Sri Lanka Vietnam trade up 80-pct in first quarter

June 21, 2012 (LBO) – Trade between Sri Lanka and Vietnam had expanded 81 percent to 27.6 million US dollars in the first quarter of 2012 from a year earlier, with a steep increase in Sri Lankan exports, a business association said. Mahesha Ranasoma, managing director, Dipped Products Plc was elected president of the Sri Lanka-Vietnam Business Council.

Outgoing business council chief Anton Godfrey had said that visit by a Sri Lankan business delegation to Vietnam in March had resulted in new relationships.

Trade between the two countries is expected to rise steeply this year with Sri Lanka’s state-run Ceylon Petroleum Corporation importing diesel from PetroVietnam.

Sri Lanka Vietnam Business Council, which is part of the Ceylon Chamber of Commerce quoted Vietnamese data which showed that the country had bought 10.1 million US dollars of goods up 111 percent from a year earlier.

Sri Lankans had bought 17.5 million US dollars of Vietnamese goods, up 68 percent from a year earlier, the business association quoted Phung Trong Tuan deputy head of Hanoi’s mission in Colombo as saying.

Trade had picked up after a visit by Sri Lanka’s president Mahinda Rajapaksa to Vietnam which was followed by a visit of the Vietna