Azizam
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Hoang Quoc Vuong ( Vietnamese Vice Minister of Industry and Trade-right) and SS Miyanawala (Secretary-Ministry of Industry and Commerce of Sri Lanka-left) sign the agreed minutes of the first meeting of Sub-Committee on Trade under the Viet Nam - Lanka Joint Commission held in Colombo on 26 March at Kingsbury Hotel, Colombo.
With a call to quadruple bilateral trade to $1 Bn, Sri Lanka and Vietnam inked the minutes of the successful first official joint trade meet on the eve of 26 March in Colombo.
Interestingly, private sector players of the communist party state Vietnam are enlisted to take the lead in Sri Lanka's opening to ASEAN's rising economy. "At present we are far below the trade potential in comparison to the future target of $1Bn bilateral trade that we both target. At today's meeting we formulated the directions of future trade and investment cooperation" said a pleased Hoang Quoc Vuong (Vietnamese Vice Minister of Industry and Trade) on 26 March in Colombo.
Vietnam is the third rising economy within ASEAN followed by Indonesia and Philippines. According to the Department of Commerce of Sri Lanka, bilateral trade between the two countries have been increasing steadily. Total trade jumped by a strong 88% to $224 Mn in 2013 from 2012's $120 Mn. It further increased by 17% to $271 Mn in 2014. Interestingly, the growth was driven by the increase of Lankan exports to the 90 million market of Vietnam-a huge 84% rise in 2014 to $79Mn from 2013's $43 Mn. In 2013, 10% of Lanka's exports to Vietnam were natural rubber while apparels exports stood at 2%.
The Island
With a call to quadruple bilateral trade to $1 Bn, Sri Lanka and Vietnam inked the minutes of the successful first official joint trade meet on the eve of 26 March in Colombo.
Interestingly, private sector players of the communist party state Vietnam are enlisted to take the lead in Sri Lanka's opening to ASEAN's rising economy. "At present we are far below the trade potential in comparison to the future target of $1Bn bilateral trade that we both target. At today's meeting we formulated the directions of future trade and investment cooperation" said a pleased Hoang Quoc Vuong (Vietnamese Vice Minister of Industry and Trade) on 26 March in Colombo.
Vietnam is the third rising economy within ASEAN followed by Indonesia and Philippines. According to the Department of Commerce of Sri Lanka, bilateral trade between the two countries have been increasing steadily. Total trade jumped by a strong 88% to $224 Mn in 2013 from 2012's $120 Mn. It further increased by 17% to $271 Mn in 2014. Interestingly, the growth was driven by the increase of Lankan exports to the 90 million market of Vietnam-a huge 84% rise in 2014 to $79Mn from 2013's $43 Mn. In 2013, 10% of Lanka's exports to Vietnam were natural rubber while apparels exports stood at 2%.
The Island

