The largest economy and the market in the New ASEAN announced that its business sector is officially ready for wider engagement with Sri Lankan biz sector-and hinted it’s time for a Lankan biz council on its own soil. “The idea to establish a Vietnam-Sri Lanka Business Council right here in Vietnam is a good initiative-in fact, a very good one. Also, your decision of appointing the first Lankan trade official to Vietnam is warmly welcomed by us” said a pleased Ms Pham Thi Thu Hang (the Secretary General of the Vietnam Chamber of Commerce and Industry (VCCI), Hanoi) in Hanoi.

Secretary General Thu Hang was responding to the initial request by Rishad Bathiudeen (Minister of Industry and Commerce of Sri Lanka) on 22 August when the official delegation led by Minister Bathiudeen made a courtesy call on Secretary General Thu Hang at national headquarters of VCCI at Dao Duy Anh Street, Hanoi on 22 August. VCCI, the sole national representative of all Vietnamese businesses, industries and entrepreneurs, has 300 associations as its members with 110,000 direct and indirect members, becoming the sole and powerful voice of all businesses and industries of the rapidly developing $142 Bn GDP one party communist state. In 1997, the Department of Foreign Affairs and Trade of Australia, realising the significance of Vietnam, Cambodia, Burma, Laos and Vietnam grouping, began calling them as the ‘New ASEAN’. Excepting China, Vietnam is also the largest economy and the market of the Greater Mekong Sub Region.

Minister Bathiudeen, initiating discussions with Secretary General Thu Hang said: “Both Vietnam and Sri Lanka have agreed to increase bilateral trade to $ 1 B and we now have to work towards this. This Lankan delegation’s success in Hanoi in establishing a Joint Trade Sub Committee (JTSC) between the two countries is also partly a result of the commitment shown by the Government of Vietnam. We look forward to VCCI’s assistance in this regard to harvest the Vietnamese market to order more Lankan products. To this date, trade increases have been observed between both countries despite the absence of a formal mechanism. And from today, we have established the Joint Trade Sub Committee to bridge the trade gap and increase trade volumes. Your Chamber can greatly help bridge this gap. I also invite your esteemed Chamber to establish a Vietnam-Sri Lanka Business Council right here in Vietnam, on the lines of recent Sri-Lanka Vietnam Business Council established in Colombo. I am also pleased to inform you of our new initiative of the appointment of the first Lankan trade official to Vietnam. The new official will function through my Ministry’s Department of Commerce.”

“We are pleased of your delegation’s success in Hanoi. There is lots of business potential for bilateral trade and for Lankan manufacturers here” said a keen Secretary General Thu Hang responding to Minister Bathiudeen, and added: “Specially, for apparel manufacturers, many promising opportunities are available in Vietnam-given that apparel is our largest foreign exchange earner and last year our apparel exports stood at $ 20 Bn.  The proposed Trans-Pacific Partnership (TPP) agreement which include Vietnam and some top global trade economies will open great opportunities for Vietnam exporters and for Lankan businesses, there are great indirect benefits from Vietnam TPP if they choose to invest here. This Chamber is the bridge between Vietnam businesses and the government of Vietnam as well as Vietnam businesses and the international business community. We welcome Sri Lankan businesses who want to promote their businesses in Vietnam. We also welcome Lankan businesses for B2B matchmaking. The idea to establish a Vietnam-Sri Lanka Business Council right here in Vietnam is a good initiative-in fact, a very good one. Our VCCI Chamber will establish the identity of current Vietnam-Sri Lanka business dealings and would take steps to establish this new entity-Thanks for your suggestion! We have already established such Councils with many of our trading partners –Example being Taiwan. Also, your decision to appoint the first Lankan trade official to Vietnam is warmly welcomed by us. This will also be an opportunity for both countries to introduce bilateral businesses to each other-and a good focal point. Our international department could regularly liaise with this official and even invite them to our biz sector meetings. As per the suggestion of your Export Development Chairman Bandula Egodage, we will also take steps to integrate Sri Lanka trade and export profile to our Country Profile Database, so that Vietnamese businesses will have a ready reference about your country, your annual national and international trade fairs and trade expos so that they can prepare in advance.”

Vietnam continues to integrate more deeply into the regional and global economy. Viet Nam is an active member of ASEAN, APEC, ASEM, WTO. In the framework of ASEAN, Viet Nam is party to ASEAN – China FTA, ASEAN – India FTA, ASEAN – Korea FTA, ASEAN – Australia – New Zealand FTA. Viet Nam is now negotiating FTAs with the EU; the Russia, Belarus and Kazakhstan Customs Union; EFTA; South Korea and the Trans Pacific Partnership Agreement (TPP). As regards foreign trade, Viet Nam’s export value reached USD 132.2 billion in 2013 (increased 15.4% as compared to 2012) and USD 83.5 billion in the first seven months of 2014 (increased more than 14% as compared to the same period of 2013). Viet Nam is among the world’s largest exporters of coffee, pepper, cashew nuts, rice, and natural rubber.