Businesses play a key and pioneering role in Vietnam-Sri Lanka cooperation

The Vietnam-Sri Lanka Trade, Investment, and Tourism Cooperation Forum was co-chaired on May 8th in Colombo, Sri Lanka by General Secretary and President of the Socialist Republic of Vietnam To Lam and Sri Lankan Prime Minister Harini Amarasuriya. The Vietnam Chamber of Commerce and Industry (VCCI) organised the event in collaboration with the Sri Lanka Export Promotion Council.

This forum was attended by Politburo members: Mr Nguyen Duy Ngoc, Head of the Central Organization Commission; Mr Nguyen Thanh Nghi, Head of the Central Policy and Strategy Commission; Mr Phan Van Giang, Deputy Prime Minister, General and Minister of National Defence; Mr Luong Tam Quang, General and Minister of Public Security; Mr Le Hoai Trung, Minister of Foreign Affairs; and Mr Tran Luu Quang, Secretary of the Ho Chi Minh City Party Committee. In addition, VCCI President Ho Sy Hung, VCCI Vice President Nguyen Quang Vinh, and over 250 additional delegates attended the event.

Senior officials from both countries underlined their commitment to boosting business connections, improving the investment and business climate, supporting cooperation in promising industries, and encouraging people-to-people and tourism exchanges.

Both parties emphasised the importance of the business community in achieving cooperation goals, which contribute to the substantive and long-term growth of Vietnam-Sri Lanka economic relations.

Vietnam-Sri Lanka cooperation must be considered in a larger framework, including the Indian Ocean, South Asia, and expanding global supply chains. The issue at hand requires quick, decisive, and successful action rather than just potential.

Responding to General Secretary and President To Lam's directions, VCCI President Ho Sy Hung emphasised Vietnam's and Sri Lanka's strong, long-standing friendship, which is based on mutual trust and respect. According to the VCCI President, economic cooperation between the two nations has yielded several benefits recently, particularly in terms of trade. By 2025, bilateral trade value was predicted to expand by 20% over 2024. However, trade volume between the two nations has only reached about USD300 million, which is still rather little in comparison to the real potential and the level of tight political relationships between both countries.

The VCCI President believes that, based on each country's current strategic orientation, increasing import and export to achieve a billion-dollar turnover, combined with investment and tourism cooperation, will be an effective model based on the two economies' advantages and needs. These figures demonstrated a significant potential for cooperation among Vietnam and Sri Lanka, which must be realised more efficiently in the future.

Vietnam is one of Asia's most dynamic economies, with a stable political climate, extensive integration, and easy access to the ASEAN market. Meanwhile, Sri Lanka holds a vital location on international shipping routes, acting as a regional hub in the Indian Ocean, with significant benefits in logistics, ports, textiles, agriculture, and services. The two economies are extremely complementary, providing several opportunities for collaboration in a variety of industries.

As a result, the VCCI President pledged that the organisation will keep on playing an increasingly effective and sustainable role in connecting and promoting cooperation between the two countries' business communities, making practical contributions to the country's development goals by 2045, as directed by Party General Secretary and State President To Lam.

At the same time, the VCCI president believed that, with the attention and guidance of General Secretary and President To Lam, Prime Minister Harini Amarasuriya, and high-ranking leaders from both countries, the outcomes of this forum would lay a solid foundation for future partnerships between the Vietnamese and Sri Lankan business communities.The Forum reportedly attracted a big number of companies ranging from tourism and services, aviation, logistics and supply chain, chemicals, textiles, real estate and infrastructure, agriculture and food processing, information technology, and digital transformation. Businesses discussed possible cooperation, investment prospects, and ways to develop economic cooperation in a more balanced, sustainable, and successful manner.

Seven agreements were reached between firms at the Forum, including tourism, agricultural processing, rubber, fertilisers, and chemicals. A noteworthy feature was the launch of direct flights between Ho Chi Minh City and Colombo, operated by Vietnam Airlines and Vietjet Air. These direct flights are projected to reduce travel time between the two nations, making conditions more favourable for trade, tourism, cultural exchange, and investment, as well as promoting regional logistics and supply chains. Furthermore, numerous additional agreements are being studied and evaluated.

Memorandums of Understanding (MOUs) were signed at the Forum in the presence of General Secretary and President To Lam, Sri Lankan Prime Minister Harini Amarasuriya, and high-ranking leaders from both countries, with a focus on areas where major businesses in both countries are strengthening cooperation.