Dec 01, 2014 (LBO) – Sri Lanka had been asked to promote trade with Vietnam through Free Trade Agreements as there was a vast unrealised trade potential between the countries, an official of Vietnam Embassy said. There is huge unrealised trade potential between both countries that we need to explore, Ms. Phan Kieu Thu, Vietnam’s new Ambassador requested Sri Lanka at a recent meeting with Export Development Board.
Trade need not be mostly exchanging of rice and tea between both countries. Therefore, while in Colombo, I will take up the task of promoting FTA with Sri Lanka, she said.
Expansion of your exports to Vietnam will give a wider choice of Lankan goods to our consumers and an FTA is a great instrument.
Sri Lanka targets 20 billion dollar exports by year 2020.
At present Vietnam ranks as the 40th export destination and the 23rd supplier of Sri Lanka, accounting for 0.43 percent of Island’s total exports and a 1.06 percent of total imports statistics showed.
Total trade between both countries, which stood at 119.5 million dollars in 2012, increased to 224.4 million dollars in 2013.
Vietnam has a huge apparel production sector and last year we exported ar