ECONOMYNEXT – Sri Lanka’s embassy in Ha Noi said it had started talks with Vietnam’s apparel industry body in a bid to explore co-operation and build links with its counterpart in the Indian Ocean island to meet post Coronavirus challenges.
Sri Lanka’s Ambassador Prasanna Gamage had met Vu Duc Giang, Chairman of the Viet Nam Textile & Apparel Association (VITAS), in Ha Noi, along with Prasadi Boomawalage, Third Secretary-Commercial of the Embassy and Hoang Ngoc Anh, Acting Secretary General of VITAS.
The talks centered on potential co-operation between the apparel and textiles sectors of Sri Lanka and Viet Nam focusing on especially in the post-COVID business environment.
Giang had said there was an opportunity to cooperate between apparel and textile exporting countries in Asia, going beyond competition.
Ambassador Gamage had said there were opportunities in building supply chains and finding new markets.
He had proposed that VITAS link and cooperate with Joint Apparel Association Forum – Sri Lanka (JAAF – SL).
VITAS Giang had said a link would benefit both countries and had hoped that JAAF would visit Vietnam at a suitable date.
Sri Lanka’s MAS and Hirdramani apparel groups have factories in Vietnam. Vietnam’s exports, imports and the economy has grown fast after it abandoned import substitution and embraced free trade and monetary stability after Doi Moi reforms in 1986.
Vietnam launched an offensive to lift a US trade embargo and et into the World Trade Organization. Following a series of currency collapses which led to an economic contraction the Vietnam also reformed its central bank paving the way for sustained growth.
After bi-lateral trade deal with the US in 2001, Vietnam’s exports grew from 15 billion US dollars in 2000 to 263 billion US dollars in 2019. The US trade deal which also paved the way for changes in domestic law, triggered a flood of foreign direct investments.
Vietnam has just signed a free trade agreement with the European Union.
Vietnam is the global leader in the fight against Coronavirus had the country is now operating normally. (Colombo/July14/2020)