Vietnam also sells textiles for Sri Lanka's apparel trade.
No deadline was indicated in the statement for the billion dollar trade target.
Trade between Sri Lanka and Vietnam has been growing since President Mahinda Rajapaksa visited Vietnam two years ago with a business delegation.
A Sri Lanka Vietnam Business Council was set up last year by Sri Lanka's Ceylon Chamber of Commerce.
President Sang was also accompanied by a high level business delegation.
The statement issued at the end of a three day state visit by President Sang said the two countries would identify and remove non-tariff barrier and mutually recognize and simplify standards.
"Both sides also agreed to diversify the basket of goods and look for innovative ways to add fresh impetus to trade and commercial relations including through the establishment of joint ventures in enhancing export opportunities for both countries," the statement said.
"They agreed to direct the officials of the two countries to