by the Ministry of Industry and Trade of the Socialist Republic of Viet Nam, was successfully held in Ha Noi, Viet Nam on 3 and 4 October. 

The two sides had fruitful discussions on their mutual cooperation in areas of trade and investment promotion, agriculture, fisheries, apparels and textiles, tourism, customs procedures, health, etc.  

Several specific areas for cooperation agreed upon by the two sides include: accelerating negotiations towards signing the agreement between the two Governments on Cooperation and Mutual Assistance in Customs; extending the implementation of cooperation plans in the agricultural sector for the period of 2020-2022; agreeing on the implementation plan for the period of 2020-2022 of the MOU on bilateral cooperation in fisheries; strengthening cooperation in the field of textile and garment and manufacturing industrial machines; and reviewing and fully implementing the existing agreements to support trade development, namely, Aviation Cooperation Agreement and Investment Promotion and Protection Agreement.

The two sides discussed specific measures that could be taken to remove difficulties and obstacles in trade, investment and business cooperation activities of enterprises, creating a more favourable environment for businesses. The two parties explored avenues and solutions to create closer ties between the two economies, helping to expand markets for each other’s export products, taking advantage of each country’s strengths and resources to complement the development needs of each country.

Both parties agreed to cooperate in order not only to increase pure trade in export and import activities but also to work closely to develop closer ties in investment, agriculture, etc. between the two sides so that the two countries could join together in global and regional value chains while sustaining increase and enhancement of bilateral trade. Sri Lanka and Viet Nam further agreed to strengthen and expand cooperation in a number of other areas such as health and tourism, and promote direct flights between the two countries to support trade and tourism development.

The two countries decided to organise a series of promotional events in 2020 to commemorate the 50th anniversary of the formal Diplomatic Relations between Sri Lanka and Viet Nam. Sri Lanka invited a high-level Vietnamese trade delegation to visit Sri Lanka in line with these celebrations, which was cordially accepted by them. The two sides also agreed to hold the meeting of Sub Committee on Trade once every two years, to ensure and consolidate follow up action on agreed areas of cooperation.

The 17-member Viet Nam delegation was headed by Ministry of Industry and Trade of Socialist Republic of Viet Nam Deputy Minister Cao Quoc Hung, and assisted by senior officials viz. Asia-Africa Market Department Director General Le Hoang Oanh, Ministry of Industry and Trade Asia-Africa Market Department Deputy Director General Do Quoc Hung, and other officials from related government agencies and Viet Nam Chamber of Commerce and Industry (VCCI). 

Sri Lanka side was headed by Democratic Socialist Republic of Sri Lanka State Ministry of Industry and Commerce Secretary Madhawa Dewasurendra, and assisted by Ambassador-designate of Sri Lanka to Viet Nam Prasanna Gamage, Ministry of Foreign Affairs Acting Director General/Economic Affairs M.H.M.N. Bandara, Department of Commerce Deputy Director of Commerce M.S. Mahadiulwewa, Ministry of Agriculture Deputy Director P.N.N. Jayanetti, Board of Investment of Sri Lanka Executive Director M.R. Weerakone, Department of Commerce Assistant Director of Commerce S. Jayarathna, and Embassy of Sri Lanka in Viet Nam Third Secretary (Commercial) P. Boomawalage.