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Viet Nam and Lanka agree to boost trade to USD 1 billion, enhance defence ties
View(s):Both Viet Nam and Sri Lanka agreed to review the bilateral investment treaty and the avoidance of double taxation agreement to facilitate trade and investment, a joint statement issued following the visit of President Anura Dissanayake said.
These aim to bring the trade turnover to USD 1 billion in the near future. Currently the trade turnover stands at USD 278 million.
Cooperation will take place in defence, education, agriculture, trade facilitation, and technology areas.
Mr. Dissanayake visited Viet Nam on the invitation of President Luong Cuong, last week. He also met the General Secretary of the Vietnamese Communist Party, the Vietnamese Prime Minister, and the Chairman of the National Assembly.
At the invitation of the Viet Nam Buddhist Sangha, President Dissanayake was the chief guest of the UN Day of Vesak celebrations where he delivered the keynote address. He also paid tribute to former Vietnamese revolutionary and former President Ho Chi Minh at his mausoleum.
Sri Lanka and Viet Nam agreed to review and renew their existing memorandum of understanding on defence, in particular through the exchange of delegations. The two countries plan to strengthen ties between their respective ministries of public security and increase the countries’ defence capacity through collaboration in the defence industry.
Both countries also agreed to cooperate in agricultural research and mechanisation, and discussed the importance of educational exchanges. While President Dissanayake expressed interest in increasing scholarships for Lankan students in the fields of agriculture, technology and science, the Vietnamese side reciprocated with a desire to increase scholarships for their students in Buddhist studies.
Climate change, cyber crimes, and international maritime order were also brought to the table, with both countries emphasising the importance of adhering to international law. President Dissanayake stated that “advancing cooperation with Southeast Asia and ASEAN is a principal tenet of Sri Lanka’s foreign policy” and expressed interest in becoming an ASEAN sectorial dialogue partner.
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