Deputy Minister Phan Thi Thang co-chaired the 3rd meeting of the Vietnam

Attending the meeting, on the Vietnamese side were representatives of the leaders of the units under the Ministry of Industry and Trade (Foreign Market Development Department, Trade Promotion Agency, Import-Export Department, Industry Department) and representatives of the Ministry of Foreign Affairs and the Ministry of Finance . On the Sri Lankan side, there were also full representatives of relevant units of the Ministry of Commerce, Food Security and Development Cooperation of Sri Lanka and representatives of other relevant Ministries and sectors.

Speaking at the meeting, Deputy Minister Phan Thi Thang highly appreciated the careful preparation of the Sri Lankan side and emphasized the positive developments in the Vietnam - Sri Lanka trade relations in recent times. The two sides reviewed and evaluated the implementation of the contents agreed upon at the Second Meeting; at the same time, they acknowledged the continuous improvement of bilateral trade turnover. The two sides agreed that the room and demand for cooperation between the two sides is still very large, especially when the trade structure of the two economies is highly complementary.

Deputy Minister of Industry and Trade Phan Thi Thang co-chaired and spoke at the meeting.

Within the framework of the meeting, the two sides had in-depth discussions on a series of priority areas of cooperation.

Regarding trade facilitation, the two sides agreed to enhance technical dialogue on customs, standards and non-tariff measures, helping businesses of the two countries reduce compliance costs and improve market access.

Regarding rice trade cooperation, Vietnam affirmed its capacity to supply stable and diversified rice varieties and proposed considering the possibility of building a Memorandum of Understanding on rice trade cooperation to contribute to ensuring food security.

In the textile and footwear sector, Sri Lanka proposed cooperation within the EU's GSP framework on cumulative origin; Vietnam acknowledged and is ready to strengthen cooperation in training, design, product development and supply chain connectivity.

In the field of fisheries: Sri Lanka expressed the need to increase technical cooperation and import raw materials for exploitation; Vietnam asked Sri Lanka to expand the product list and simplify quarantine procedures. Regarding trade promotion cooperation, the two sides agreed to promote the connection between VIETRADE and EDB Sri Lanka, implement the established action programs, and increase the exchange of business delegations, participation in fairs and exhibitions and B2B connections.

Deputy Minister Phan Thi Thang and Deputy Minister KA Vimalenthirarajah signed the minutes, serving as a basis for implementing cooperation contents in the coming time.

The two sides highly appreciated the strategic position of each country in the global supply chain and agreed to consider organizing the Vietnam - Sri Lanka Logistics Business Forum in the near future. The two sides agreed to study the possibility of opening a direct flight route between Colombo and Hanoi/Ho Chi Minh City to promote trade, investment and tourism in the coming period.

Sri Lanka expressed its desire to attract Vietnamese enterprises to invest in the fields of infrastructure, energy, ICT, electrical and electronic industry, agricultural processing, logistics and supporting industries. The two sides also discussed cooperation in 3D printing technology, quality control, software - digital transformation, Ayurveda medicine and shipbuilding - ship repair.

At the end of the meeting, Deputy Minister Phan Thi Thang and Deputy Minister KA Vimalenthirarajah signed the Minutes, which will serve as a basis for implementing cooperation contents in the coming time. The two sides agreed to hold the fourth meeting in Hanoi, the specific time will be discussed through diplomatic channels.

The third meeting of the Vietnam - Sri Lanka Joint Trade Subcommittee is considered an important step forward, creating new momentum for economic and trade relations between the two countries in the next phase of cooperation. The two sides will closely coordinate with Sri Lanka to effectively implement the agreed contents, support businesses of the two countries to connect more deeply into regional and global supply chains, towards the goal of increasing bilateral trade turnover to 1 billion USD.

Vietnam ranks 48th among Sri Lanka's export destinations and 17th among its import partners. In 2024, Sri Lanka's export turnover to Vietnam will reach 40.09 million USD, up 10% compared to 2023; and its import turnover from Vietnam to Sri Lanka will reach 238.81 million USD, up 27% compared to 2023.
Vietnam's imported goods from Sri Lanka include knitted fabrics; yarn; animal feed; rubber; textiles; tea packages...
Vietnam exports to Sri Lanka yarn; knitted fabric; base metal; woven fabric; telephones, electronic equipment and components; rubber.

Source: Foreign Market Development Department

Tags: Deputy Minister Phan Thi Thang, Sri Lanka

Source: https://moit.gov.vn/tin-tuc/thu-truong-phan-thi-thang-dong-chu-tri-ky-hop-lan-thu-3-tieu-ban-thuong-mai-hon-hop-viet-nam-sri-lanka.html