ECONOMYNEXT – Vietnam will give free space for Sri Lanka in key international trade shows in the South East Asian nation as part of measures to boost economic links, a top official said as Vietnamese Deputy Minister of Industry and Trade Phan Thi Thang visited the island.
Bilateral trade between the two countries was 279 million US dollars in 2024 and 224.5 million up to October 2025. A goal of one billion dollars in bilateral trade was set when President Anura Kumara Dissanayake visited Vietnam and met General Secretary To Lam.
The third meeting of the Viet Nam–Sri Lanka Joint Sub-committee on Trade chaired by Deputy Minister Thang, and Secretary of Trade, Commerce, Food Security Sri Lanka, K A Vimalenthirarajah was held in Colombo on December 09.
“We agreed on many important contents and measures to promote trade and investment relations to expand substantive cooperation in the eight sectors,” Deputy Minister Thang told a business forum at the Ceylon Chamber of Commerce.
“All such contents and measures place the businesses of both countries at the centre.
“And they can only achieve real effectiveness when there is active, positive and creative participation of the business communities of both countries.”
“We are ready to expand the supply of quality goods at competitive prices, promote investment cooperation, especially in the fields of infrastructure, industry, energy and services, and security.”
In addition to several corporate representatives, senior Vietnam trade officials were part of the delegation that accompanied Deputy Minister Thang to Sri Lanka.
Sri Lanka has signed several memoranda or understanding with Vietnam to promote economic links.
“To move from the signing an MOU to actual trade results is necessary to take the synchronous action,” Vu Ba Phu, Director General, Viet Nam Trade Promotion Agency (VIETRADE) said.
Viet Nam was ready to help Sri Lankan exporters.
“We would like to offer you to come to Vietnam for the Four Season trade fairs in Vietnam annually,” Phu told Sri Lanka businesses at the Ceylon Chamber forum.
“And we will provide you, facilitate you, free of charge for the space.”
Sri Lankan suppliers could also tie up with Vietnam firms and super market chains, he said.
Events such as the Vietnam Golden Autumn Fair is aimed at stimulating domestic consumption, promoting domestic production and business capacity, boost exports, imports, and international economic integration as part of efforts to maintain 8 percent economic growth.
Unlike Sri Lanka, where rent-seeking big business control the people, blocking the access to basic goods with high import taxes, the people of Vietnam have a high degree of economic freedom, giving birth to businesses that can easily compete with the world in home and foreign markets, observers say.
Vietnam has 17 free trade agreements giving access to foreign markets and also freeing the people from the grip of rent seeking businesses.
Meanwhile Phu said Sri Lanka customs and sanitary and Phytosanitary barriers hindered trade which had to be dealt with at future discussions.
There were also few direct sea routes to Sri Lanka which pushed up transport costs.
There was potential for Vietnam business to use Sri Lanka as a logistics hub, To Ngoc Son, Deputy Director General, Department of International Market Development of the Ministry of Industry and Trade of Vietnam said.
RELATED : Vietnam sees potential in Sri Lanka for logistics and warehouse businesses
At the joint committee meeting in Colombo, organizing the Viet Nam–Sri Lanka Logistics Business Forum in the near future was considered, the Vietnam embassy said.
Vietnam Airlines is planning to start direct flight to Sri Lanka from August as part of efforts to strengthen economic links.
RELATED : Sri Lanka direct flights by Vietnam Airlines from Aug 2026
Vietnam also has a growing middle class who travel out.
Ambassador of Viet Nam to Sri Lanka Trinh Thi Tam, said any Sri Lankan business could reach out to the embassy in Colombo.
“The Embassy is happy to receive any questions from you,” she said.
“We are always open to welcome any businessmen from Sri Lanka to come to the Embassy and discuss with us any proposals or recommendations for further cooperation.”
A VIETRADE study had found complementarities that showed potential expansion.
Vietnam had the capacity to supply Sri Lanka with rice varieties and animal feed.
There was a market in Vietnam for Sri Lanka tea, spices including cinnamon, rubber and also products like seafood for processing and re-exports, Phu said.
Though Viet Nam also produced tea, the people had the economic freedom to consume tea produced by any country. In Sri Lanka however big business had blocked imports of tea. (Colombo/Dec12/2025)
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