PM Nguyen Xuan Phuc (L) and his Sri Lankan counterpart Ranil Wickremesinghe on the sideline of the 47th annual meeting of the WEF in Davos in Jan. 2017
The visit looks to ratchet up cooperative fields of Sri Lanka’s interest, including trade, investment, telecommunications, fish farming, machinery manufacturing, and the production of building materials.
The two sides’ leaders will discuss international and regional issues of shared concern.
Vietnam and Sri Lanka set up their diplomatic ties in 1970 and they have developed a sound friendship and multi-dimensional cooperation through the exchange of high-level visits and the establishment of friendship associations and bilateral cooperation mechanisms.
In recent years, trade between the two countries has grown significantly, reaching USD 192 million in 2015 and USD 325.6 million in 2016.
The two sides established a sub-committee on joint trade within the framework of their joint committee in August 2014, and agreed on the early negotiation and signing of a preferential trade agreement, with the aim of accelerating commercial activities.
The countries have identified investment promotion areas, with Vietnam’s garment and textile, rubber, electricity-electronics, farm produce processing, foodstuff, and gem stone and jewelry making and Sri Lanka’s telecommunications, agriculture machinery manufacturing, aquaculture, oil and gas production, and plastics and construction materials making.
By the end of 2016, Sri Lanka had 15 operating investment projects capitalized at USD 83.77 million in Vietnam, ranking 48th among foreign investors.
The countries have enjoyed productive collaboration in agriculture and fisheries with Vietnam helping Sri Lanka with techniques, personnel training and plan design in aquaculture. Sri Lanka has favored Vietnam in oil and gas production.
Sri Lanka has a rich pool of experience in judicial matters and international law and is willing to assist Vietnam, especially in the application of the 1982 Convention on the Law of the Sea. The countries signed agreements on education and justice cooperation.
The two countries have coordinated efficiently at regional and international forums. Sri Lanka has recognized Vietnam as a full market economy and affirmed support for Vietnam’s candidacy for a seat in the UN Security Council (2020-2021) and the UN Economic and Social Council (2016-2018).
Source: VNA