Sri Lanka expects stronger economic ties with Vietnam: Deputy FM

ECONOMYNEXT – Sri Lanka expected economic ties with Vietnam to grow with more cross-border investment opportunities opening up, Deputy Foreign Minister Harsha de Silva said.

Vietnamese businesses could invest in Sri Lanka which to reach an ever growing South Asian market making use of the island’s strategic locations and ports, he de Silva told Vietnamese businesses in Hanoi.

“Sri Lanka is developing its economic strategy in line with its strategic location in the Asian Waters," he was quoted as saying in a statement.

"The vision of Sri Lanka’s way forward is to develop the logistical hub between Singapore and Dubai in the Asian Waters.

"Colombo port is one of the busiest ports in the world, can play an important role in this context. The newly established Hambantota Port will also join with the country’s economic and trade strategy and be a vital base of maritime transportation."

Sri Lanka’s embassy in Hanoi had helped launch a Sri Lanka Business Council in the country.

Vietnam has signed the Trans Pacific Partnership, which is expected to improve trade freedoms of millions of people in East Asia, North and South America reducing the grip of vested business interests to restrict their choices with import duties and other barriers kept up with state support.
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Linea Aqua (Pvt) Ltd, a unit of Sri Lanka’s MAS Holdings, had just opened an apparel factory outside Hanoi which the minister inaugurated.

Sri Lankan firms had invested about 76 million US dollars in Vietnam and the first Vietnamese firm was expected to invest in Sri Lanka.

Deputy Minister de Silva had met Le HoaiTrung, Vice Minister of Foreign Affairs and Do Thang Hai, Vice Minister of Industry and Trade.

Dang Xuan Quang, Deputy Director General of Vietnam’s Foreign Investment Agency, had also called on the Deputy Minister.

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Vietnam started to stop planning and reduce state interventions in the economy from 1984, through its ‘Doi Moi’ program.

The country improved property rights drawing foreign investors in to the country and slashed import duties to enter the Association of South East Asian nations, achieving spectacular rises in living standards as investment came in and import and exports rose with freer trade.
 

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