An Interactive Evening with Her Excellency Pham Thi Bich Ngoc, Ambassador of Vietnam in Sri Lanka, was held recently at the Ceylon Chamber of Commerce. The event was organized by organized by the Sri Lanka - Greater Mekong Business Council,

Her Excellency Pham Thi Bich Ngoc stated that Sri Lanka and Vietnam have been good friends for 50 years, since the establishment of diplomatic relations in 1970. The time-honored friendship and cooperation between the two countries have deepened and broadened in many areas including politics, economy, education, agriculture, tourism, technology, culture and more.

She further stated that abundance of natural resources, stable inflation, favorable investment incentives and government's subsidies, competitive labor cost, strong and stable economic growth, rise of middle class and disposable income are the key factors influencing investment in Vietnam.

Two publications with information on doing business with Vietnam was handed over to the Council by Her Excellency Pham Thi Bich Ngoc. The publications are available with the Council for reference.

Tran Tuan Dung, Minister Counselor / Deputy Chief of Mission elaborated on the benefits of investing in Vietnam. He pointed out that the country has stable politics, stable economic growth, and has competitive production costs. Additionally, it has an import tax exemption for machinery, and several other materials. As of January 2020, Sri Lanka has 23 projects with a total registered capital of 41.72 million USD. Fourteen of these have a total capital of 76.7 million USD, mainly in the field of textiles.

Pointing out potential sectors for investors, the Deputy Chief of Mission highlighted healthcare and the pharmacy sector, biotechnology, renewable energy, real estate, and more.

Meanwhile, Mr. Somasena Mahadiulwewa explained the role of the Department of Commerce and Ms. Srimali Jayarathne spoke about the bilateral investment relations between Sri Lanka and Vietnam.

“The total Sri Lanka related investment in Viet Nam stands at US$ 76.27 ml with 14 projects/companies, mostly in the apparels and textiles sector. However, the Vietnamese investment to Sri Lanka stands at a very minimum level. Only two projects have been identified in the hotel and construction sector. There are multiple investment opportunities available in Sri Lanka for Vietnamese Business in the sectors of, high-tech manufacturing, IT enabling services, tourism and leisure, food processing, logistics, and education,” she said.