Minister Nguyen Hong Dien signed a Memorandum of Understanding on cooperation in machine manufacturing during the State visit of Sri Lankan President Anura Kumara Dissanayaka

On May 5, 2025, within the framework of the State visit to Vietnam of Sri Lankan President Anura Kumara Dissanayaka (from May 4 to 6, 2025), Minister of Industry and Trade Nguyen Hong Dien represented Vietnam to sign an important cooperation document with Sri Lanka, witnessed by President Luong Cuong and the President of Sri Lanka.

On the morning of May 5, 2025, Minister Nguyen Hong Dien and the Minister of Foreign Affairs, Foreign Workers and Tourism of Sri Lanka signed a Memorandum of Understanding on cooperation in the field of machinery manufacturing between the Ministry of Industry and Trade of Vietnam and the Ministry of Industry and Enterprise Development of Sri Lanka. The Memorandum of Understanding lays the foundation for promoting cooperation between the two sides in areas such as industrial development, technology transfer, human resource training, trade promotion and information exchange related to machinery, industrial and agricultural equipment.

The main areas of cooperation of the Memorandum of Understanding include: Strengthening and promoting cooperation in the fields of manufacturing machinery and mechanical equipment, including manufacturing electrical machinery and equipment, in accordance with the laws and regulations of each country; Promoting cooperation to promote trade in the field of manufacturing machinery, including engines, tools, as well as manufacturing agricultural equipment and industrial equipment; Strengthening the exchange of information and expertise through organizing and facilitating seminars, conferences, exhibitions and expert exchange programs related to the machinery and mechanical equipment industry; Considering the possibility of organizing training programs for officials and employees; Encouraging and facilitating private sector enterprises as well as state-owned enterprises and groups in the field of machinery manufacturing.

In addition, the Trade Promotion Agency under the Ministry of Industry and Trade of Vietnam and the Sri Lanka Export Development Board under the Ministry of Industry and Enterprise Development of Sri Lanka also signed a Memorandum of Understanding on trade promotion cooperation. This document aims to establish a close coordination mechanism between the two trade promotion agencies, support the business communities of the two countries to connect and seek business opportunities, contributing to promoting bilateral trade turnover towards the target of 1 billion USD in the coming time.

The signing of the above important documents took place on the occasion of the two countries celebrating the 55th anniversary of the establishment of diplomatic relations (1970–2025), demonstrating political trust and common determination in consolidating and further deepening the traditional friendship and comprehensive cooperation between Vietnam and Sri Lanka.

In 2024, the two-way trade turnover between Vietnam and Sri Lanka will reach 278.9 million USD, of which Vietnam will export 238.81 million USD to Sri Lanka (up 27% compared to 2023), and import from Sri Lanka will reach 40.09 million USD (up 10%). Notably, in the first 3 months of 2025, Vietnam's export turnover to Sri Lanka will reach 83.1 million USD, up 91.7% over the same period last year - showing that there is still a lot of room for cooperation and great potential for development in the coming time.

Sri Lanka is an important partner of Vietnam in the South Asian region, strategically located in the Indian Ocean, possessing great potential in logistics, light industry, agricultural processing and services. Economic and trade cooperation between the two countries in the coming time is expected to develop more strongly and substantially, contributing positively to the connection between Vietnam and the South Asian region, as well as diversifying markets and supply chains in the context of many fluctuations in the global economy.

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Source: Foreign Market Development Department.

Source: https://moit.gov.vn/tin-tuc/hoat-dong/hoat-dong-cua-lanh-dao-bo/bo-truong-nguyen-hong-dien-ky-ban-ghi-nho-hop-tac-ve-che-tao-may-nhan-chuyen-tham-cap-nha-naoc-cua-tong-thong-sri-lanka-.html