Talks to promote Vietnam's investments
Minister of Investment Promotion Navin Dissanayake held discussions
with a delegation from Vietnam headed by the Deputy Minister of Foreign
Affairs Dao Viet Trung.
Dissanayake was assisted by Deputy Director General (Investment and
Promotion) of the BOI A.M.C. Kulasekera and senior BOI and other
The discussions centred on the need to boost investment from Vietnam
to Sri Lanka, and to expand economic relations in general. Current
bilateral trade is minimal and there is US$ 10 million worth of Sri
Lankan investments in Vietnam.
Both delegations agreed that there is considerable potential for
upgrading the existing status quo.
Both countries have entered into a Double Taxation Agreement and are
in an advanced stage of negotiations towards the signing of an
Investment Protection Agreement.
Minister Dissanayake said that investments from Vietnam were very
welcome, particularly for the North and the East of the country where
the need for such FDI was particularly pressing.
The Vietnamese delegation said that Vietnam does have expertise in
some areas, which could be of interest in the conflict affected
provinces such as agriculture, agro-industries and aquaculture.
The Vietnamese Minister said that he would convey Sri Lanka's request
to the Vietnamese Chamber of Commerce to start the dialogue with Sri
One area of interest to the Vietnamese delegation was the
international agreements to which Sri Lanka is a signatory such as the
Indo- Sri Lanka Free Trade Agreement, Pakistan- Sri Lanka Free Trade
Agreement and the European Union GSP+ Agreement.
The Vietnamese delegation was headed by Deputy Minister of Foreign
Affairs Dao Viet Trung, Ambassador of Vietnam to Sri Lanka Vu Quang Diem
and Director General of Foreign Affairs Ministry of Vietnam Tran Hai Hau
responsible for East Asia, South Asia and the South Pacific.